My transmission light turned on what could be the issue?

The flashing "Hold" light in a 2001 Ford Laser automatic transmission indicates a potential issue with the transmission. It's a warning sign that there may be a problem that needs attention. Here are some possible reasons for the flashing "Hold" light and steps to take:

1. Transmission Overheating: The flashing "Hold" light can be triggered by the transmission overheating. This can happen if you've been driving in heavy traffic or in hot weather. If this is the case, you can try the following steps:
   • Pull over to a safe location.
   • Shift the transmission to "P" (Park).
   • Allow the engine to idle for a few minutes to cool down the transmission.
   • Turn off the engine and wait for a moment.
   • Start the engine again and see if the "Hold" light remains off. If it does, it was likely caused by overheating.
2. Transmission Fault: If the "Hold" light continues to flash even after restarting the engine, there may be a more serious issue with the transmission. In this case, it's advisable to have the vehicle inspected by a qualified mechanic or a transmission specialist. They can diagnose the problem and recommend the necessary repairs.
3. Transmission Fluid Level: Check the transmission fluid level as low fluid levels can sometimes trigger warning lights. Consult your vehicle's owner's manual for instructions on how to check the transmission fluid level. If it's low, top it up with the recommended transmission fluid.
4. Transmission Sensor or Solenoid: The flashing "Hold" light can also be related to sensors or solenoids in the transmission that may be malfunctioning. A diagnostic scan of the vehicle's computer system can identify any error codes related to the transmission, helping pinpoint the issue.

It's important not to ignore a flashing "Hold" light, as transmission problems can worsen if not addressed promptly. Continuing to drive with a malfunctioning transmission can lead to further damage and potentially costly repairs. Therefore, it's recommended to have the vehicle inspected by a professional to determine the cause of the issue and take appropriate action.

The light is blinking because the transmission control module (TCM) has detected a fault in the transmission operation. Have the dealer read the fault code that was set when the light came on. Then they can diagnose the problem that caused the issue.

Error in the torque converter/transmission. Need the code read to see if there are additional check-engine issues. There usually are.

The dash lights are powered by the battery through the ignition switch via a fuse. Check the electric connections and conditions of the wires.

Change the transmission fluid to solve transmission issues. Original fluid is always preferable as it is specifically designed for the transmission.

Likely an issue with the transmission. Check the transmission oil level with the engine running. If too high or low, then have a garage check your system. The 6 is sometimes prone to obvious transmission wear around 150,000 plus km.

Could be either or, or it could be neither. Is the "red light" a transmission temperature warning light? If so, the fluid is over heating and the heat sensor is turning the light on...Check fluid level and the condition of your fluid...if it's off colored and smells burnt, you better have it flushed, refilled and a new filter installed. Heat will kill a transmission faster than anything.
Check the transmission cooler, most montero's had a cooler installed on the front of the vehicle by the radiator...the cooling fins need to be clean, no bugs or debris so air flows through it. Have your vehicle scanned also, if you had a transmission code the computers memory will probably still have it stored, this will be helpful with further diagnosis.

CHECK TRANSMISSION FLUID LEVEL FIRST.A FAULTY TORQUE CONVERTER WILL KEEP CAR FROM CRANKING IF TORQUE CONVERTER REMAINS LOCKED UP.CHECK BRAKES LIGHTS TO SEE IF BRAKE LIGHTS WORKING.BECAUSE WHEN YOU APPLY BRAKES THE TORQUE CONVERTER SUPPOSE TO UNLOCK.IF BRAKE LIGHTS WORK, HAVE CAR CODE SCAN TO SEE WHAT TRANSMISSION CODE YOU ARE GETTING.

These assorted problems usually come from the control modules, in this case the transmission control module (TCM)
First, reset al ECM' by removing the battery negative terminal for a minute or so then re-fit it. This reset should cure all your problems. If not I shall consult my TSB's after you post the results of the reset.