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Repair is $100 at DUDMD, plus you have to ship the unit to them. If you don't own Protools/bimmercode or have the appropriate software to code an FRM to your car this is the route I would go.
I don't know where its located on the e70 but on the e90 its under the dash. It took less than 30 minutes to swap out, but you do have to contort yourself a bit to to get to it.
There should be other threads around here with more info on the process/options.
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