I’ve been standardizing my truck on Valvoline Max Life ATF. It’s technically dex VI which is backwards compatible with dex III. I did some searching around to make sure it’d be fine and will be draining / filling the power steering system sometime soon, once I figure out the best way to do it. Based on everything I have read, it “should” be fine.
The only component you apparently do NOT want dex VI in is the transfer case, still trying to figure out what to put in there. I’ve already drained and filled my transmission a few times with this stuff and it’s doing just fine.
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I’ve gotta ask, since the power steering isn’t working, are the brakes feeling strong and is the fan clutch operating properly? Could narrow down the issue based on those results, I’m pretty curious given that steering, brake booster, and fan clutch are all on the same hydraulic system. As you know I’m also fairly new to this, but it’s rewarding as can be to get things working again