I have been looking at the other posts related to this and am confused. From the other users it seems that almost all are having slipping of gears and rough shifting associated with this code. on mine i'm not getting any slipping or rough shifting...it actually still seems to be driving just fine. The OD light came on and will go away after shutting the truck off and back on...it will then not flash anymore for say a couple of months or so...this has been happening for the past few years every now and again and i never thought much of it. I just made a 2k mile trip and this happened again but this time it threw the p0775 code which is a first...my question is has anyone had this same issue and is it possibly a very early sign of the sensors going bad. any help would be appreciated. thanks

 

What ended up happening with your truck?

I'm getting the exact same thing on my 02 XLS. I posted a similar thread to yours on Serious Explorations but didn't get any answers that addressed this specific situation.

 

Code P0775 is a pressure control solenoid b malfunction. The cost of the little Electric valve bank from Ford 7G391 is $484 would slow me down. There can be many other causes a bad gasket, sticking valve, Old oil and trash in the oil (Metal). This is some what easy to work with Drop the oil, remove the pan, remove the filter and you are looking at the main valves. The decision is yours but I would make sure there is 12.7 qts of MERCON V Transmission fluid in the Transmission that will solve problems in many cases.

 

Sounds like its worth a try.