I left my driveway got to the bottom, stopped for traffic, went to accelerate and nothing happened, the engin reved up but it wouldnt moved, i tried to put it in reverse but it wont shife up at all into neutral reverse or park, i can shift down into 2nd and 1st but the vcar wont move in those gears either. im thinking it could be the linkage, i just put tranny fluid and oil in it a couple weeks ago. it is a 1997 lincoln towncar.
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These are common for stripping the splines in the torque converter for the pump shaft. If it did this when you check the fluid with the engine running it will read overfull. To fix it you would have to remove the transmission and replace the torque converter.
I know GM decided to run the brakes and power steering vacumm all off of the power steering pump on some of their trucks. This could really be a big problem because if your power steering quit it would stop supplying your brakes with vacuum to stop the truck. In my experience I would check out the situation with the steering pump. Change it for a new one. Don't take any chances on smashing your truck.
Have you checked your belts? A piece of belt may have come off and been slapping under your hood, and then fell off completely. While it was slapping, your computer would have detected the slow down of pulleys etc. and caused your engine light to come on. Then when the piece broke off, everything would be back to normal. Let me know!
If the engine light is on, a code scanner needs to be connected to it to find out why the light is on. It could be one of the sensors causing it. Take to autozone or advanced auto if there is one near you, if not call a repair shop that can do it. Autozone and advanced don't charge. Takes about 30 seconds.
Sorry to inform you that it sounds like your transmission needs servicing. Check the fluid levels and replenish if level is down. If after doing this,the car still wont shift properly or smoothly,,then you will have to take the car into a transmission mechanic.
This may be caused by fluid starvation from a plugged trans filter, also a shift solenoid inside the trans may be sticking, I would recommend u change the trans fluid and filter (required at 60,000 miles), also go to a Kragen auto or any chain parts store like it and ask to have a code test run on the powertrain control module , it is free.