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the timing belt will auto adjust but only to a certain level. However the timing belt will never ever make a squeaking noise.
Just some questions, is the squeaking sound persistent ?
does it make more noise when cold, and gradually reduce ? or just stop making noise after 1 - 2 mins ?
A lot of time, it is the AC or the generator belt which may get dirty and make noise.
I suggest u clean those belts Check the thread alignment tighten the belts
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