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Check the transmission fluid level. If the transmission light is flashing,the car's computer sees a fault with the transmission or transmission controls. You will need a scan tool to retrieve codes stored in the computer to determine the fault.
The "Check Engine" light, which is also called a "Malfunction Indicator Lamp" (MIL) or "Service Engine Soon" (SES) lamp, is there to signal you when a problem occurs that may require attention. This can include anything from a momentary hiccup that has has little or no noticeable affect on engine performance or driving safety to a failure of a major electronic component. There's no way to know what the light means without running a diagnostic scan on the system to determine the nature of the fault.
Fault codes are numeric codes that are generated when a problem is detected. If a sensor circuit reads out of range or some electronic component fails to respond to a command from the computer, the computer recognizes it as a fault and records a number that corresponds to the nature of the problem. The technician must then retrieve the code and refer to specific diagnostic chart or "fault tree" that gives him the step-by-step checks he has to perform to isolate the failed component. It can be a very time-consuming process depending on the nature of the problem. Usually the process works but sometimes it doesn't. An intermittent fault can be very difficult to track down, and may require repeated attempts to repair it.
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