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I had a very similar sounding issue on a Toyota RAV4. The steering column was in 2 sections with a splined section where they joined. I separated this joint, which initially was daunting but in reality was very simple, marked locations of the shaft so I could return it to its original location, and simply coated the splined section with a loctite solution and bolted it back up. Noise gone! Toyota offered the same solution as a Tsb but the dealers were unaware and were recomending lots of unnecessary work, even down to replacing the power steering motor, which was located just behind the speedo yet the noise clearly came from the floor area where the splined joint was located. I'm not sure if the BMW has the same style of steering column but it does seem to be a very common issue across a number of cars.
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