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It does mean there's a problem. Do you have any problems with the tranny shifting, the ABS system and the speedometer. These three problems together normally indicate a problem with the vehicle speed sensor which is mounted in the rear, on top, one electrical connector, one bolt.
The tranny does slip a little between 2nd and 3rd gear, but that was the only problem until now. I was hoping it would hold up a little longer until I had enough money saved to get a new tranny if I needed it.
I have the same peoblem with the flashing o/d light. It only came on once in a while and would disappear the next time I would start my truck, staying off for a few days then re-appearing. I wrote in a couple of months ago about it and it was suggested that I have the codes pulled. I went to a local tranny shop and the code reader showed nothing wrong. Well, the flashing light hasn't come on for a couple of months now but this morning it came on again! Shifting between 1st and 2nd was a bit rough (which it seems like it always is when truck is cold) but shifted well between the other gears and went into o/d as it should.
In another thread it was suggested the next time this happened I was to count the pattern of flashes to try and determine a code number. I watched the light this morning and the pattern was just on and off at a very steady rate. I stopped at a store and shut the truck off. When I restarted the light was off and the shift between 1st and 2nd was fine (but truck was also warmed up). There was no problem that I could tell with the speedo or ABS.
Ken, I have been waiting for the weather to get warmer to check out the VSS sensor and to have the tranny fluid and filter replaced. But reading your earlier comment in this thread, does it sound like a VSS problem? Do you have any other suggestions on what could be wrong or what to do next? Thanks to all for any help on this.
The flashing OD light indicates a problem and the computer should have a code(s) to indiacte the fault. Some parts stores will connect a scanner to the connector under the steering wheel and pull the codes for free.
The OD light doesn't flash a code like the air bag light does. If your not having a problem with the speedometer or ABS then I would pull the codes.
Take it to autozone or advance autoparts and have them pull the codes. Sounds like you have low line pressure. See what the codes are and might be the pump.
I found a shop with a new scanner to check all the codes. The o/d light wasn't flashing at the time (I can't force it to come on anytime I want) and we found nothing to indicate a problem. Seems to be an intermittant type problem which can take awhile to find. Hope this POS doesn't give out in the meantime and cost me a fortune to fix. Sure would like to nip it in the bud so to speak and do something to make it right. Any suggestions? Thanks for help!