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Alright first the vehicle. It is a 2000 f150 4X4 with the 5.4 engine approx. 100,000 miles. It has the automatic transmission, which I believe is a 3 speed + overdrive? Anyway the truck will take off normal, and shift through all the gears normal, until it tries to shift from drive to overdrive. When it goes to shift from D to OD the engine will rev "freely" for about 3 to 5 seconds as if it were in neutral, and then it will kick into overdrive. After it has done this the truck will upshift and downshift normally through all of the gears until you bring the truck to a complete stop. Then it will do the same thing when it attempts to shift from D to OD. I have already checked the fluid level and everything seems to be all right. Any help would be appreciated. Thanks, Morgan.
It sounds like a bad shift accumulator valve. I had this happen to me a few years ago. Same symptoms, but occurring during the 2-3 upshift. Went to the dealer, they replaced the valve for a cost of about $250. Don't let this problem go unresolved for long. The service manager implied that excessive wear to certain internal ($$) components could result.
I had a problem kind of like this, and mine started a lot like your but eventually the problem deleloped in all the gears. I just had to have the trans rebuilt about a month ago. The shop told me there has been a problem with a bushing in a hub and develops play and causes the discs to wear quickly. I have a post somewhere that has a break down of the parts and costs ($1553). Get it checked now bwefore too much wear takes place. Hopefully your problem isn't the same as mine, but get it checked to be sure.
I also had a problem similar to this at 75000. It turned out to be a bad throttle position sensor. To this day, I can duplicate it by simply disconnecting the TPS.