That top is known as the GM "scissor top". It folds into a small space without narrowing the rear seat. Every division of GM made use of that same mechanism. I'm not an expert, but it apperas that yours is operating 100% correctly. I don't think I've every seen one land so perfectly, both up and down.
@PrimoBianchi
That top would look so good white.
@rexspangler4641
I remember seeing one of these in a episode of sanford n son; I think it belonged to Lena horn!