The reason is the engine speed and transmission speed sensors don't agree. It could be caused by a bad transmission speed sensor, bad transmission fluid, a failed solenoid in the valve body ( in the transmission pan), a worn out valve body, a bad transmission, improper tires(that don't match each other), a faulty MAP sensor (air flow sensor on the air intake), faulty engine speed sensor and possibly a few other things.
Get the codes with a reader, and it might direct you in the right direction. But take the reading with a grain of salt, because it rarely tells you the exact problem. My fail safe came on and the code was TCC solenoid, but after replacing that, I had to install a rebuilt valve body to solve the problem.
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