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Hmm. You may have reset the error code. MIL (Check Engine) codes are usually P followed by four numbers, like P1234. If the failure returns, don't play with the key. Use a code reader, or go to an auto parts store (Advance Auto, AutoZone, O'Reilly) and they will read the codes for you and tell you what they mean, for free.
The SES light flashing means the engine management software has detected a misfire condition resulting in exceeding 3 times the federal limit of emissions. Under heavy load such as acceleration one or more cylinders are misfiring and once cruising speed is reached the engine is under a lighter load (10 to 20 percent ) that is why it stops flashing several causes of misfires are worn spark plugs ,spark plug wires, faulty ignition coil or coils fuel injector or fuel pressure problems a quick check of the computer to retrieve trouble codes should identify the problem cylinder or cylinders and will direct you in the right direction to find the faulty component but will not tell you exactly what is wrong certain test must be performed to isolate the cause.
If it is only "perform service", this is likely your mileage counter telling you to get an oil change. If it was a "check engine light" it would be amber in color and would require use of a scanner to acquire codes and check for faults. Here's how to reset: On a 1997 Jeep Grand Cherokee Laredo if the "Perform Service" light is in the middle of the dashSimply press the "SET" button until the display shows the "0 miles to service",Then hold the other button below it down until it resets to "3000".
1) Turn key to position 2. 2) Press/release the R button to show the next service due light. Release button. 3) Turn key to Off. 4) Press and HOLD the same R button to view the service light, THEN, within 2 seconds, turn key to position 2. 5) Wait up to 10 second and the light will reset to show new service .
The below is taken from another site written a year ago:
What you are looking at is the Service Indicator. The green, yellow and red lights let you know when service needs to be performed. The green lights mean everything is still good. The yellow lights mean "anytime you're ready." The red lights mean do the service ASAP. There are also two other lighted areas. One says "inspection," the other says "oil change" (or oil service.) An oil change is an oil change. However, there are two inspections: Inspection 1 is normally at every other 15,000 miles; Inspections 2 is at every 30,000 miles. Your local BMW dealer should have a pamphlet listing all duties performed for each of the services. Inspection 2 can run you around $400-$800 depending on the service station/dealership's labor rates. Inspections 1 should be around 1/2 of that. You should have your oil changed about every 5000 miles. Dealership oil changes can range from $35-$65. A BMW that is well taken care of will last a long time.
FYI, don't be surprised if the SI (service indicator) board decides to **** out one day. I'm surprised to see yours is still working (they usually die within 10 years unless someone went thru the expense to have it replaced.) If/when it does go, just gauge your services by the mileage intervals I've listed above. I'd also recommend when you stop into (or just call) the dealership, go to the parts department and order an owner's manual for your BMW. Should be less than $20 and get to you in about a week unless they have one in stock. When the service tech has performed the necessary service(s), he will reset your SI board so that only green lights are showing.
It is the perform service indicator that is telling you it is time for service. If you do not want to have car serviced right now, just just hit the reset button. You can also go thru the menu and set the mileage you want the Perform Service warning to come on.
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