The keys charge inductively through the ignition, so you guys may just need to replace the rechargeable battery. The older style keys like on my E34 have an actual red LED, so when the range decreases or the light gets dim, I know its time to replace it. Unfortunately the batteries in the newer style keys aren't a simple watch battery, so you'll have to disassemble it and take a look. I'm replying via my phone, but I'm guessing there might be a writeup to fix the key on www.e38.org...might be worth trying, otherwise good ol' Google using different keywords.
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650hp 10 X5///M - Stage 2, Vibrant 1794's , gutted cats, custom intake, AC Forged 22's 325hp 98 BMW 740iL - ///M5 6spd, www.bavengine.com w/ Performance Option, electric fan, CF intake tube w/ heatshield, Mag 14816 w/ notched bumper, Bilstein/H&R Stage II/Powerflex
600+hp 02 Harley F150 - MHP900 Stage 3 engine, KB2.3, 8# lower, 60# inj, Walbro FP's
135hp 01 TL1000R - M4 full exhaust, K&N, Yosh box, -1/+2 gears, 2CT's
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