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I am preparing to buy a 2000 Mercury Sable LS Premium and the only thing I am slightly concerned about is a rubbing noise coming from the steering column. Firstly, can some one tell me what this is and secondly, how to fix it? Much appreciated.
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Need more info. Where in the column? Does it make the noise all the time, turning both ways? Has it ever been in an accident w/air bag deployment? What does the seller say about it? Let me know.

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Yes.. it does it all the time. It almost sounds like rubber rubbing together. The dealer isn't sure.
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Also... waiting on car faq's report and it does it in both directions. It sounds like it is coming from the column just behind the steering wheel
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yeah i have the same problem and it seems to come back during the colder months of the year. I still have no idea what it is.
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Did you purchase the car yet? If not, I would tell the dealer to fix it or you are not interested. Is it a Ford dealer? I think that may get you some answers or at least a solution to the rubbing. This may be a long shot, but my wife just bought a 2007 Elantra and after a couple of days of driving it began to have symtoms like yours. There is a rubber grommet where the steering column shaft enters the firewall/floor above the pedals. I sprayed it with white lithium grease. Cured that annoying rubbery squeak.