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Well I may have found the leak. First off, there is a missing pan bolt, although I think that would not make much of a difference. Secondly, most of the bolts weren't "loose," but definitely not tightened very tight. I would say most of them took a 1/2 to 3/4 socket wrench turn, at which point the pan seal gasket squeezed out like toothpaste...yay...
So I will obviously need a new gasket at some point but I found an active drip in this location:
First off i haven't been following your post so i don't know what you have done. How long has it been since the trans filter been changed ? I would drop the pan , replace the filter then instal the best pan gasket i could find . Torque the pan bolts , refill with fluid then check for leaks. If you keep tightening the pan bolts on that old gasket trying to stop the leak , you will probable break one off then you do have problems. If it still leaks like mine did after doing all that then the trany may need some seals in front which means dropping it out. I'm just making suggestions, good luck.
So when you say torque the pan bolts after I put the new seal in, you mean tighten them as much as I can? Also, is there a way to drain the fluid before I take the pan off? Or is it not as messy as I'm thinking?
Also as an update: I drove the truck about ten miles today with varying speeds and the transmission seemed to shift properly and I had no troubles at all! It does clank really heavy when I put it into reverse but it's actually smoother(not by a whole lot) than it was when I very first was driving it to test it out... Other than that it functions very well! But I am worried about that arm/nut that's very obviously leaking...
I wouldn't "torque them as far as they'd go" you run the risk of a crappy seal because the pan will flex or bend under the stress. I'd look up the torque specifications for the bolts. But it is sound advice to replace the filter and fluidwhile you change the gasket..cheap insurance.
Now I'm no expert on automatic trannys...but that lever/ark that's leaking looks like what the kick down hooks up to. This is the cable that vote to the carb and when you "floor it" actuates that ARM and kicks down the gear. To a passing gear. Don't quote me...
To fix it..i would think there to be a seal (obviously) but I'm uncertain. If so..it would almost seem that there would be no way to replace it unless the transmission is dropped and fixed.
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