You need to check the cam phazer and see if it's damaged. Lots of the time it leaks oil into the connector and messes up the wires. Also I've seen the oil control screens come out of the phazer and go into the engine, which will also set the coeds. If I were you I'd pull the phazer out and see if all 3 of the oil control screens are there. My bet is one will be missing. Make sure to change the oil too. You may get lucky and it will have made it to the oil pan? Other wise I wouldn't worry too much about it. Most of the time it will not cause any engine problems. Good luck, oh and you do have to pull the power steering pump off to get the phazer out. But you can just take the bolts out for the pump and let it fall down so you can get the phazer out!
Technical DescriptionCamshaft Position Sensor Circuit
Malfunction
What does that mean?This indicates that a problem was detected in the camshaft position sensor circuit. Since it says circuit, that means the problem could lie in any part of the circuit - the sensor itself, the wiring, or the PCM. Don't just replace the CPS (camshaft position sensor) and think that will definitely fix it
SymptomsSymptoms can include:
CausesA code P0340 could mean one or more of the following has happened:
Possible SolutionsWith a P0340 OBD-II trouble code, diagnosis can be tricky at times. Here are some things to try:
P0014 "B" Camshaft Position - Timing Over-Advanced or System Performance (Bank 1) - See Trouble Code P0011
P0011 - "A" Camshaft Position - Timing Over-Advanced or System Performance (Bank 1)
OBD-II DTC Trouble Code Description
"A" Camshaft Position - Timing Over-Advanced or System Performance (Bank 1)
What does that mean?
A code P0011 refers to the VVT (variable valve timing) or VCT (variable camshaft
timing) components and the car's PCM (powertrain control module, also called
an ECM). That consists of a few different components but the P0011 DTC specifically
refers to the camshaft (cam) timing. In this case, if the cam timing is above
a set limit (over-advanced), the engine light will be illluminated and the code
will be set. The "A" camshaft is either the intake, left, or front
camshaft.
Potential Symptoms
Most likely a P0011 DTC will result in one of the following: hard starting,
poor idle, and/or stalling. There are potentially other symptoms as well. Of
course, when trouble codes are set, the MIL (malfunction indicator lamp, a.k.a.
the check engine light) illuminates.
Causes
A P0011 DTC trouble code may be caused by one or more of the following:Incorrect camshaft timing
Wiring problems (harness/wiring) in intake timing control valve control
solenoid systemContinuous oil flow to VCT piston chamber
Failed timing valve control solenoid (stuck open)
Possible Solutions
This DTC code is a result of a mechanical fault of the VCT unit or related
components, so there is no need for electrical diagnosis. Refer to vehicle specific
repair manual to perform component tests for the VCT unit. Notes: Dealer techs
have advanced tools and the ability to follow detailed troubleshooting steps,
including the ability to test components using a scan tool.
please note that i am in no way taking credit for the information i have posted. I am just here to try and help people and head them in the right direction. Thank you for using Fixya and please do not forget to rate and comment about your experience with us today..
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P0340 check the wiring and connections to the camshaft position sensor also check sensor for failure p0014 camshaft position b problem with camshaft timing -wiring or sensor-problem with intake timing control valve control solenoid system wiring or failure (stuck open)
Both those codes are cam sensor codes. a new cam sensor should take care of it.'
let me know if you have any more questions. good luck
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Potential Symptoms
Most likely a P0011 DTC will result in one of the following: hard starting,
poor idle, and/or stalling. There are potentially other symptoms as well. Of
course, when 
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