Hi swataz. Welcome to the forum. Do you know for sure that you have rear disc brakes? If so, the rotors will likely not be the vented design since they don't get very hot. A warped rotor may not be felt in the brake pedal but it will cause the caliper to slide back and forth on its mount as the wheel rotates. Machining the rotor will solve that problem, and the mounts should be lubed with high-temperature brake grease. If allowed to continue, the sliding caliper will wear notches in the mount that can impede its free movement in the future.
If you have drum brakes, an egg-shaped drum will cause the released shoes to move back and forth on the backing plate which can lead to a squeak. Again, machining the drum, and placing a light film of brake grease on the six "lands" or raised spots on the backing plate that the shoes rest on will solve that squeak.
Also look for the ball of metal on the end of the parking brake cable hitting the inside of the drum. That can cause a shiny spot that you can see where it was hitting. Check that both shoes, (drum brake, or parking brake shoes inside the rotor), are touching the anchor post on top of the backing plate. If one is held away, suspect a parking brake cable stuck partially applied.
If you do have disc brakes on the rear, jack up all four wheels off the ground, then run it in gear with the left rear wheel removed. If you can see the caliper moving sideways, the rotor is warped and must be machined. If you do not see any movement, you can use an inexpensive dial indicator placed against the spinning rotor to measure the amount of warpage. A few thousandths of an inch will not cause a squeak. It will be much more significant if the rotor is the problem.
Monday, August 30th, 2010 AT 1:11 PM