1st gen Tacoma transmission slipping and metal clunking sound?

I just recently got my truck off my dad and just hit 400,000 miles Today and when I pulled into my neighborhood from work I noticed my 2004 taco felt like it didn’t have much power to the wheels. I noticed that when I slowed down to go over the speed bump and accelerated after, the engine would rev up but there was no power to the rear wheels until I let off and then got back on the gas again. I stopped at the stop sign and noticed a weird clankingish sound? And more so when I started off again from a dead stop and the trans was slipping again. when I pulled up to my house I wanted to try and see if u could replicate what just happened. So I stopped the truck and when I did I heard some clunking and clanking. And sure enough I could feel it slipping when I tried to start off again.

I parked the truck and listened and could hear some kind of sound coming from under the truck I tried to locate the origin but was unable to. I pooped the hood and I know it was still hot but I checked the trans fluid anyway just to see if there was any at all. And there was. It didn’t look like a prominent pink color but it had a pink hue. I sniffed it but if I’m being completely honest this is my first rodeo dealing with a trans and I am under as too how exactly it should smell.

can anyone help me with information on this? I’m moving and I really needed this truck to be running right.

 

2 or 4 wheel? If 4 wheel check Transfer case gear oil

 

ATF is supposed to be red when it is in good shape. The dipstick will have full and low markings on it. Check the level when the truck is up to normal running temp, in Park and running and report what you find.

You might consider recording the clanking sounds using the video function on you phone and posting up that video here so we can hear it.

 

My suggestion is stop pooping on or in truck.

 

It’s a 4 wheel. @zooma-loom, and @Digiratus thanks for some guidance. I’ll be sure to take a video with Audio and post it for some insight. I’ll have to wait till I get home but I’m glad my 08’ Yaris s hatch is still running great to get me where I need. That things at 300k it’s self.
@Andy01DblCabTacoma Dang man you might be right

 

Try putting it in "1" and see what happens, then "2" then reverse. There are difference clucthes/bands/fiddly bits that are engaged in each of these drive selections.

 

Sounds like all your friction material may have been suspended in the ATF and someone changed it. No more friction. But I very much hope that isn't the case. But at 400K you probably need a trans rebuild. That's a really good run for an auto.