Hey man, check your lines, follow them directly from the bottom of the Power Steering reservoir to wherever they go. Check for cuts and gashes in those lines. You should do this with your engine ON and running! This will put the fluid under pressure, and if there is in fact a leak, you will easily be able to see it. If at all possible, have a friend turn your wheels left and right while you are checking, because that puts greater pressure on the system, which works even better. If you don't see anything, check where your hoses meet your reservoir tank, and your power steering system. If your clips are loose, the fluid can gush out. Finally, if all of the above fails, check your actual tank, you could have a hidden crack that is leaking when the system is under pressure, I hope this helps and good luck! If you have any more questions for your cougar (I own the same one :D) just ask!
* No power steering fluid in reservoir * The power steering pump is not operating
That means that you need power steering fluid!!
On a 2000 Mercury Cougar : The brake fluid reservoir is also the clutch fluid reservoir
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The reservoir on my 2000 Cougar is behind the front passenger strut tower, it should be the same on your 2001, they are the same car under the hood.
A 1993 Mercury Cougar takes ( DOT 3 brake fliud )
On a 2000 Mercury Cougar : The brake fluid reservoir is also used as the clutch fluid reservoir
The brake and clutch fluid systems are supplied by the brake fluid reservoir ( according to the 2001 Mercury Cougar Owner Guide )
On a 2000 Mercury Cougar : No , only the automatic transaxle ( transmission ) has a dipstick
a 95 mercuy cougar takes anywhere from 5 to 7 quarts of transmission fluid
low or leaking power steerinng pump fluid or hoses, loose belt on power steering belt or power steering pump going bad
According to the 2004 Mercury Sable Owner Guide : ( Motorcraft MERCON automatic transmission fluid is used as the power steering fluid )