To change belt:
1) Put front roller on floor and push down until roller locks back.
2) Put on new sand paper.
3) Loosen tracking screw until front roller is released.
4) With sander running, use tracking screw to center belt.
You push in on the front wheel until it clicks. this will lock it in place and allow you to put the sandpaper on. To unlock push in again. Make sure the sander is unplugged.
What keeps the front roller retracted is the belt centering screw on the side of the sander. The screw drops into a small indent and holds the front roller. To easily release the front roller, just press the front roller away from the belt centering screw. It will move just a little and release with some force, so be careful to keep fingers out of the way.
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I have this model #7447 (No Release Lever), Easiest Way - Cut old belt off, then turn upside down (on your lap) use a long/heavy "flat blade screwdriver" - insert under the "top" molded ridge inside front cover, Hold handle and pull screwdriver back against front roller (to retract). Slide new belt onto rear roller AND front roller - "while you have it retracted". Run it and adjust "belt tracking screw" to center belt.
SOURCE: Routine Maintenance?
This is an older model tool, not many parts are available. The problem will continue if you don't address it. The reduction geartrain is "permanently" (not so much) lubricated from the factory with a heavy weight grease. With age, time and enough use these less-expensive gearboxes get hot and the heavier solids separate from the oil base, causing the oily smell you are experiencing and presence of oil.
If you are mechanically inclined; I attached a link to the exploded diagram, you can open the geartrain, clean all the old stuff up and if the heat wasn't because the parts are visibly worn; then use a moly-based bearing grease from your local autoparts store (comes in a can, looks like a waxy paste). Coat the teeth so the grease fills the tooth gaps, but don't get carried away. Re-assemble and you should be good to go.
Honestly, this is an inexpensive sander, Ryobi makes a value priced model that works great if you choose to replace it verse service it.
Here's the diagram link
http://www.blackanddeckerservicenet.com/Products/DocumentView.aspx?productid=18190&typeId=1379&documentId=1235
SOURCE: How do I change the
To change the belt, you must release tension of
the rollers by pushing the front roller straight back until you hear it
click and lock in position to change paper. Remove old paper and replace
with new paper. Make sure if new paper has directional arrows to
install properly.
Now you must release the front roller to put
tension on paper. To do this push the front roller from the side that
has the adjustment screw. This will release the front roller and allow
it to go back into position. Be careful as it pops back quickly and with
some force.
Turn on sander and adjust centering of paper with adjustment screw found near the front and side of sander.
SOURCE: Black & Decker 3X21
I have one of those and I just smack the front roller ahead with a brass or plastic hammer. I hit the movable bracket that the roller is attached to. It takes a pretty stout whack to do it though. hope this helps you
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