This foam piece is now $220 at dealer lol.

I have left mine out on the garage shelf for a long time bc oil leak is easier to spot and clean without it.
No difference in noise etc.

For those who still want to put sth down there...maybe some cardboard piece cut to fit, then change it once a year to get rid of the cardboard soaked with leaking oil?

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1998 E39 528i 5sp MT
2006 E53 X5 3.0 6sp MT