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Its your parking brake adjuster....connects to your parking brake pedal in the front of the car...and the two rear brakes in the back of the car.
 

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Looks like broken cable(s) or linkage. Does the parking brake hold the car from moving? Do you have drum or disc brakes on the rear?
 

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they are a bit of a pain to change on the cars with drums i have the old set of cable from my sable if they are needed i will have to see if they are still usable they have been sitting outside for about a year. that should be held up by tesion so i would guess one of the cables is broken or has come undone from the drum. they are not teribly expensive for new ones but i think maybe 50 bucks or so each.
 

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Pull the rear wheels off, get the drums off, and clean the brakes. Make sure the wheel cylinders aren't leaking while you're in there, and make sure everything does what it's supposed to. Lube up everything that moves, except the shoes meet the drums, obv. Spray some penetrating lube on the threads on the front part of that thing that's hanging. Hold the square part with a big pair of pliers and turn the nut looking part until the cable is tight. Put the drums back on and make sure the ebrake works.
 
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