This part is listed by BMW as BMW part number 11311267746 (11-31-1-267-746) and is described as the long spring used to set the timing belt tension on the M20 engine used in E21 323i, E30 325e/325i, E28 528e, and E34 525i. The “tensioner” included with the timing belt kits is really just the pulley and tensioner guide. The actual belt tension comes from this spring so it makes sense to replace the spring at the same time as the belt.
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BMW Fitments:
3 Series
E21 (75-83) > 323i
3 Series
E30 (84-91) > 325e
E30 (84-91) > 325es
E30 (84-91) > 325i
E30 (84-91) > 325is
E30 (84-91) > 325ix
5 Series
E28 (82-88) > 528e
5 Series
E34 (89-95) > 525i M20