There is something hanging that is located on the rear wheel that looks like a cap (4inches by 4inches) of some sort. I know nothing (as you can see) so if you guys could help me out that would be great. What is this called so that I can get more information about. It looks like a screw must have fallen out causing it to hang lower and rub against the tire. It is only located on the driver's side but not on the passenger side.

 

It's hard to tell from your description, but i'd say its a splash-guard. But then again ...

 

It's definately not a splash guard. This part is plastic and it is located inside the wheel well parallel to the wheel. It's square in shape and it has dimensions of about 6 inches by 6 inches. It appears to be some sort of cover.

 

That is your Evap Canister. Get it back up there before you put a hole in it. Your going to get a CEL if that thing gets damaged.

 

It's not an evap canister, it's a cover (cupped shape) that is covering some wires located within the wheel whell right around where the shock is. One of the bolts came loose. It is made of plastic and it is slightly loose and occasionally rubs against the tire. What is this part called?

 

Cover