My 2001 X5 3.0L has started showing exactly these symptoms, and I too was leaning towards something loose in the front suspension - but that did not explain the 7min (at local driving speeds) that the car seemed to be fine before the problem started. I too noticed that the front wheel (left front) smelled hot, and I am suspecting the brake is binding..

I just need to look up if that is the caliper that was replaced only a couple of years ago, in which case I won't buy that brand again..

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2000/12 BMW X5 3.0L
1989/12 BMW 325ic
2000 BMW E39 528i