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I have a 2000 C5 with around 92K miles. For a while I have noticed a smell coming from the transaxle area that kind of smells like hot or burning oil. There are no indications of any leaks in the area.
Is this common with this transaxle unit or should I be concerned?
Short answer is, it's not common. Burning/hot smells can come from many places: Tires, Brakes, exhaust, plastic, transmission, diff, and so on. If any fluid is leaking on to something hot or out of something hot, it will have an odor. The same goes for if something that is meant to be kept cool is now touching something that is hot, it may be producing a new odor.
If you can, put it up on a lift after a drive or right when you smell the issue and do a thorough exam. Having an experienced tech. with you or for you will be a benefit, their trained nose will help. Often times it's easy for them to tell the difference between electrical, oil, different types of lube, coolant, and so on.