I have it on my X5 and there is no way around it. It is not the same limiter as the one through the I-drive. It stops beeping after a couple seconds, then you just have the limit symbol in the Instrument panel and I think it says something in the HUD as well.

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2011 ///X5 M (On Order)

2009 X5 4.8 M Sport Space Gray/Black Fully Loaded

2007 GMC Yukon XL Denali Loaded and Customised