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I have a Jeep Grand CHerokee Laredo 4.0 liter selec-trac 42re tranny,yagga yagga yagga. Until recently has given me no problems. Lost reverse gear without warning. Drove home (10) miles at freeway speed ran fine still no reverse. Drove to transmission shop, they quoted me $1100.00 just to teardown and diagnose... drove back home approximately 3 miles (made it about 1/2 mile from home)and transmission (?) starts howling (almost like what a large tire rubbing on the wheel well would sound like). I make it home, put it in park, and check my fluid level. Everything seems fine except there is SMOKE coming from my dipstick tube...What type of failure could cause such symptoms. Please advise ...  

Hello... is anybody out there listening?