In short, for the US, they are likely trying to avoid lawsuits so they require someone to be present at the tailgate in order to close it - so you can only do so with the lit button. Not sure what you meant by being able to "hold the button down until it closes" - which button are you referring to?

The same goes for being able to open all windows with the remote but closing them requires you to be at the doors.

Don't want little Johnny's hand all mangled now do we? I believe if you got a European-spec'd vehicle, you would be more fortunate unless they changed this for 2009.

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'08 X5 3.0si - Alpine White / Saddle Brown interior
Specs: Sport Pkg, Premium Pkg, Tech Pkg, Comfort Access, Aero Kit, Style 433 staggered 20s on Conti DWS
Mods: Carbon 35 tint, LED angel eyes, GP Thunder 7500k fogs, H&R 20mm/25mm spacers, clear reflectors, gunsmoke-tinted taillights
Coded: Digital speedo, windows/sunroof/tailgate close via keyfob

X5 pics at Flickr