You Can Has A Custom Title!!
Join Date: Jan 2004
Location: Jackson MS
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Yep this is the correct diagnosis.
In order to replace it you can take your vin number to the BMW dealership. If I recall 40 is correct. Have a buddy near by with jumper cables though, or disconnect your battery before replacing.
You have to turn the key to the ON position. You will find a tiny hole that would normally be blocked by the key in the off position. You can now push something, I used a sturdy paper clip, into the hole. You need to push about an inch and a half. You can use the new cylinder to see how far you need to push. It took me about 30 mins or so to get it right. Once it is pushed in the cylinder will come right out.