I have had a suspension knock for a while, could not find out what it was until to day, on the rear axle drivers side half way down there is a part about breather which is abouthigh 1/5-2" , this was hitting the exhaust on compression, **** shocks, it is now loose and can't seem to tighten it down. Is this going to course a problem? how can I make it lower thus avioding the exhaust. Cheers

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Works better with a flash

 

yeah stupid phone camera didn't have my digital camera with me and my car is parked over 5 miles from my house

 

The part you are talking about is the axle vent tube. It does 2 things on standard mustang.

1. It of course vents the axle and there should be a length of tube connected to it that goes up to a higher spot on the car.
2. The vent nipple itself threads in the axle tube, and holds the rear brake line distribution block. There is ussually a soft brake line connected to it from the transmission tunnel and then 2 hard lines to the left and right brakes.

 

so i might have broken the threads in the axle to which the vent nipple goes in but that not a big problem, I does seem higher than it needs to be above the rear axle but i take it is level with the axle fill point