I agree with the piston ring failing. Do a compression test and you'll see one cylinder WAY lower than the other 7.
If that is in fact the problem, the cylinder wall is now scored and you are looking at an overbore and rebuild. Decide what you want as far as bore, compression ratio and pistons/rods.
Do you still owe money on the car?
No I dont owe on the car. If I have to do a full rebuild, I will likely just go with a 416 and get my money's worth. Didn't want to have to tear into the motor so soon but I guess shit happens. :bash: