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Unfortunately, Mercon V and Mercon LV are two different transmission fluid standards that are incompatible. In this guide, we will discuss Mercon v and Mercon lv in detail. Mercon v Vs Mercon Lv Table. You might wonder what those differences are so you can decide which suits your car or truck.Compatibility. All Mercon fluids are incompatible with Mercon LV. Despite not being combined with Mercon V, Mercon LV can still be used with older GM Dexron on transmissions. This is because these transmissions require them to be customized to meet their demands. In contrast, Mercon V is typically used for Ford automatic transmissions.