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Even though you found the problem with your engine I'd like to suggest that others take a GOOD look at the belt tensioner. Remove the belt and then remove the pulley.

The bearing in the pulley will run out of lube and finally burn up. As this is in the process the center hub of the pully spins on the aluminum tensioning arm wearing away the boss cast into the arm to center the pulley. Quite common on the older Mustang 5.0's and replacement assemblies are about $120 discount at this time.

And NO, they will not sell the pulley seperate. Changing pulleys does not resotre the material worn away from the aluminum boss.

From what I've read just this morning it seems that the 99 V-6's are experiencing this problem sooner then the 5.0's. My pulley fried after 175,000 miles (18 years of everyday driving).
 
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