Yellow oil leak?

Hello, I just got 2022 4Runner OFP. I stated to smell burning after short drives from the middle of the truck and today I found this yellowish oil stuff from the transmission transfer case. Does anyone what this is and know if this is a problem?

 

That's gear oil. Your transfer case is leaking. It appears to have been apart before and whomever did the work didn't seal it very well.

Did you buy private party or from a dealer? If dealer, I'd take it back and have them fix it.

 

Dealer last month. I have the car fax where the dealership did all the maintenance on it. Last few services are below but don’t see transfer case.

 

What he said

 

Carfax is a great resource but it will never show you everything ever done to the vehicle. Your tcase has been out of the vehicle and the case split before, as evidenced by the sloppy, red sealant. Maybe it had an issue with the shifters or something, who knows. Take the vehicle back to the dealer you got it from and have them do the repairs, because as far as you know, they worked on it and they screwed it up.