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Really sounds like a stuck brake caliper. Mine did the same, only above a certain speed.
First ~65 mph, then 50, and one week later the caliper was completely frozen. Couldn't move the car by hand any more.
Careful, these things are EXPENSIVE unless you can do the repair on your own. But I don't know about a repair kit for an '86.
(Maybe its another time for Warren to reply...)
Hope this helps
Jens
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