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I have a 1993 F150 with an E4OD transmission. I recently removed the transmission to fix the leaking torque converter front seal and when I took it to the transmission shop the mechanic told me that I needed a new torque converter. He says that it has been slipping and he can tell because the front face of the converter has a slightly discolored ring showing up. I understand that clutch material for the lockup part of the converter is on the other side of the discolored ring. I have never noticed any slipping or shaking as well as I have never had a code from the computer telling me the clutch has slipped. Is this discoloration actually a sign of slippage or are they just trying to make some more money off me? Would it be wise to change the converter anyways? My truck has around 170,000km on it and I'm not sure what the last owner did with the vehicle for the first 160,000km (ie tow trailer, etc).
Your E4OD is from the years(pre 95) where they did have weak torque converters. Plus you have a a fair # of miles, so it would probably be a good idea to change the TC now. If the TC started to fail, it could take other expensive parts with it.
While you are at it, check the tranny too. It might be almost ready for a rebuild and might as well gt that done while it is out and before any expensive parts wear.
Had the same problem with the E4od in my diesel, I have been lucky and just replaced the TC and have had no other problems since(fingers crossed). It is pretty easy to replace except for it being pretty heavy. If you want to get a price on a new one call TCS(TORQUE CONVERTER SPECIALTIES) in Langley B.C., they sell to most tranny shops around.