Yes, the ring goes on the tank NOT the pump. Take it out one more time to check the sender and your work and look for open or short (I think open is full but you can verify that by unplugging the connector) I've never had to reset or recalibrate anything.

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1988 325is (purchased new) sold
2004 X5 3.0 2005 X3 2.5
2008 X5 3.0 (new to me)