the code means "transmission range sensor circuit malfunction". Refer to your mechanic to solve the problem. It may result of an open or short circuit in the switching circuit between P & N. Poorly positioned switch or bad wiring problem. The trans failsafe program will show up whenever anything comes wrong with the transmission gearbox or related mechanical/electrical connections and it doesn't mean that something too serious is happened to your transmission

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X5 3.0i SUV
2005 -113000 miles
GM-A5S 690R Tranny