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I own a 2001 ranger 4x4 automatic transmission and I'm having problems with tranny,it too long to shift from 1 to 2 speed,also shifting with a jerk.The o/d light starts blinking. HELP PLEASE!!!Is this sounds like a bad separator plate and valve gasket???
Most likely the transmission is beggining to slip. The 5R55 transmission, which your vehicle has, uses the OD band to engage overdrive on top of 1st gear, which makes second gear. The solenoids that engage these bands are placed at an angle relative to the band. Because these solenoids pulsate to create smooth shifts, and they are under side load, they tend to wear into the side of the bore, which is soft aluminum. When enough wear has occurred, the solenoid begins to leak. This loss of pressure from the leak causes weak engagement of the band, which causes the transmission to slip.
The solution is to do a partial rebuild of the transmission and replace the worn bands, and any required seals, and most importantly, repair the worn bore. There are bushing kits that are made for this purpose. I don't have the link, but there are others here who do.