Transmission light flashes on and disables driving capability. The problem comes and goes, when the "check transmission" light flashes on the dash the car drives but at a slower speed. It seems like a governor is on. The transmission doesn't seem to be shot, thinking it may be a computer issue?

check fuses
the OD lamp fails of the transmission fails and some suzuki
cars do not allow OD in 4wd, , is this car 4wd featured.
the OD may flash too for transmission errors.
you must scan the PCM (tcm inside) to see the reason why.
but put transfer case in to 2wd.
the operators guide covers this, for sure if 4wd car and chapter named the same.

book vehicle in to be diagnosed and checked

possible faulty O/D sensor or switch

run fault codes and check for TCM fault.. Check for loose wiring and connections.

you might need a fuel pump relay under dash 10 min fix/and your d4 flashing light bad transmission.

check the fluid and consider changing the trans fluid and filter

Very possible bad alternator. Have the alternator tested before you get stranded.

check the ground and look for the body modual water could have gotenin the conector

Whenever this warning light or any other stays on in the dash it is indicating that the systems control module (or the system sensor in the case of lights like low oil pressure, door open indicators etc.) has detected a fault, it then disables the system (this applies to ABS,TCS, TCM, SRS and BCM faults and others) as long as the light is on. You must now have the dealer hook up a special electronic diagnostic tool and "scan" the system for the fault code that is stored for the problem(s)

Legend of Abbreviations. ABS Antilock brake system.TCS Traction control system, TCM Transmission control module, SRS Supplemental restraint system, BCM Body control module

Did you steal it? I heard about you thieves who steal cars then put new transmissions in!!
Seriously, try this, it may help...
Put the key in the ignition, and turn forward all the way just before cranking. Then within 5 seconds, locate, press and hold in the valet/overide button, found under the dash area, (push button, spring loaded) until the installed LED (the blinking light) in your dash area goes on solid, and the siren chirps once. (Your valet switch might be the toggle (on/off) type. in this case, key on, flip switch in opposite direction, then turn the key off.) This should reset the alarm, and reset the grounded relay on the starter wire, allowing you to start the engine. At this point, the only thing working would be the keyless entry from the alarm, if it came equipped that way. Just Repeat these steps to place it back to usable armed mode. You may get 2 chirps, confirming it, and the lights may flash twice as well. That should do it. Check out www.explorerforum.com

Look under dash in the center area behind the ac controller. See if there is green coolant residue in there. Heater Orings regularly leak onto transmission power switching relay, disabling the transmission computer, causing vehicle to lock into safe mode.

Repair requires removing dash to access orings and replace.
You will also need to replace your Auto trans power switching relay.