Q: Fuel gauge failure

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I just bought a used 1995 BMW 740 IL and I am having a couple of issues with both my fuel gauge as well as the speedometer. The speedometer gauge does not move at all it's stuck at 0, while the fuel gauge fluctuates between E and 1/2 tank......but when I go to fill up at the gas station the tank will only take about 3 gal max and start to overflow.
My car has an automatic transmission.

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