I have a 1982 Trans Am that's having problems with the cruise control. For instance, if you set the cruise at 55mph, it holds the speed for a few seconds, then slows down to 53. After a couple of seconds at 53 it speeds back up to the set speed of 55. This repeats over and over, and it doesn't want to hold the set speed at all anymore, no matter what speed you set it at. Anyone have this problem before? Thanks very much.

 

Sounds like it needs a regulator (gold-colored box on left fenderwell with speedo cables, vacuum lines & wires)