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I have just purchased a 1996 F250 with 460 engin with a E4OD transmission. During the testdrive everything worked fine. It has since from time to time decided to start slipping in and out of gear. It will do this for a little while then it will quit and go back to working fine. The check engine light will come on then go off. Right now it is off and the truck is working great. Could this be a sensor issue or signs of a catostrophic failure on the horizon?
Fuel Injection Technical Library » How To Run a Self-Test Here is a link on how to get any trouble codes without a code reader or you could buy an Equus 3145 code reader for under $30.00 to make life easier. You should get 3 digit codes.
Sounds like a sensor problem so maybe check for codes as a first step.
You need to measure the ATF level, as a low level can cause the symptoms you're experiencing. To do so drive the truck normally until it reaches operating temperature, then, measure the level while iddling in "Park". You can also check for any leaks under the tranny (pan gasket, front seal).
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