In theory, the lower U-joint (after removing the clamping bolts) can "slide" up the splines on the steering shaft enough so that you can get it off the input shaft on the steering rack. A little persuasion may be necessary... with re-installation being the reverse process. It's worth marking the splines with some White-Out so that it goes back together the same way.
Of course, the above is the simple process that assumes the car has not been exposed to the elements for 20 years. My '90 245 came from Boston, and removing the U-joint required:
1. Lots of penetrating oil.
2. Progressively larger screws driven into the opening in on each end of the U-joint to loosen its grip.
3. When the above failed, the now mangled U-joint was sawed in two, leaving a chunk on the steering rack, and a chunk on the steering column. If you do it right, the "spider" in the middle comes off with two cuts. One cut on each "half".
4. The chunk on the rack was bonked off using a 5-lb hammer and a long ratchet extension insertert from in front of the cross member.
5. The chunk on the steering shaft required a grade 8 bolt inserted up the end of the steering shaft to provide a surface for a 2-jaw gear puller to work on. I guesstimate that it took about 1,000lbs of force to yank the U-joint off.
6. In the process, I scraped one of the rusty old hydraulic lines on the rack.
7. Replaced damaged rack with rebuilt rack.
Not fun. Quite the learning experience. The universe was kinder to me when I did the same task on the '87 245. This car came from southern NJ, and required almost no effort to swap the U-joint.
-Ryan
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Athens, Ohio 1987 245 DL 324k, Dog-hauler 1990 245 DL 142k M47, E-codes, GT Sways/Braces, Dracos, A-cam 1990 744GLE 189K 16-valve 1991 745 GL 304k
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