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Limp mode: I had this problem, and the solution I found was to remove the bottom pan of the automatic transmission and replace 2 "shifting switches".
I did it myself, as the GM dealer wanted about $1,000 to do this.
Each was held in with 2 screws, and each had a wire pigtail attached to it.
I paid $ 38 each for the two switches, which were the size of an egg, sort of.
Speedometer: Could be the "sending unit" for the speedometer, attached to the transmission.
Did you have a problem with the wires under your car to cause these both to fail at once?
God bless your efforts.
Transmission is in limp mode. This enables you to drive the car to service. Anytime there is a transmission code in the computer even if nothing is wrong it will stay in limp mode until the code is erased. Most retail auto parts stores will run an obd2 diagnostic scan to determine the problem and erase existing codes, no charge (Auto Zone, Advance and others)
it may be going into limp mode if the computer sees a problem,usally the speedometer isn't working or the output sensor is faulty,if it is in limp mode,turning the key off then back on will reset the computer
THERE MUST BE SOME FAULT CODES STORED IN TCM..WHEN A FAULT OCCURS,THE TCM SHUTS THE POWER FEED OFF TO THE SHIFT SOLENOIDS IN THE SOLENOID PACK SO ALL YOU HAVE IS SECOND GEAR(LIMP MODE)..IS YOUR SPEEDOMETER WORKING?IF NOT IT MAY BE THE OUTPUT SPEED SENSOR IS BAD..YOU SHOULD GET TCM SCANNED FOR FAULT CODES..I HOPE THIS HELPS