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I have a 2002 F-150 Lariat automatic and the overdrive light came on a few miles after I left a pizza joint and the light was blinking steadily.
I noticed the shift was in between "D" and "2". I shut the truck off restarted the truck and put it in "D" and the light has not come back on.
Does anyone think there may be any permanent damage or did the computer just freak out? Any suggestions? It is still under warranty but I"m not sure if I want any monkeys messing around with the transmission if nothing is actually wrong.
If it is under warranty take it back. They will hook it up to their scanner and check what the code is. (should be one) It may be something stupid and just needs cleared or may be something serious.
If it were me I would at least have them check the codes.