I just bought a 1992 Chevy Lumina from a friend of mine for $500. It runs like a champ but there are two problems I have noticed.

If I go from park to reverse the vehicle engages into reverse but the parking pin is still engaged. If I got from park to drive then shift it back into reverse the tranny makes a tic tic sound while backing up like the parking pen is barely not engaged. If I pull back lightly on the shifter it will not click but I have to come from drive for it to disengage from park. What could be the problem? and how could I fix the problem? It doesn't do it in any other gear.

The other issue I have noticed and I think I figured it out is a smell of burning rubber after driving around in it. If I sit still it don't smell. The power steering pump was bone dry and I filled it up. I think that may have been the issue. what do you guys think?