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I've got one on my '90 740GL (bought it from a dealer in Philly in '92); to take it off, all you should need to do is remove the license plate holder and it fits in between the holder and the rear of the car (has screw holes that match up to the license plate holder).
I don't know if it will fit on a 240, without having to cut some off the edges (it is wider than the 240 one).
Don't know what you can tell the junker, but good luck! By the way, what condition were those tailights in when you looked at the car?
MikeN
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