My 07 S550 check engine light came on the other day. Took the car to the local dealer and they told me that the codes 1200 and 1208 appeared. The car has 34000 miles and two and a half weeks out of warranty. They are telling me the car needs a timing chain gear sprocket and possibly a timing chain. I could not believe my ears what I was being told. After doing further investigation I find out that MB sent out bulletins to their dealers regarding a problem as described to me. They talk about how to repair it but the dealer said if the car is out of warranty were on our own. They list the engine vin number range of all the cars affected and said the factory corrected the problem after the vin numbers listed. I'm very surprised at a solid company like MB would not recall the cars affected and correct the problem. I guess if anybody is in the market for a used S550 they should do their homework or face the possibility of being out of pocket 5K. There are a bunch of other MB models that fall in this timing chain and sprocket issue. I'm waiting to see what corporate MB is going to do for me.