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The Tundra V8 uses a belt to drive the cams. The belt drives the intake cams which in turn drive the exhaust cams via gears. My understanding is that the Tundra V8 is an interference engine based on this http://www.gates.com/brochure.cfm?brochure=981&location_id=540 but I'm not 100% certain and my repair manual doesn't state one way or the other. I'm going to assume it is to be on the safe side and replace my belt at the recommended interval. The recommended replacement interval is 90,000 miles.
"Also, how many miles do you guys have on your Tundras, and any major problems?"
I've got 29,500 miles on my 2000 Tundra V8 4x4 and have had no major problems. I've had it back to the dealer once in the 2.5 years I've owned it and that was to install a re-designed support bracket under the passenger side 60/40 seat (covered by a TSB and warranty - later models already have this design). And Toyota sent out new dipsticks for these engines through a service campaign. The 2000 model V8s came with a dipstick that was about 1/4" too short and nearly everyone was adding about a quart more oil than necessary. Other than that, nothing really to report.
Regarding paint peeling on Tundras, that's a new for me. I've been keeping an eye on Tundra issues for the past 3 years and haven't heard of paint peeling being an issue (my old 1990 Chevy pickup was a different story - talk about paint peeling off in sheets). Some have complained of chips in the paint, likely from road debris, but I've never heard anything about the paint coming off. I've touched up about a half dozen small (about 1/8" dia or less) rock ships on the front of my hood and on the lower leading edge of the bed and a scratch I inadvertently put in the tailgate, but other than that, the paint has been fine. Mine is white by the way and I also live on a gravel road which is the likely cause for the chips on the lower body. That has since been eliminated through the installation of Toyota factory running boards which keep any gravel kicked up by the front tires from contacting the body.
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