The W58 is the N/A's 5 speed. The A340 is the auto used in both GE and GTE vehicles (although I believe the GTE's A340 may be a bit more robust, just what I've overheard).
That is a LOT of mileage on that car, do you know if it's ever had a rebuild? I wouldn't touch that car unless I could take it to a mechanic the I personally know and trust to go over it with a fine tooth comb. Definitely need to do a compression test and a leak down test. Does it leak or burn oil? Does it loose coolant? Does it smoke? Have the dampers been replaced in recent years? Any signs of the coolant or oil being contaminated?
What are your goals with this car anyway? Is it going to be a daily driver, are you wanting to turbo the GE are you looking to do a swap in the future?
$700 is a fair price, but with the mileage that engine and chassis have seen I'd pick it apart before I committed. I have a friend who owns a '90 with about 300K miles on his car. It was rebuilt TWICE and the seller had all the paperwork (both theirs and from the previous owner). His car is a gem... but he did a lot of poking around before buying it.
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