I lost 3rd and 4th in my 700R4 last night driving to work. For a couple months now, the transmission hasn't wanted to shift into gear until it warmed up. Now it won't come out of 2nd for anything. I knew it was only a matter of time, and I'm sure the trans will need rebuilt. What is the likely problem?

EDIT: It has 57K miles on it.

 

well, in my case, my 87 camaro lost 3rd and 4th too, just goin along on the hwy, it was the 3rd and fourth clutch bands, and yep it will need to be rebuilt. mine went out at 68,xxx original miles, right after the engine rebuilt of course, pitty, lol, good luck, also it cost me 1000 to get it rebuilt,which isnt a bad price, or u could do it your self for under 400, but it would to me, a tricky job,