This is probably one of the old pancake motors, and isn't 8 wheel drive. Chances are the motor may have, due to its age, loss some of the power of the magnet. A weak magnet coupled with some oil on the armature/commutator, can cause the motor to run hot, with the oil giving off the smell.
If you can disassemble the motor truck from the body, take a pipe cleaner and with it wet with alcohol, clean off the commutator, and around the brushes. Let the alcohol evaporate, and then test again. It can be just dirt on this and the brushes.