When running the engine at 1/2 throttle the motor sounds as if it's lugging, and then the alarm sounds. I shut down, but when I turn the key back on the alarm is still there for only about 5 min. then ok. I pulled the water pump and it looks brand new. Less than 100hrs on engine. Can I troubleshoot out of water? Or do I have to wait until alarm sounds?
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That black belt is really the only place the smell will come from. I know you have inspected and cleaned the rubber belt and roller brush, but have you turned the vac on with the roller brush at an angle where you can see if it is turning? Besides cleaning the hair off the roller, there are two bearings- one at each end of the roller that can gunk up with hair and rust, check to see that the bearings are clean and that the roller turns freely. It the bearings are seized and actually spinning in their seats the plastic housing may be melting which is stinky but a burnt plastic smell, not a burnt rubber smell. Did you take the rubber belt off to inspect, or rotate it an entire revolution while inspecting it? Often they will look perfect except for a half inch or so where they are worn thin where it got stuck and heated up by the motor spindle. If it wears thin at that one point it may be loose enough that it does not turn the roller brush. Most other failures are going to be mechanical or electrical, meaning it stops dead or there would be a sparky ozone smell, not rubber. The only other thing I can think of is way up in there, there is a fan blade kind of thing called the vanes. It is remotely possible a chunk of plastic, like a bit of toy got lodged there and the vanes are melting it as they strike it, but you would hear a heck of a racket it that were the case. I don't think the average person is going to take the vac apart to access those. I say change the belt and a fresh bag, confirm the roller bar is spinning and I expect you will have solved the problem. Good luck. Edit: Also never assume that the belt has been put on correctly, most vacs have the belt in a figure eight, not a single loop. Chances are you need to really stretch the belt and give it a half turn as you slip it over the motor spindle.