There is a God awful metal scraping noise coming from under the runner. The same time the noise started, I started to notice gear oil smell. So I crawled under the runner and it's definitely leaking out the axle seals, the rear wheels/tires are showing it. Is is a safe bet that the noise is wheel bearings?

I've barely had this thing a week, not the most auspicious start to a relationship. However, it is a high mileage vehicle and I did expect some things to need fixing, I just thought I'd have more that a week before it had to get parked for repairs.

 

Wheel Bearing issues very common and axle seals more so.
I have done axle bearings as well as Diff Pinion bearings.