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I have a 1997 Saturn SL2 twin cam 1.9. There was a light grinding noise yesterday when the car reached 35 MPH, but it would reach highway speed. Today, while going 65 MPH, the RPMs revved up and the car would only do 20 MPH. I'm thinking transmission is shot. Any ideas?
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Yep, sounds like rebuild time. Sounds like it's slipping really bad. Either that or you're low on fluid. Have you checked the level?

 

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Yes, fluid is up and red.
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Automatic or manual transmission?