I think you should take your car to a BMW dealer and see what they say. It sounds to me that you have two different issues.
The turn signal not cancelling could be due to a bad SZL sensor on the steering column. By chance have you had your alignment checked/adjusted recently?
As far as the rear wheel bearing being bad... either it is loose or its tight. I don't see why or where that crud is getting onto your ABS wheel speed sensor. I guess you could run a scan and monitor the speed sensors - see if the signal goes dead while doing some braking or cornering.
I think you should try to calibrate your SZL sensor and see what happens.
BMW steering wheel sensor re-setting…
http://www.1addicts.com/forums/showthread.php?t=504482
Quote:
Originally Posted by DriveHard
HOPE YOU READ THIS BEFORE YOU G BACK..
sit in car,
start engine,
have steering wheel in straight ahead position
without pausing, turn wheel slowly all the way to the left and pause at the end for a second or 2
withouth pasing, turn all the way to the right and pause at the end for a second or 2
repeat the last 2 steps and end in the straight ahead position.
turn off car, wait a minute, restart, and drive away for a few hundred feet.
you just calibrated your SZL ( steering wheel sensor to tell dsc if wheel is turned and to what degree)
other lights come on by default.
Good Luck...