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I bought a 66 Coupe (with the help of a knowledgeable family member) about 6 years ago. The seller made my family member feel comfortable enough to ok the purchase. That car made it 10 miles before dying.
Fast-forward to now. We’d found a piece of metal in the starter housing, needed a new radiator. Spent about $2500 to get her reasonable for driving. Moving to another state, had the car checked out as it had been a while since she’d been driven (I know). Spent another $3k on fuel tank, sending unit, battery, radiator, other stuff. Car was running enough to get it transported safely.

Took her out of the garage and found leaking transmission fluid - new climate, and we hadn’t been able to drive her in two weeks. I also noticed a brownish edge to the fluid - maybe another type? I wasn’t worried about the leak overall because we’ve seen it before and the seals were dry. This was a lot though - maybe because of the air here?
I drove her around and no issues. My husband took her out to be able to hit a higher speed and said that white smoke started to come out of the steering column. No smell, just smoke. I know that we need a brand new exhaust system (rusted out)...but smoke from the steering wheel is new for me.
Any thoughts on what the smoke could be?
Thanks!!!
 

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Well, it seems you both are not very car knowledgeable on your own. You do not give any info on the car, what engine, trans, or much of anything else. So it will be hard to give specific help.

Someone has led you to do a lot of things that could have been needed. But!

The trans leak could be many things. Was the ATF (automatic trans. fluid) changed during any of this work? If so 'they' should have put in what is called Ford Type F fluid. If not bad things will happen. The leak could be from the bottom pan gasket, the vacuum modulator valve, shift linkage shaft, dip stick tube, or the front seal. Get it cleaned up and keep an eye on it so you know where.

The smoke could be from the engine bay coming in thru bad seals down where the brake, steering, and other things go thru the firewall and floor. Or it could be a short in the wires going to the turn signal switch, or the switch. Is it all the time? After the engine gets hot? Only when you are actually driving the car? Is it an oily smell or a fire smell?

I would also recommend that you join the local Mustang club and get some info on a good mechanic. Maybe even one of them. But please stop spending money so fast. Fix the things that have been properly identified. Many things only take some effort, and yours is cheaper than theirs.
 

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"Brownish edge" in transmission fluid. I'm assuming that it's an automatic, and the fluid should be red in color. The brown is probably material worn from the internal clutch packs. Take the car to a reputable transmission shop and have them flush the system completely, not just a filter/ fluid change. Get all that crud out of the system. They take about 11 quarts of fluid.

"Smoke from the steering wheel". Most likely the horn contact, but could be the turn signal wiring. Which one isn't working? Both are easy to fix after you take off the steering wheel. If the wheel makes a scratching sound when been turned, it's the horn contact. Clean it up, replace if worn, and apply a light coat of white lithium grease to the copper ring before reassembly.
 
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