The transmission oil cooler may develop a leak, which will require replacement to repair.
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Most reported 2007 Mercury Mariner problems
The check engine light may come on due to failure of the Variable Camshaft Timing (VCT) solenoids. The VCT solenoids will need to be replaced if they are the reason the check engine light came on.
A defective power steering return line can cause a knocking noise when turning or going over bumps, especially when the engine has reached normal operating temperature. The power steering return line should be replaced.