ATF can cause a white exhaust
mrjack, you may be onto something. Does your car come equipped with a transmission modulator? I know on old-style cars these often went bad resulting in ATF getting sucked into the engine via the vacuum line from the transmission regulator.
Check all your vacuum lines - especially the ones from the transmission - and see if they are wet on the inside with ATF.
95 E320 Cabriolet, 131K