Chazmac answered the question and he is a top tranny guy, very respected in the field. We are lucky to have him here on the board.
Originally Posted by 65Stanger
Take it to a transmission shop, get a diagnosis for free from them. They'll tell you what's going on. One thing I've learned about Trannies, if it's got something wrong, do NOT drive it anymore. You might be able to save it for a couple hundred bucks at a Transmission shop, whereas it will be 1,500 or 2,000 dollars once the tranny dies full blown. You might have to order a whole new rebuild, although you do have those cores. It's up to you really, but your son is going to be stuck on the way to work one day, and he's going to lose money to that tow-truck man.
Some people are like Slinkies... Not really good for anything, but they still bring a smile to your face when you push them down a flight of stairs.