Originally Posted by dreamofit
this thread is one of those that starts and never climaxes. it lets lifted up only to slump back down...
I have the same issues. Anyone else find solution other than loose wires?
The Hold Light will flash when there is something with the transmission. Similar to the check engine light, you can set it up to read the code that the trans is throwing.
I've noticed that when the speedometer is not functioning, the hold light will continue to blink until the speedometer is working again. This is likely because the transmission computer is not getting vital information that it needs to properly shift the car i.e. transmission output rotation speed (converted to car speed through the speedometer gauge). IIRC, the car goes into a limp mode of sorts and just does it's best to guess the car speed from it's other sensors and shifts a bit conservatively. I think it also locks out the Hold mode as well so you can't even shift it yourself.
Now, the hard part is why is your speedometer not functioning. There are many things that can go wrong; the speedo itself could be bad, it could be a bad electrical connection between it and the speed sensor, or it could be a bad speed sensor, or a bad ground somewhere. Seeing as your tach is not working as well, I'd guess at a bad gauge cluster since that is all too common with these cars. Swap it with a known good one and see if your problems go away. Short of that, I'd get out the service manual and check every electrical connection and sensor for proper operation.