Why does 1998 Mitsubishi Eclipe smell weird when I ease off the gas?

I've got a 98 mitsubishi eclipse that is my daily driver. Non turbo fwd. 2.0 engine. When im exiting the hwy at around 50mph i let go of the gas and i get a weird smell. Almost as if its burning gas or antifreeze. One day ago i didn't realize it had no antifreeze so the timing belt or alternator belt (not sure) started making a weird noise.

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