93 sc300 automatic with 136k miles. Bought car last week and Trac light stays on dash. The rear end has a little wobble when accelerating. Turning off the traction control reduces the wobble but Trac light still on. Any input on possible problem?

 

Welcome to CL, moved to performance and maintenance section.
The trac light will give you codes if you do the normal check engine light procedure.
It will blink out the codes, write them down and post them up here, and we can track it down.

The trac system can get farily complicated and could be lots of things.
rear end having a wobble may not be related, as when the trac light is on the trac system is disabled anyways.

I would recommend getting the rear wheels up in the air and checking for in and out play.
and inspect the rear bushings, as well as take a look at your transmission mount and make sure its still in one piece, all these things can make the car feel squirly.

 

http://us.lexusownersclub.com/forums...ode-retrieval/
http://www.justanswer.com/uploads/sn..._dtc_check.pdf

Those two links show you how to check your codes to see why your Trac light is coming on.

I had a light come up and it was just my Traction control relay that went. It cost $15 from ebay for another used Traction control relay. Fixed my light. But check your code first.