the sensors recognise the wheel spin and compensate by shifting into 1st gear which should maximise traction as wheel spinning at a higher speed can cause loss of control
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Code p0700 is the TCM (transmission control module) giving a code because it does not like what it is seeing done in the transmission. If it is the only code that is set, then the problem could be anything related to the transmission. It could be a valve not working, too much clutch slippage, a bad servo etc. Have the code cleared and when it returns check to see if another code is with it. Meanwhile make sure the fluid is red and add an good transmission additive to the system.
the sensors recognise the wheel spin and compensate by shifting into 1st gear which should maximise traction as wheel spinning at a higher speed can cause loss of control
if the check engine light is on then there is a code and you may have to have one of the other computers checked for a code as another one could set the light on for example the tcm(transmission computer module).sometimes a fault won`t show but a problem is there in which case you will have to check it initially the old fashioned way,then proceed from there.
Ok if it stays in first it is probaly a speedometer issue or the vehicle has lost its pinion factor setting because of battery being disconnected or some other issue.If it stays in second (this more common) the the trans is in limp mode,and there are numerous reasons for this.You will need to have a diagnostic run to determine the cause and this will be money well spent.You dont want to blindly start swapping parts .There will be some sort of code stored in the pcm and or the tcm that will point you in the right direction.Also have them look at CVI values and check pinion factor setting(tire size stored in tcm).
The transmissions available in your caravan are problematic for having a bad solenoid pack. Once the transmission is set in the LIMP IN mode, then you need to take it to a dealer to get the code reset from the transmission and to get it diagnosed properly. I'm sure there will be a code such as, "trans solenoid stuck in LR" which means " low range" if the transmission went into limp in mode, then that simply means it defaulted to second gear only. Which is telling you to have it looked at asap. I'm sure if you repalce the transmission solenoid pack and gasket and perform the re-learn procedure, then your problem will go away. good luck!
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