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Your balancer is wobbling, and from the angle of the camera, it also appears that the belt isn't tracking squarely on the pulley. My suggestion is to replace it ASAP, before you need to replace the steering rack, too........
Like others have said, this should be replaced. Many folks opt for an aftermarket damper from either ATI or Fluidampr in lieu of a factory GM replacement.
For sure replace the balancer as soon as you can.
Mine started to wobble a little bit just like yours. Continued to drive the car to work while I was ordering the parts and studying up on how to replace it.
One morning the balancer spun off. Luckily it spun off the back and just messed up the timing cover a bit, and, luckily I only got about 2 houses down the street before it came off. I would hate to imagine it would have been if I had gotten to the interstate!!!
You immediately know when it comes off because it make a horrible racket when it does!!
Good luck!!!
So taking it to a local dealership, will a new oem replacement be OK? Did they improve them over time?
will probably have them replace the 2 tensioner and pulleys, and oil seal while they do the balancer also.
DON'T go to the "Stealer"!! I've had GREAT luck with ASP underdrive balancers. More economical than many, and durability is very good (no wobbles). If you go to the "Stealer", they'll find other "problem areas", and you'll be lucky to leave for less than $1,500.00, even with no other problems. It's really not that difficult to fix yourself, if you have any mechanical ability/experience. It is time consuming, however. Best of luck to you.