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I think the pipe has a shield over it. Look where it bends to come out by the back fender- it looks like it changes color too much to just be a shadow.
the whole thing is not the exhaust. . .if you look a bit forward of the bend for the turn out you will see a weld ring. . .the exhaust dumps in right there.
Looks cool, but you sure would have one black wheel. I remember those older F-150 gassers that had the stock exhaust piped in front of the rear wheel, those things were a mess and that was a gasser.