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 - The Nuts and Bolts of Fasteners - Part 2 - by Curtis Von Fange. In our previous article we discussed capscrews, bolts, and nuts along with their relative hardness and thread sizes. In this segment we will finish up on our fasteners and then work with ways to keep them from loosening up in the field. Capscrews, bolts and nuts are not the only means of holding two parts together. When dealing with thinner metals like sheet tin, a long bolt and
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