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My '96 740iL has a major P/S Leak. I'm losing approx half the fluid per day. It was such a mess on the bottom of the engine compartment I couldn't tell where all the fluid was coming from. This a.m., I cleaned it all up and cranked the motor and turned the wheels sharply from side to side and then looked for the leak. It drips at a pretty steady pace from beneath this piece of metal (see pic). Is this a fitting tying two hoses together or just an attach point to keep the hose away from the hot motor? Is this the High Pressure line?

yup. these hoses get bad and leak from under the heat wrap, making it hard to tell where it is leaking from. order the part online and save a couple hundred bucks.

yup. replace the high pressure line. have fun though. makes it easy to put a block of wood under the oil pan, remove the nut on that motor mount and jack up that side of the motor a little.

There are a couple detailed DIY writeups in the 7-series forums if you need a walk-through. http://forums.bimmerforums.com/forum/showthread.php?t=782129

Edit: I just noticed how old this thread is.