whats wrong with my 2002 mercury cougar's transmission?

Evan

New member
my car's transmission isnt slipping but it wont start out in overdrive.
i start out in 2nd and i turn the over drive off by the button, and then it will shift right into drive which is 3rd with the over drive off.
once its ready to be shifted into overdrive, it will rev right up out of gear when my foot is on the gas,
when i let off it the RPM's go right down and it will go into gear and it will drive fine.
after driving it for a little while the transaxle warning light will be flasing and stay on

my dad thinks it might be a sensor or a selonoid. i need some second opinions.
this is a 2002 cougar with an automatic with the 2.5 v6. it has 132k miles on it.
its never been beat on i purchased it from the original owner who took very good care of it, the car is in immaculate condition.
if you need any more info to help me out you can email me at [email protected]
 
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