The 2006 BMW 5 Series has 6 recalls, the most serious being a fire risk from a positive battery cable connector that can loosen and overheat, even while the car is parked; owners are advised to park outside until this is repaired.
Two recalls affect handling and control. The nuts securing the front control arm and tension strut to the wheel hub may not have been tightened to spec and can loosen over time, degrading steering response. At the rear, the lower rubber mount inside each shock absorber can separate from its housing, which also reduces handling stability and raises crash risk. On the drivetrain side, a faulty automatic transmission parking pawl guide plate can prevent the parking lock from fully engaging when the transmission is shifted into Park, meaning the vehicle may not stay put on a slope. There is also an electrical concern on 550i trims with the V8: in below-freezing, low-humidity conditions, electrostatic discharge at the fuel rails can cause the engine to stall. Note that one recall in this group covers a PCV valve heater that can short and overheat, but that filing applies to other BMW model years and engine configurations, not the 2006 5 Series.