I have a 2006 bmw 550i also ..
and I also love it... It paired with my 8700, 8800, 8300, 8100 (pearl) with no issues ... The thing about Verizon is that they really mess with the device software. Have you tried installing a BlackBerry OS that's newer and not from Verizon?
Fyi -- I am able to pair my 8300 and pearl with the 2007 535 also.. My X5 doesn't have bluetooth.. Cant wait to get a new one of those.