2000 GT small leaks, need advice

Hi everyone, I'm new on this forum and in this country pleasure to meet you guys!
I just bought a 2000 GT convertibile from a friend of mine, he payed good attention to the car maintenance but I was more worried about the previous owners (car has 122000 miles), after only two weeks I'm afraid my fears were motivated.
Every morning I found a small oil spot, so today I went to my mechanic:
my car is leaking engine oil from a bolt next to the oil filter and transmission oil from the the oil cooling hose and the pan gasket. Cost of repairs to replace all the trans gasket kit and fix the other leaks : about 800$
Since I'm an exchange student with NO income I would like to ask you guys what do you think. If you think I should do these repairs which price you retain fair.
The car runs great, shifts perfectly, engine oil level is still above minimum after 2 weeks. Trans oil level is in the middle of the H on the dipstick when the engine is running.
Here's a link to the pictures I took from under the car.
https://picasaweb.google.com/103085...&authkey=Gv1sRgCPftsrrHsPjhbA&feat=directlink

Thank you for your help!

trinity_gt said:

Lots of oil under there but:

a) The transmission looks soaked with engine oil, not transmission fluid. Trans fluid is (supposed to be) bright red. Is that the colour of the fluid under the trans or is it being washed by (honey/brown/black) engine oil coming back in the air stream or from the back of the engine?

b) Before committing to any repairs, you might try de-greasing and power washing the underside of the engine and trans and getting a better idea of the actual source(s) of the leaks. I'm guessing you've probably got an oil cooler adapter leak as a minimum but some of that oil may just be the result of particularly sloppy oil filter changes.

How are the valve cover gaskets and PCV at the top of the engine?

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a) looks like trans fluid to me, especially leaking out of the plastic cap.
b)Will try to clean it. Can I achieve a decent result at a carwash? Problem is I am an exchange student who lives on campus so I have really few means to work on my car.
c) top of the engine looks perfect, very clean
Thank You!

wmburns said:

+1 on above.

It also looks to me like the engine oil filter is a main leak source.

Also possible that the power steering is leaking.

But how could you know with just how dirty the underside is. Suggest cleaning and then it may be possible to better isolate where the leaks really are.

Very simple repair to replace the oil filter adapter gasket. The do leak. It's also possible that the oil filter itself is leaking. Cost to fix $5.

Click to expand...

I'll double check the power steering, looks to me the the oil tank is still full.
I'll clean it, but my problem will be having another chance to watching the underside without having to pay a mechanic.

So you think that I should go first with a good clean and an oil filter change to see if it's the most considerable source?
Thank you so much for helping guys, means a lot to me.

trinity_gt said:

Lots of oil under there but:

a) The transmission looks soaked with engine oil, not transmission fluid. Trans fluid is (supposed to be) bright red. Is that the colour of the fluid under the trans or is it being washed by (honey/brown/black) engine oil coming back in the air stream or from the back of the engine?

Click to expand...

I am reconsidering what you pointed out: I am thinking about the engine oil falling onto the trans hose and crawling till the transmission. Will clean everything and place white paper under the car for one night.

Can I replace that filter adapter gasket without draining all the oil?