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I recently spun out and hit my right rear fender and had my wheel and all the arms replaced... my wheel well was also replaced. A month later, i changed to 17" wheels and saw this crap all over!!!
I was hoping someone could tell me exactly what this gunk is?
It is only concentrated to one part of the wheel, and isn't spread uniformly.
I just checked my new wheel and there has been a little squirt also.
It most likely was just damaged during the accident but it never broke open. Once you started driving on it again it heated up and broke open. I suggest you replace the axle. Youo can do just the boot but I don't recommend it, those don't hold very well unless you have the right tool to clamp down the strap.