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I'm with Wayne - regulator.If it's the original or one like it, replace it with an electronic one for an aircooled VW beetle. Bolts up the same, wiring is similar, not exact. V700's aren't rocket science, you'll figure it out easily enough.I consider the points on the V700's to be a feature, not a bug. Much easier to adjust/clean than the later dual points. As to a 'more precise ignition' - nonsense. The points are the last action in a sloppy train beginning with the crank to cam then turned 90' on the dizzy.
I'm with Charlie on this one. The mechanical ones will stick. On my Ambassador, I would pull the cover off the regulator and move the points around. I did this till I finally got a replacement from NAPA.
the 'reverse current' cut-out relay part of the regulator to be specific.
Normally, when the battery contacts stick on the Generator tries to motorize and being held back by the belt will soon start to make expensive smoke!!! within seconds!!! So one would think you would have fried the gen by now. So is a puzzle.
Its not an LED by any chance?