I don't know about the later years. I did it on a 2001 E53. Drilling that bolt (and unscrewing some others) is the official way to release the steering column from the dash sub-frame. Its not a shortcut or act of desperation.

The new bolt has to come from BMW of course and is designed like the security bolts that hold the ignition on some cars - part of the head breaks off when you get it to the right torque.

Looks like it is a space issue - when I tried to substitute a normal bolt, the steering column tilt mechanism would jam against it.

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David.X5
2001 X5 4.4i Sport
SOLD! at 160k miles