On my 98 4runner , when I removed the wheels to check the brakes I noticed that the rotors are very loose on the studs. I can rotate the rotor back and forth probably 3/16ths of an inch. Should there be this much play in the holes of the rotor. Shouldn't the rotor fit snug on the wheel studs. When I'm driving and come to a stop ,I notice that when I start to move again and take my foot off the brake there is a small bump before the wheels start to turn. I wonder if this is why. Any suggestions?

 

Those are two separate issues.

The brake rotor should be fine. When the lug nuts are fully torqued on the wheel, the rotor shouldn't move.

The small 'bump' after a stop is likely slop in the drivetrain, and most likely to happen when coming to a hard stop. Make sure your driveshaft is properly lubed.

 

True.

The thump may also be a rear axle seal leak allowing gear oil to leek into the drum. The oil will soak into the brake shoes and cause them to stick to the drum. The thump is the shoes releasing from the drum when the vehicle moves.

 

This...