Do not drive it! The arm needs to be checked as well as the rest of the suspension parts to make sure there is no other damage, such as bent or cracked welds. Then both bolts should be replaced, it looks like the front one is loose as well.
I would also wonder just how they worked loose, those are locking nuts and I have never seen one fall out on its own, they usually come out hard all the way when removed. Has anyone worked on the truck? Got an enemy?
That failure could easily seriously harm you. The arm floating around will move the tire and change the steering as it moves. If it flexed enough the tire will hit the body/frame and could easily lock up or tear the brake line free. As a 4X4 the motion may have damaged the drive axle as well.
Tuesday, August 1st, 2017 AT 3:26 PM