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did you check your oil level the 4 cyl eco has known problem with oil consumption--- you went into limp mode /shut down mode low or no oil pressure will shut down vehicle --but you may have jumped a tooth on timing chain or blown up engine
check and sure you have the right senor, it sounds like the timing is advanced if engine has been replaced it may a different year. if someone tried set timing with a bad senor it need to be retimed.
P0340- Camshaft Pos Sensor Circ Error (bank1/1Sensor) Here is your code results and no the sensor is not in the distributor. Looks like the #1 senor is bad.
It might,either the camshaft position sensor is at fault or is detecting out of range this can be due to the camshaft actuator being plug, When you fail to change oil,and fail to use the proper weight and type the cam position actuator gets plugged,and the cam postion sensor go out of range. setting the code, If the diagnosis is certain go ahead and replace it when this code appears, the ECM defaults to a set setting
The Cam Position Sensor is a common item to fail. However, the cam positioning mechanism can fail too giving that code.
There are two sensors and the Exhaust Cam Sensor is most common to fail. I always replace both. Te CKP's are on the top front of the engine next to the cylindrical operation solenoids.
Knock sensors fail too and need checked or correct feedback to ECU with a scanner. Find a shop near you at http://www.iatn.net/shopfinder/
These engines require regular oil changes with quality synthetic oils and OE filter....not a FRAM or WIX !
Buy only BMW sensors ...aftermarket have high failure rate.
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