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Originally Posted by tym1200
The "charge" light is on on my tercel, and I assume that means the battery isnt charging?
Also, I have a very annoying kind of screeching sound that comes from the gauge area or around there when the car is accelerating or driving, and when it isnt moving the sound stops. Anyone have any ideas?
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Originally Posted by tym1200
Well I looked today and I have quite a bit of oil on the belts from the engine, could that cause the belts to slip enough to make the charge light and brake light come on?
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I'm just wondering why you left off important information on the first post here. The brake light and the oil are almost critical info for a proper diagnosis.
Now to answer your question...
The oil is/was your main culprit.
Alternator brushes do not like any form of oil and neither does the copper rings called slip rings on the rotor. Oil makes both parts dissolve like mud in a bucket of water. To begin repairs you first need a new timing belt, a front main seal, cam seal(s) and a new valve cover gasket.
After those repairs are done you may consider replacing the alternator with a dry one from a salvage car as those are better than most parts store units and yours is to abused to rebuild it. Also replace the belt.