How do I change the oil in my BMW 5 Series?

I recently purchased a BMW 5 Series and I'm not sure how to properly change the oil. Can someone walk me through the steps?

First, locate the oil drain plug on the bottom of the engine. Place a drain pan underneath to catch the old oil. Once drained, replace the plug and move to the oil filter. It's usually located near the oil pan. Use an oil filter wrench to remove the old filter. Then, apply a thin layer of new oil to the gasket of the new filter and install it. Finally, refill the engine with the appropriate type and amount of oil.