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When not gumming brie or sushi, BMW loyalists for years boasted of shelling out the price of a house to buy a Mercedes alternative.

After years of misguided bragging, BMW buffs now have a vehicle worthy of their claims, the 750iL.

It is hoped that all future BMW models-the new 5 series in the fall, the new 3 series a year later-can live up to the standard set by the 750iL for 1988.

The 750iL is longer, more powerful, more luxurious and more expensive than any BMW to date.

It`s built on a 116-inch wheelbase, 4.5 inches longer than the 735i from which it`s derived. The added space has been focused in back where there`s already ample leg, head and arm room for occupants. Trunk space is abundant, though it could use to be a shade deeper.

It`s powered by a 5-liter, V-12 engine that develops 300 horsepower, claims a zero-to-60-mile-an-hour time of 7.2 seconds and top speed of 155 miles an hour. One result is that it carries a $1,850 gas guzzler tax for a 12-miles-per-gallon city/17 m.p.g. highway fuel-devouring rating. No free lunch here.

The V-12, BMW`s first, is quick and quiet, teamed with a 4-speed automatic. The only problem with the V-12 is that it may force image-conscious General Motors Corp. to mess up the 1990 replacement for its Fleetwood by sticking a V-12 under the hood.

When in New York recently for GM`s concept car showing, the Cadillac folks unveiled the Voyage (as in bon voyage), a one-time concept replacement for the Seville earmarked to take the Fleetwood`s place in 1990-`91.

Voyage was powered by a high performance version of Caddy`s 4.5-liter V- 8. Missing from the car shown reporters in New York was a little metal badge, tooled to read “V-12.“ Cadillac folks confided it was left off on purpose.

Cadillac can`t make up its mind whether all Fleetwood replacements, or just a handful, should be powered by a new V-12. Based on GM`s rip-roaring success with theV-8 diesel engine, as well as the V-8-6-4 disaster, we suggested to one Cadillac official that jumping into the V-12 market with both feet would be asking for stubbed toes.

Back to the 750iL four-door sedan.

Standard equipment includes antilock brakes; driver`s side air bag; independent, self-leveling rear suspension that maintains the correct ride height regardless of passenger or cargo load; twin-tube gas pressurized shocks; electronic shift control with three selectable programs for quicker off-the-line and quieter down-the-road performance; and speed-sensitive power steering, which reduces the assist at higher speeds.

Also, power steering-brakes-door-locks-windows, leather interior from instrument panel to handbrake, sunroof, heated windshield-wiper stowage area, antitheft AM-FM stereo with cassette and eight speakers, antitheft alarm, rear defroster, velour lining on the glovebox, velour trunk trim, stowage compartments in the doors, a roll-up r ear window sunshade, headlight washers and an automatic ventilation system that can be programmed to start the climate-control blower a half hour before you enter the car, to cool it off.

Plus a cellular phone, electric adjustable rear seats with head restraints that rise when you fasten the safety belt, heated front seats (appreciated with leather in the winter) and a passenger`s side-view mirror that moves to focus on the curb when the car is put in reverse, so the motorist avoids tagging the curb or pedestrians.

The aluminum alloy V-12 features two banks of cylinders, each with its own computer controls. If one bank fails, BMW said, the car can run on 6 cylinders and “limp home“ at 125 m.p.h. With two banks of cylinders, there`s two of everything-from oxygen sensors to air filters. With two of everything, there`s also a larger radiator, engine oil cooler, higher capacity starter and a 24-gallon fuel tank.

With two of everything, maintenance and epairs won`t be cheap. BMW tried to save owners a few pennies by placing the oil filter atop the wheelwell, not below the block. By opening a connection in the filter, oil flows back into the engine so it can be drained using the block plug.

Base price: $67,000. Only 3,000 will be shipped here.