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Originally Posted by bassplayinMacFiend
It's possible the converter isn't engaging properly.
It could be something as simple as fluid/filter change or getting your bands adjusted. If you haven't kept up with your tranny fluid/filter change schedule then it'll probably blow soon after you replace these items.
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This was the first thing I thought of when I read your post, however I disagree with BPMF with the fuild change. If you have never changed the tranny fluid, don't. The build up in the tranmission fluid will actually help the gears grip, if they've worn over time than changing to fresh fluid will cause them to slip. However if you used to change it regularly then go ahead.
The amount of labor that would be required to change or even check a converter wouldn't probably be worth the value of the car, but your mileage will vary.