More than likely a circuit burned out in the red cylindrical "bulb out" relay. This lights that annoying yellow light on the dash to tell you a lamp is out.

It can be replaced, or if you're a tinkerer, you can remove it, pop it open, and re-solder the connections inside. The likely one that burned is near the outside edge of the circuit board on the top deck of 3 boards inside the can. Easy one to get to, but you may find you need a magnifier to see the damage.

It's rather fine work, so you'd want a small electronics soldering iron to do the repair.

Replacements from any 740 or 760 should be a good junkyard item. The relay is available new as well, for a price. See your dealer, ebay, or www.fcpgroton.com.

Getting the unit out is described in the FAQ under Relay Locations. Basically pull the ashtray and the coin tray above it.

Keep in mind, and this DID happen to my friend's 88 744 a month or 2 ago, both bulbs could be burnt out. Her taillights filled up with water after some heavy rain. I drilled a tiny hole in the bottom of both housings to prevent a reoccurrence.
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