Chris, not sure if all years are the same, but my 89 service manual in section 5-11, goes through the parking brake adjustment sequence. It sounds like your parking brake cable is loose.
Forgot to mention, the ajustment tentioner is next to the frame rail approx: centered under the driver's door.
Edited by Drake (07/06/08 11:19 AM)
Edit Reason: Adl. info.
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Drake
1989 Reatta White/Blue (145K)
BCA# 43649
RDIV# 973