So I was cruisin to work last night in my 2002 Ranger XLT auto 4x4, with cruise control set at 60mph. I was halfway up a moderate hill when I heard a small thunk under the truck and a hissing... the transmission would not grab a gear so I started pulling over. As I slowed I tried the gas again and it grabbed a gear and limped up the hill a little farther. I parked and got out and inspected and couldn't find any leaking fluids or obvious problems. I got back in and put it in drive and drove up the hill some more, as I neared maybe 15mph the speedo said I was going 85mph and the tach acted like I was in 4WD low. I parked it and left it there.

I talked to a mechanic and he said it sounds like a classic case of some sensor going out or some other electronic problem and not the actual Tranny blowing.

Any ideas or experience?

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2002 Ranger XLT 4.0L V6 4x4 Toreador Red; 2" T-bar crank, Headlight Mod, Spray in Turbo bed liner, LED Dome/glove box light, LED license plate lights, air box mod, LED Gauge Cluster, 06+ Mirrors, LED Hood Light, LED offroad lights