Usually, burnt rubber smell is a sign of a serious mercaptan issue.
Look up "mercaptan smell" with google.
If it is not too far gone, it can be treated like the H2S rotten eggs problem, with copper and splash racking. There is even a company that sells a mercaptan treatment kit, but you would have to google it, too. I don't know how effective it would be.
I read an article by Tim V. of wineXpert. He recommended dumping it, but I would certainly try to safe it.
I had the same issue with a premium Pinot Noir kit. I have been working on it for several months, but still don't know if it is going to work out. It gets better with each copper and splash rack treatment, but it still is not where it should have been.
I believe I know what happened to mine. I used a different yeast, which should have been fed more nutrients than I fed it. Fermentation stopped a little early and never started back.
Can also be cause by not allowing enough oxygen during primary fermentation.
Don't give up too soon. Good luck.