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After starting my 03 Excursion in the mornings I start to drive. About a mile down the street (going 20 - 25MPH) The tranny temp shoots to read, the tow/haul light illuminates, and the check engine light comes on. This has happen 4 times to my knowledge. After start up I let the truck sit for a min or so before driving, I don't go above 1500RPMs until after the temp is at normal. When this happens I shift to neutral and let of the gas. The tranny temp goes back to normal and the lights goes out. I then shift back to drive and the issue never happens after. This only happens during cold starts. Do I have a serious problem or is it just an error?
Sounds like your TFT sensor in the trans is on it's way out. It's a minor fix by draining the trans and droping the cover to get to the sensor. If you let a shop do it they will charge you several hundred. The sensor is around $75 and if you don't want to reinstall the drained fluid, you will need about 8 quarts of Mercon SP fluid at around $5. per qt. It's a 1 hour job.
I can't answer if it will harm your trans if you will drive it for a few months before correcting it. I myself took care of the similar problem the next day.
I hope not, I can't afford it right now. Post deployment vehicle repair. Wife left her vehicle sitting my whole 8 month deployment and of course it's broken now. I knew she would neglect whatever vehicle she wasn't driving so I told her to drive mine. Mine cost more to fix!