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I have a 2001 Chrysler Town & Country with a 3.8L and 59,000 miles with an engine light on. Checked it with a code reader and it's PO740. Looked it up and the code means “torque converter clutch no RPM drop at lockup”. Everything I’ve read so far says that it probably just needs the Torque Converter Clutch (TCC) solenoid replaced.

Took it to a transmission shop and they tell me that the transmission needs a complete rebuild. The vans runs fine, shifts smooth and if the light wasn't on I wouldn’t know something was wrong. So is this shop just trying to turn a $150 repair into a $1,500 one or do I really have bigger problems?

And I did try just resetting light and it came back on a few days later.

I have had 3 transmission rebuild before (not on this particual car) but every time it was very clear dirving the cars that there was a problem with the Trani. If you are not seeing the symptoms while driving I would suggest getting another opinion directly from your local dealer. It may cost you $30 to have them take a look but it may save you the $1,500 also turn off that pesky light.