Hello and welcome to Just Answer.
How many miles are on the car/transmission?
Are there any other transmission or engine codes stored?
110,000 miles total.
no engine code stored. however, transmission code 6 & 7 stored. for now, all codes cleared and I am driving without any light comes on.
Well, good news. There is a bulliten for this fault code. Every time I have seen this fault stored the seal described in this bulliten is damaged as noted. If the seal is not damaged, the converter will need to be replaced.
Service Information bulletin SI 24 03 06
designates changes to this revision
MODELE46: 323i, 325i, 330i with M52TU, M54, M56 and ZF 5HP19
E39: 525i, 530i with M54 and ZF 5HP19
E85: Z4 roadster 2.5, 3.0 with M54 and ZF 5HP19
SITUATION "Service Engine Soon" is illuminated and fault code 048 "Converter lock-up excessive slip" (30 hex or P0741) is stored in the EGS transmission control module.
CAUSEPossible cause: deterioration of the torque converter turbine shaft seal