That is it. The TCU-based system used to be cheaper, but then BMW raised the core from $50 to $200. It makes no sense to buy an SES module retail. In most cases, people already have one, or they found one cheap from eBay. Otherwise, if you really want the nav voice instructions, then the ULF system is the way to go.

You will not need the DB25 to 54-pin adapter for your car. But you will need a microphone (assuming that you do not have it already), you will need the SES jumper, and you will need the eject box or a home-made pairing button. BMW no longer sells the separate E46 pairing button.

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SOLD
2000 E38 750iL Highline Edition, Upgraded with the lastest 2006 X5 Electronics
MKIV Navigation, 16:9 Display, Bluetooth, TV/Video with Backup Camera, Sirius, and Aux Input