1992 GMC S15

Transmission problem
1992 GMC S15 6 cyl Four Wheel Drive Automatic 207000 miles

I have a 1992 GMC-15 Jimmy that has started giving me trouble. It still moves but while driving it feels like it is getting high RPMs and slipping. I checked the fluid level and it was fine. The fluid did have a " burnt rag" smell to it. Is this a sign the whole trans is gone or maybe a simple problem like the filter and fluid should be changed? I am not sure but I THINK its a 700R4 trans on a 4.3 liter non vortec engine and 4 wheel drive. Any help would be a good place to start
May 2, 2008.

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