TMCC GP30 needs some work

You have electrical bad smelling smoke and no money, I think you have just spelled out the only advice I can give you.  Put it away until you have the time and money to address the issue, I'm sure you'll need some parts if that's an accurate description.

KP,  do you have a decent camera, which can focus close, and know how to use it ?   If you do remove the body shell and make some close up pix of the inside of the loco. More photos be better.  Perhaps we can help you diagnose the problem.   Don't remove or disconnect any wiring let us see what's there first.  Have you had a derailment where one truck stayed on the track and the other truck came off the track ?  In that case often the center rail pickups will bridge between the center and the outside rail and burn the wiring between the pickup rollers and the motherboard, and perhaps the trace on the motherboard which connects them. Often when this has happened the wires and motherboard are the only damage.  Make us some photos.     BTW, did you purchase this loco new ?      J

No, the box wasn't included, only the styrofoam insert. It didn't have any obvious signs of use, despite being opened. I'll open up the shell and take some photos of it.