they are compatible, however you dont have the proper wire harness and i believe they dont make, you'd have to make your own.
If your good with electronics , even just a little bit , go to
www.bmwe34.net and read the stereo wiring diagrams and then you canput pins on the end of your wires and connect up a new one the way you would normally
i was also going to do this until i found a new cd changer
good luck.