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So is it a 330 or an M3?? Either way though, it could be the tensioner, it could be nothing, it could be the VANOS. If it's an 01 M3, has all the recall work been completed since 01s had the engine issues?
I would take the car to a few dealers to get second opinions. Also try taking it to a reputable BMW specialist, not a dealer. My mechanic, who is also a very good friend, has both his 330 and M3 in the shop for a problem that sounds similar to yours.
Definitely have it looked at by other places before the warrenty runs out. Also, try posting on other forums like bimmerforums, e46fanatics, and m3forums.
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