Probably a cracked or broken vent dammit (item 17)
I did a "Winfred" on my son's 535i this past winter & broke the tip off of the vent tube when we rolled it over at the spray wash. Now that yours is installed, it's going to be a bit of a pain to replace but you can remove the tail housing with it in the car. I don't have any pic's of the vent but if you scroll down to the bottom of this link you'll get an idea of how to get to it.
http://www.nmia.com/~dgnrg/page_43.htm