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Problem with the transmission 200 1988

Hello, I was wondering if anyone could help me with this one. I recently looked at a 1988 240DL wagon and was told by the owner that the transmission slips when it is cold out until it warms up then will drive. Looking at the fluid on the dipstick, it was at the minimum level and brown in color. He stated that he had owned the vehicle since new and that prior to this problem, at 100,000 miles he took it in for the major service interval and they "tighened the belts" on the transmission and changed the fluid. He said it drove fine for around 30K more miles with a more "defined" shifting and then the problems began with the slipping. He said he drove it for about 3k after that and then parked it. Any ideas on what could have caused this? Could it be just in need of a fluid change or is there something more serious going on? Any input would be appreciated! Thanks, Chris






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