I noticed my engine light came on and I had power loss trying to climb a hill. I got home and ran the codes and P0420 came up. So my question is was is P0420 code mean?

You did not post the year make and model BUT you should not drive the vehicle because when the check engine light flashes, you can cause damage to your engine. You need to get an OBD reader from a chain autoparts store and see what codes are present.

I got this, and it was a failed trans shift solenoid no 1. This rendered the trans unable to find low gears. However there should be a trouble code notified by a light on the dash.

more than likely the smell is oil not wires check the valve covers and the front of the
engine or do you notice any oil spots in the driveway if not than its burning internally
all i can say is keep an eye on it

i hope this helps you
bob

A flashing CEL (check engine light) means the computer is recognizing a "catastrophic failure" in your emissions system, warning you of the possibility of severe damage to your catalytic converter(s). The power loss could be a number of things, but the knocking, combined with the flashing light, means there is a severe problem with one (or more) cylinders. Get your vehicle towed to a shop for full diagnostics.

It's quite possible to ruin a fuel pump by letting it run dry, especially if it already has years of use. When you first turn on the key, leave the door open and see if you can hear a high pitched whine for about three seconds. That would be the pump priming the system. If you don't hear it, then the pump isn't working. Be sure to turn the key of for about 10 seconds before you try listenng again(it has to reset). It can be hard to hear, especially over the key buzzer.

That code means you have an improper fuel/air mixture. You a probably noticing a loss of power or performance, even more so when climbing hills or accelerating. Possible reasons for this can include, improper fuel pressure, a clog in the air intake (very rare), and/ or a faulty MAF/MAP sensor. (Mass Air Flow/Mass Air Pressure)
Usually improper fuel pressure will keep the vehicle from running or idling entirely, so most likely you have a problem with your sensor. Replacement of such, is extremely easy, as it involves no more than a screwdriver, but is usually an expensive part.

Have you replaced the timing belt? if not i would highly recommend doing so. these cars need to have the timing belt replaced before it breaks otherwise it can and will cause major engine damage.

check catalitic converter,could be partially plugged

i know the camp verde hill of which you speak , last vehicle in the shop with that same scenario , after doing everything possible including a catalyst check , as we could not duplicate the problem , we replaced fuel pump at owners request and next trip he confirmed it was a fix .

The codes stored in the engine computer are needed to further diagnose this problem. To check the codes, go here!

Retrieve the codes in terminal A2. (and A6 if you have a non-turbo)

List the codes here and I can assist you further.

Bret
RepairPal.com