I believe your car has a timing chain and probably won't ever be replaced. I think what you are talking about is Inspection II. Here is the list of items that your dealer should perform.
Change oil and oil filter while engine is at operating temperature.
We recommend BMW High Performance 5W-30 Synthetic oil, p/n 07 51 0 017 866
Check transmission for leaks.
Check rear axle for leaks.
Half shafts: Check for leaks at flexible boots.
Visually check fuel tank, lines and connections for leaks.
Check condition, positioning, and mounting of exhaust system. Examine for leaks.
Check power steering system for leaks. Check p/s fluid level; add fluid if necessary.
Check overall thickness of front and rear disc brake pads using special tool. Record results. If replacement is necessary*:
Examine brake disc surfaces. Clean brake pad contact points in calipers. Grease wheel centering hubs. Check thickness of parking brake linings only when replacing rear pads. Record results.
Check brake and clutch system connections and lines for leaks, damage, and incorrect positioning.
Check steering for absence of play, condition of suspension track rods, front axle joints, steering linkage and joint disc.
Check parking brake actuation. Adjust if necessary.
Check all tire pressures (including spare - except M3, M5, Z8 and Alpina). Correct if necessary. Check condition of tires (outer surfaces [left/right]), tread wear and pattern; in case of uneven tread wear readjust wheel alignment if requested.*
Note:If requested rotate all four road wheels as instructed and rebalance.*
Inspect entire body according to terms of rust perforation limited warranty (must be performed at least every two years).
Engine Compartment
Read out diagnostic system.
Check engine cooling system/heater hose connections for leaks. Check coolant level and antifreeze protection level; add coolant if necessary.
Note: Coolant must be replaced every 4 years (time interval begins from vehicle's production date).
Check level of brake and clutch fluid in reservoir. Add fluid if required.
Replace brake fluid every 2 years (timing interval begins from vehicle's production date).*
Check windshield washer fluid level and antifreeze protection. Fill up and/or correct if necessary.
Check air conditioner operation.
Replace microfilter.
Note: reduce replacement interval in dusty operating conditions.
Reset Service Indicator.
Replace intake air cleaner element.
Note: Reduce replace interval in dusty operating conditions.
Body/Electrical Equipment
Check battery state-of-charge, and charge if required.*
Check lighting system, i.e., headlights, foglights, parking, back-up, license-plate, interior (including map reading lights), glove box, flashlight, illuminated make-up mirrors, luggage compartment lights.
Check instrument panel and dashboard illumination.
Check all warning/indicator lights, check control.
Check turn signals, hazard warning flashers, brake lights, horns, headlight dimmer/flasher switch.
Check wipers and washer system(s);wiper blades, washer jet positions.
Check condition and function of safety belts.
Recharge or replace batteries for remote controls in all vehicle master keys.
Check central locking/double lock.
Check operation of all latches.
Check heater/air conditioner blower fan, rear window defogger.
Check rear view mirrors.
Visually examine the SRS airbag units for torn covers, obvious damage or attachment of decals, decorations or accessories.
Activate automatic roll-over protection system (if equipped) via diagnostic link.
Note:First remove hardtop/lower top.
Final Inspection
Road test with check of brakes, suspension, steering, clutch/manual transmission or automatic transmission (except M3, M5, and Z8).
