I just ran into this today. I went out to pick up a new rear bumper (mine is beat up), and was heading home on the freeway when I noticed a bit of smoke behind me. I changed lanes and it followed - yup, it was me. It was a bit light, until the freeway went uphill to pass over the Santa Monica mountains (for you SoCal Stangers, that's the 405 South just past the 101 freeway). Suddenly the smoke turned into a James Bond smokescreen. After cresting the mountain, the smoke died off and I didn't notice any smoke until I got home - a little drifting out behind the passenger's front wheel. I parked and checked under the car - noticeable dripping from the back of the transmission. The fluid was red, so it's tranny fluid. The smoke must have been tranny fluid burning on the exhaust.
I just added some tranny fluid last week, thinking I was low. So it's possible I overfilled the tranny. Or it could be the rear seal that went - I've been losing a bit of fluid now & then. I suppose the pan could be leaking. I can't check now, the car is WAY too hot from my drive. While the tranny was leaking, the Stang did NOT change at all. No shuddering, no slipping, nothing. Acted the same way it always does.
Can anyone else think of any other reason I'd be leaking tranny fluid? I'd like to get some ideas before I jack up the car tomorrow.
I just added some tranny fluid last week, thinking I was low. So it's possible I overfilled the tranny. Or it could be the rear seal that went - I've been losing a bit of fluid now & then. I suppose the pan could be leaking. I can't check now, the car is WAY too hot from my drive. While the tranny was leaking, the Stang did NOT change at all. No shuddering, no slipping, nothing. Acted the same way it always does.
Can anyone else think of any other reason I'd be leaking tranny fluid? I'd like to get some ideas before I jack up the car tomorrow.

I looked under the car again, and no new leaks.
The fluid coming out was nice & red but there was sediment in it. That's not good. I don't know what's normal for an AODE but I do know my overdrive band slips if I accelerate too fast in overdrive. It holds if I'm nice to it.