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The water pump may not be the lowest point, but its low enough such that if the coolant isn't drained before the water pump is removed, a large amount of coolant will come rushing out and splash everywhere as soon as the water pump seal is broken. Even after the coolant is drained, you'll still get a little bit of coolant coming out from behind the water pump but it can be cleaned up with a few rags. To avoid a really big mess, follow the instructions and drain the coolant into a pan before removing the water pump.