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Q:

How much of a leak is serious with the rack-n-pinion? Is it dangerous? on 1994 Ford Taurus

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I have to add fluid every day and occasionally see smoke where it drips.
(2) Answers
Oil dripping on an exhaust pipe is not a good thing.Assuming you have confirmed that it is the rack leaking,not the power steering pump,or a hose.At some point,a low fluid situation may result in a power assist problem,or kill off what may still be a good pump.