I have just fixed a loud rear suspension noise on a '96 and\na '97 SL2: not really a squeak but more like a loud squawk -\nsort of a rusty iron bed sound. Really bad, not subtle\nat all.\n\nThe cause in each car was a frozen ball joint in the rear\nsway bar link. Replacing the frozen link on each car fixed\nthe noise.\n\nThe sway bar link is a dog bone shaped thingy about 5" long.\nHas a ball joint at each end, with a bolt sticking out\nof from the ball, a rubber boot around the bolt. The\nlink goes from the sway bar end to a projection on the\nrear suspension knuckle.\n\nI advise cleaning the rust from the exposed bolt threads and\nto use lots of Liquid Wrench, let soak overnight, and then\ntry to remove the nuts. A real PITA with a floor jack\nand an ice cold driveway to kneel on.\n\nA service garage fixed one car to the tune of 0 - \neach for the links, for labor.\n\nI had him return the old links, one was still OK and I used\nit to replace the squeaky link on the other car.\n\nIt was very odd that they started squeaking within days of each other.\nIdentical noise in each car, so I had figured that what\nhad fixed one would fix the other.\n\nFailure mode on the '97 was the loss of the sealing\ndisk one joint. On the '97 it was the decay of both\nball joint boots. In each case it was the driver side\nlink that had gone. The good link on each car had no\nindication of deterioration - but I won't be surprised\nif in one week -\- squeak!