It's mentioned in another post, but between the engine and transmission there is a clutch disc, just like you'd find in a tractor with a standard transmission. The difference is that fristion is held on it constantly with a heavy wave spring, making it work as a slip clutch. It sounds to me like that disc has gone out in some fashion.
That said I have seen one go out on a 4000 series tractor when the center of the clutch broke free from the rim with the friction material on it. That was about ten years ago and at the time there was no replacement available. More exactly, there was a replacement available, but the internal splines on the new part were different than those on the old part. When I dug into it further it was found that the new part, with the different splines, was all that was available because there was an 'upgrade' to the transmission input shaft that change the splines on it. Unfortunately that part was obsoleted and no longer available.
What we wound up doing was machining the center, splined hub out of the old clutch, and doing the same out of the new clutch. Then we welded the old hub in the center of the new clutch. Like I said earlier that was nearly 10 years ago and the tractor is still in operation with no problems. Good luck on yours.
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