It works, I have it on my 550i. The competition pkg is what I have and boy is this thing loud now. Thinking about putting on the primary muffler back on to tone it down some as it's giving my GT500 a run for it's money.
You'll need to have a shop adjust the downpipes and move the resonators back some to clear the transmission. Then you'll just need the M5 diffuser, insert and bracket which holds the trunk proximity sensor.
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