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The engine control computers will switch to a default mode, where the fuel/air mixture is intentionally rich to avoid damaging the motor. You might notice a bit of a decrease in fuel mileage, and if you let it go long enough, the catalytic converters can be damaged from the extra heat of combustion of the excess fuel. I haven't priced 'em for the Camry, but cats generally are not cheap.
I'd recommend you don't let it go very long. The O2 sensor in the front bank is a piece of cake to replace. The rear bank isn't as easy. The dealer didn't tell you which one?
BTW, California emissions equipped '92 V6's have a third O2 sensor; downstream from the cat I believe.
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1992 Camry LE, V6 (3VZ-FE), ABS brakes, 330k miles, dark emerald pearl, owned since new.
1996 Avalon XLS, ABS brakes, moonroof, white, acquired w/ 139k miles, now at 261k.
2001 Yamaha FZ1, Ivan's jet kit, resprung all around, Ohlins in the rear, Race Tech cartridge emulators in the forks, 45k miles.
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