The striping is likely decals, seldom are 5er's painted that way. Use the same techniques as auto body shops to remove striping and decals. You can buy a "pin striping removal wheel", used in an electric drill to make the job easy, just follow instructions. The surface under the striping will not be the same shade as the rest of the 5er, so I'd decide upon a replacement striping before beginning.
Caulking_, I would not use silicone, it does not bond well long-term, and residue is difficult to remove for repair/replacement. Dicor markets a quality caulk that will adhere well, and withstand the elements for years. One is a standard caulk, the other, self-leveling for horizontal surfaces.
2000 Winnebago Ultimate Freedom USQ40JD
, ISC 8.3 Cummins 350, Spartan MM Chassis. USA 1SG, retired;PPA,Good Sam Life member."We the people are the rightful masters of both the Congress and the Courts - not to overthrow the Constitution but to overthrow men who pervert theConstitution. "Abraham Lincoln"