My 95 Camry has been making the same banging noise in the left rear every time I hit a bump for the last 2 years. Its an old car with 233k miles on it so I have been reluctant to spend the money to have a professional look at it. In the last few months the noise has become even louder and I started to notice some vibration in the rear end at highway speeds. I jacked up the rear of the car and found that there was substantial front and back play in the left rear wheel. When I worked the wheel back and forth I found it made the sound I hear when I hit a bump. With a little inspection I quickly determined that the problem was the outer bushing in the left rear lateral arm. After a little bit of research I found out that the bushing is not replaceable, the whole arm has to be replaced and Toyota wants $190 for it. Ebay to the rescue. Seller
turboaristo has this part for sale for $55 plus shipping. I ordered the part and installed it tonight. The part was a perfect fit and installed easily. Taking the old one off was another story. All I can recommend is lots of PB Blaster, Heat and Air Tools. Even with all that I still had to cut the outer end off of the long bolt that runs through the spindle with a cut off wheel. To cut the outer joint off of the bolt I first cut the arm free of the bushing sleeve. Once I had access to the sleeve I started cutting at it and beating at it with the air hammer. I ended up cutting a slot 90% the length of the sleeve before I finally got it to break loose of the bolt. The best advice I can give is to keep working on it, if you cut and beat it enough, it will come off. The whole job too me about 1.5 hours.