I agree, I would have the codes read. I had the same thing happen to my wife's 02' 530i, which has a very similar system and it turned out to the be the DSC module. Only cost me $100 for the diagnostics and then the dealer was happy to code my new DSC module that I brought in for $50.

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2013 X5 xDrive3.5i Premium
2002 530I Sport Package
2001 X5 4.4i
2001 M3