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Re: brake warning light
First check the fluid level by removing the cap from the resevoir. Don't just look from the side of the resevoir. Old brake fluid get's dirty and stains the walls of the resevoir making it look full, when it is actually low. If you are sure that the parking brake is not sticking, then you may have a hydraulic system leak some where. Check all the components carefully looking for a small leak. Check both front calipers, both rear wheel cylinders (or rear calipers if it is a V6 with 4 wheel disc brakes), all brake fluid lines and then check the master cylinder itself looking for leaks. Checking the master cylinder is a bit more difficult. They can leak internally and they can also leak fluid in to the brake booster where vacuum sucks it in to the engine and burns it. There is generally no evidence of a leak in this case.
"The parking brake does not lock in the up position any more." This statement concerns me. The only time I have seen this before is when one or both of the parking brake cables were broken. It can also be that the rear drum brake shoes are so far out of adjustment that they are not making any contact with the rear drums. This would mean you are only stopping on the front brakes. If you can't find any obvious fluid leaks, I would suggest you take the car to a professional for further diagnoasis.
Mike
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