Something I haven't seen mentioned yet. Serpentine belts typically break on these cars due to a poorly engineered sub frame, an issue BMW is keenly aware of and rarely does anything about. If I were you I would look very closely in to that issue, it's fairly well documented on this site, and most common on '07 models.
On another note ALL M-20 engine equipped BMW's had timing belts, something you younger folks may not be aware of. That's 1984-91 325 coupes and sedans as well as 1992 325 Convertibles. Also all E-34 525's up until the M-50 engine had the same M-20 with a timing belt. Lesson over.
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'97 M3 coupe and '08 E90 335i
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