95 mustang gt need help on leak!

[mustang11]

I just drove my 95 stang 400 miles on a trip. it now has 120k miles on it. i bought aout a year ago and the last owner said it had a brand new transmission in it. Well now when it gets warm or i drive it for more then 10 min it starts smoking. i thought it was oil at first but it looks redish and i think it is tranny fluid. the bottom of my car is all wet with this fluid. where could it be leaking from? it looks like its right above my mid pipe. need help!
btw everything runs fine

 

[Chythar]

Red is transmission fluid. Be sure to fill up the transmission fluid again, you don't want your tranny running dry. Then you'll have a new tranny to buy rather than just plugging a leak.

Do you have a manual or automatic transmission? It will make a big difference on how you troubleshoot the problem.

 

[mustang11]

it is an auto trans

 

[Chythar]

Have you or anyone else added transmission fluid to the car recently? There's an overflow valve on top of the tranny, near the back. When the fluid gets warm, it expands and it overfull it can pour out the overflow up top. I had that happen to me, but the smoke happened when I was driving uphill - the fluid level finally got level with the overflow valve, and I made a nice smokescreen until I leveled off.

You could also have a leak in the transmission pan or the rear main seal. The only way you'll find out for sure is to get under the car. Do you have any tools? A floor jack and a pair of jack stands?