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yes - the fault code will be recorded so have the fault codes read
the fault may relate to a transmission problem as well as an engine fault
once yo have the code/s comment and we may be able to assist as to possible causes for the fault
If the OD light is flashing, then there is a fault in the transmission . You will need to have it scanned to get the trouble codes to determine what the problem is.
Once you have the vehicle scanned for fault codes AutoZone or other major auto parts stores will often scan the vehicle for free, but a transmission place, such as AAMCO may be the best bet.
This can have several causes. You could try 2 transmission fluid changes first to see if the fault was a bit of dirt somewhere. Then, is your O/D light blinking? This will indicate the ECM has stored a code indicating what the trouble area is. If there is no O/D light with the O/D switch in or out both, the globe has failed, and it first needs to be replaced so you can read the trouble code. For that your instrument cluster needs to be removed, not a difficult job. See here p111
Note you only need to do Steps 19, 20, 23 The transmission fault main suspects would be - vehicle speed sensor fault. The ECM doesn't know what speed you are doing - 1 to 2 shift valve fault. Possibly dirt. - less likely is a fault with the shift solenoids. The fault code should tell you about that.
Your transmission is putting out a trouble code similar to a check engine light. There are issues with Fords and an internal valve body that goes bad. Take it to a transmission shop and they can diagnose exactly what is causing the fault code.
all this code means is that the Transmission control module [TCM] has requested the powertrain control module [PCM] to turn on the check engine light, this is done to alert you to the fact that the transmission has a fault in it;s operation, u may feel nothing, u will need to get the TCM tested for the fault code.
when a check engine light comes on it's indicating that one or more of about 200 faults has occured in the electronic controls of engine and transmission, a code for this problem is stored in the memory of the on board computer, you will need to have a trouble code test run by the dealer to determine which fault code or codes you have.