This is in a 1992 modded z28. I'm pulling off from a red light and all of a sudden the trans slips and the engine revs. I could smell a burning smell for about 5 seconds. Of course it got worse. I had to drive it home in 2cd. I've lost Drive and Overdrive but I still have 1, 2, & reverse. Drove it yesterday around the block. It started out fine and about a minute into the drive, same story no drive or overdrive. Is it toast or what? BTW it has around 128000 on it and as far as I know this is the original transmission.

 

this sounds like my problem which no one seems to be responding. Are the shifts 'ok' then progress to horrible 1-2 shift and slippage. If you smelt clutch burn that bad, then they are probably fairly toasted. Check the smell of your fluid, if its realy bad, its gonna defeinetly need a rebuild.

Was this a stock 700r? If so i would suggest just buying a rebuilt performance one outright. Probably not worth it to rebuild if its gonna crap again.

 

Your 3-4 clutches are toast...Sorry to be the "bearer of bad news", but it's time for a rebuild. 3-4 clutch failure is a common problem in STOCK 700's. Unfortunately, many "generic" transmission builders don't know what modifications to make to these transmissions to keep the 3-4's from going again. I'd seriously advise you to look for a shop that specializes in performance/racing 700/4L60E's.

Frank