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I have a '97 F250 HD with the 5.8L and E4OD trans. I have had the truck for 1.5 years and it has about 128,000 miles. Since I had no idea how old the fluid is in it I decided it needed to be changed. It looked pretty clean on the stick and didn't have a burned smell.
After removing the pan I found a donut shaped magnet stuck to the inside. I assume it belongs there. When I removed it from the pan it felt like it was covered with grease. It's hard to describe exactly how much but say maybe 1/8" coating all over it. The fluid still looked clean and the inside of the pan was clean.
Now, my question. Is this normal? I'm sure the magnets job is to pick up metal that has worn off the transmission components but I have no idea to what degree is cause for concern. The transmission shifts fine, doesn't leak and the truck is in great shape. Just wondering if I need to start saving for a tranmission rebuild.