Yes, all the pairing button on the eject box does is pull ULF pin 32 (I think) to ground. Verify the correct pin on the 54-pin ULF plug, but that is all it does.

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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