Massive Coolant leak-2001 540i
Yesterday I was passing someone and got the engine revs way up while doing so. After coming to a stop light I noticed steam and smelled coolant. I went to accelerate and the traction control came on as I drove away! After that everything seemed fine and I went home so I thought maybe coolant went through an overflow of some kind?
The next day I drove it and it steamed again and the temp went to redline, then back down again, then redline, etc. It then stayed at redline and I pulled over. Eventually limped home and about 6 blocks from home I drove it on redline (I know-stupid to do)!
The leak appears to be coming from near the transmission fluid lines, underneath the car towards the drivers side. Any ideas what I am up against here? Thanks for any help you can give.