Recently bought a new 2004 LS. When we stop there is a very distinct hot smell. Looked under the hood and cannot see any oil leaks but that is what it smells like. any ideas????

How many miles have you put on it, probably hoses and such just burning in for the lack of a better term. It is pre-owned I would say keep the sniffer on alert. But you might of picked up some plastic under the car and it burnt off on the exhaust.