It's just a guess but I bet the rear band (low/reverse) is probably worn and the servo pin can't apply enough pressure for the band to hold. I bet if you shift to manual 1st gear you probably won't have engine braking when you decel. There is also the chance that the servo piston could be broken too. Either of these are an easy fix after the pan is dropped and servo cover removed.
If you are able to drop the pan and filter, the servo is just another 5 bolts. It is the big can shaped cover in the rear or behind the valve body. Often times you can buy a longer pin ( try ebay) or weld 1/8" tab on the end for extra length, you can chuck pin in drill and shape it on a grinder to match pin size. If none of this sounds good to you, take it to a trans shop and lube up.
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Today's Featured Article - It's Alright Where It Is! - by Anthony West. I have a tale of a different kind to tell. Whilst rooting in the hedge bottoms this week I had cause to visit Chapel lane Farm, the home of an eccentric gentleman by the name of Austin Kendall. I had heard rumours that an old Case Model C was languishing away in the back of one of the outbuildings there. So off I went in search of what would turn out to be a very rare and unusual tractor. Mr Kendall is an excitable chap to say the least. He is amongst the last of a dying breed of farmer who
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