If the owner is telling you he "replaced" the ASR Module, he misspoke because there is no "ASR Module". For MY96 there is either an "Electronic Brake/Traction Control Module (EBTCM) or a brake pressure modulator valve (BPMV) and the two are bolted together to form one device which is located in the "well" behind the driver seat. I'll add that, if the EBTCM half of the device had to be replaced, it is unnecessary to change the throttle cable assembly adjustment after changing that module. If the owner is telling the reason the light is on is because he replaced the "ASR Module" it is possible he doesn't understand the system nomenclature or he's trying to misrepresent the condition of the ABS/TCS system.
As for whether or not that service light being on is an issue of concern...Yes, it is. You should tell the seller to fix the problem causing the ASR Service light to come on before the sale or you won't consider buying the vehicle.
The reason I suggest you require the seller to fix the problem prior to sale is that, while it's true a improperly adjusted throttle cable assy. can cause a TCS code to set, there are also other problems which can cause the ASR Service light to come on and some of them are very expensive to repair.
You can be an informed buyer and ask the owner if you can read the diagnostic codes in the EBTCM yourself. The factory service manual for 96 discusses "CCM Diagnostics" as a way to read any fault codes set in the EBTCM. There is also an "executive summary" of CCM diagnostics in the article posted at
All About C4 Antilock Brakes and Traction Control Ask the seller to allow you to read the fault codes so you can determine for yourself if the problem is really a misadjusted cable or some other, more costly fault.
There are three throttle-cable-related codes, DTC 65, 66 and 67. If you query module 9 in CCM diagnostics and see codes other than those three, assume the TCS may have problems beyond a throttle cable adjustment. Worst case scenario is some problem which requires replacement of the EBTCM, the BPMV or both and the cost of that several thousand dollars.
