Looked at a '99 LC today (1 Viewer)

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I went to look at a '99 LC today with 150k. Everything looked good except the owner isn't sure if the TB/WP was replaced and I also noticed some sludge/grease on the transmission. The owner said he threw away all the records when his father gave him the vehicle. The timing belt did not look like an 18 year old belt, but I would most likely replace it soon if I purchase the vehicle. I'm more concerned about the sludge on the transmission case. Everything else underneath looked clean. The sludge was black and did not look like tranny fluid. Could something else be leaking? Anyone seen this before?
 
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Here is a photo
 
Looks like it could be oil from a leaking valve cover. Plan on getting the timing belt and water pump changed if you have no records. You say the timing belt didn't look 28 years old but how did you inspect it? It's completely covered. Were you looking at the serpentine belt?
 
Looks like it could be oil from a leaking valve cover. Plan on getting the timing belt and water pump changed if you have no records. You say the timing belt didn't look 28 years old but how did you inspect it? It's completely covered. Were you looking at the serpentine belt?

Yes, must have been looking at serpentine belt. There wasn't a sticker indicating the TB has been changed. It might be the original belt. Regardless, I would replace the belt right away.
 
Similar situation with my 2001. The PO had owned it since new but didn't think the timing belt had been done. In fact, insisted that it didn't have a timing belt but had a timing chain that didn't need to be changed. I had it done with in the first couple weeks for piece of mind.
 
Yes, must have been looking at serpentine belt. There wasn't a sticker indicating the TB has been changed. It might be the original belt. Regardless, I would replace the belt right away.

For reference, a couple of months ago I purchased a 99 LX with 183k and no history. The timing belt/water pump service was ~$600 in parts and while in there I discovered the belt, water pump, heater tees, etc. were replaced at some point in the past but not with OEM parts. There was a bit of coolant seeping from the paper water pump gasket but everything probably would have been fine for at least another 50k+ miles.
 
The sludge is from the transfercase. It is the gasket between the rear housing and the main housing in the transfercase. Make sure there are no cracks on the case.
 
I posted this in the "Buying/Selling" thread, but thought I might get a better response in my original post considering the other thread is 174 pages deep. Just looking for a little more feedback to help make a decision. This is a 99 LC with 150k.

1. There are no service records (owner threw them away when his father gave him the car about a year ago) and no way to verify if the timing belt and water pump were ever changed. The same family has owned it since new and there are entries that the car was serviced when I pulled a carfax, but not much details about what services were performed other than oil changes.
2. It is rust free, and appears to be all original except for the aftermarket head unit and the windshield was replaced at some point because it isn't oem. I didn't see any rust around the windshield.
3. The black paint is in decent shape but can use some TLC. The seats have cracks but no rips. A good clean and condition would go a long ways.
4. I brought it to a mechanic for an inspection and everything checked out except for a leak at the transfer case (current owner is paying to install a new seal), front lower ball joints are leaking, valve cover seepage and the sway bushings are shot. Everything else checked out fine.

I plan to replace the TB/WP right away if I buy it. Any opinions on the value of this LC?
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