You may have a failed ignition lock cylinder The wires that are attached to the lock cylinder are probably broke therefore the resistor value of the key pelet is not getting to the theft system module there fore without tha signal the car will not start. to repair the car will need a new lock cylinder and at least one new key
SOURCE: my 1990 cadillac seville says
This happens when there is a break in communication between the chip in the key, the ignition, and the TDM (theft deterrent module). When these parts are not communicating properly, the antitheft system locks out the starter. Without the correct signal being sent completely through the system, the car considers it to be an illigitamate key and shuts down the starter to prevent HOTWIRING and eventually theft of your vehicle. Its a good system when it works properly. The problem can be as simple as a worn out key or as serious as a bad TDM which can run up to $1000. There are ways around this system for a cheaper cost, this link will help you troubleshoot the problem and educate you on the system. There are also some links to help you fix this yourself. This is a very common GM problem, so you are not alone in this.
http://vatspasslockpasskeysecurityhelp.yolasite.com/
SOURCE: How can I bypass a anti auto theft system on my 1990 cadillac seville?
I Have A Seville 1990, When That Happen To Me I Got The Inginion
Replaced Problem Solved. What Is Happening Is Your Key Has A Chip And That Chip Is A Resister And When The Valve Is Not Sented To The Computer It Disengages the Fuel Pump And Than Tells You To Wait. Soon All That Will Happen Is You Will Get The Wait 3 Mins And It Will Never Start, A Good Locksmith Can Take Care Of This For You And That Will Save You Some Money. Cause If You Go To The Dealer Ouch They Will Hit You Up. But I Asure This Is How It Will Happen Cause It Is How It Happen To Me
And Sorry There Is No By Passing The Computer
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