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I have a 90 f150 with a 302 and I'm having serpentine belt issues. The original one (to me) was starting to split, and the one I replaced it with started to lose a rib the same day I put it on.
It appears as if my crank pulley is sunken in 1/4"... Are there variations in the crank pulleys that would cause this or do I have other issues?
Sounds like you may be getting the wrong belt, there are some variations in the number of belt grooves from model to model and year to year. It may be that at some point a different pulley was installed on the crankshaft, to be sure of the belt to use count the number of ribs on the pulley and check the new belt's groove count to be sure. While it is not 100% kosher you can use a belt with less grooves on a pulley that has more ribs, say a 6 groove belt on a 7 rib pulley.
If you are sure about the groove/rib count then you need to be sure the belt is in proper orientation in the grooves, being off one rib will do what you describe.
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