I agree - bad hazard switch / flasher. I think it's sometimes known as a combination relay. I just replaced mine - it's about $40-$50. On a 124 it's located in the fuse/relay box - behind the fuses, on the rear driver's side of engine compartment. You have to take out six phillips screws to lift up the black frame around the fuses. It's the front relay (little black box - maybe 1" by 3" by 2" deep) in the middle row - the H relay position. Current replacement part number is 124 821 02 47 - part number coming out will be similar to this, but not exactly the same. Very easy to take and install a new one.