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Transmission Light?

Hello, I have just purchased a 2000 Z3 BMW with 120000 miles. The car runs great however from time to time the trasmission light pops on. It goes out when the car is turned of and it resets. Is that a frequent issues with that model or what could cause that issue. Also with the current miles what is recommended in regard so service.
redlipsZ3, February 2009
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