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2004 IS200

car broke down, won't start, noticed smoke from engine bay, there is oil all over rocker cover, engine is roasting hot, no warm air in car or temperature displayed on the clocks is at 0. The TRC Light started flashing just before it cut out. 

Would it be the gasket cover or a bigger problem like the head gasket or engine gone?!  

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Hello and welcome to the LOC.

It sounds like the engine has been run with no coolant so has overheated, were there no dash light indications before it stopped?

Could be very serious and if the engine is seized you would probably be better off with a secondhand replacement.

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The traction control light started flashing, Just before this happened. Car got full service about 1month ago, everything perfect

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^^^  ^^^   ^^^

This above is the reason I prefer to service my own cars.

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