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1991 Oldsmobile Toronado - symptoms persist after new cam sensor

my check engine light came on with the cam sensor error code however even after replacing the sensor the light stays on and the usual symptoms continue. Is there something else I should be looking at. Someone told me that the magnet on the gear sometimes falls off. Is there a fix for this short of tearing the whole thing apart?

Couple of thoughts. You may have installed a bad cam sensor. It happens. Considering the cars age and the location of the cam sensor, the wiring may be crispy and broken. If it is the magnet, the engine will have to come apart for you to replace it.

You made no mention of mileage on the Toro, nor the engine, but I think this is a 3800 V6. There is a high possibility it is the ECU on a car this old. Electronic parts in the ECU, like capacitors fail over time. They just do.