It's ashame your buddy didn't do a little research before buying the car. The statement that one of the timing chains is bad should have been the clue. There is a "double timing chain" in that car but it is connected together as one piece. There really is only one timing chain. Yes. When the timing chain or guide rails fail, the end result is almost 100% catastrophic. Chances are you are in for a major expense and yes, the pistons may have been destroyed as a result.

Sorry to hear it happened

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I really gets fun when they all don't run

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99 Jeep XJ
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