I recently got a 96 Saturn SL2 and the transmission was slipping. It was also leaking fluid. I fixed the leak. Why is it slipping?? What can I do?

Drop and clean the pan, change the filter, and refill with ATF. During the procedure, check the pan for anything unusual. If the transmission continues to slip, then the clutch pack is likely shot and the transmission needs rebuilding.

This link from the Sticky may help:

https://www.askmehelpdesk.com/cars-trucks/faq-how-troubleshoot-repair-maintain-hondas-selected-other-vehicles-46563-5.html#post552241

Thanks a lot! Another thing, the transmission fluid smells burnt, what could that mean?

Very bad sign. It means the transmission has been neglected. The fluid and filter may never have been changed. When you drop the pan it will likely be filled with crud.

Thanks very much! I guess we're just going to get another transmission for it and save some time!