This is correct that the vehicle is in limp mode but we need to scan for the other codes that are in there because this P0700 is just telling you that there are more codes in the transmission controller.
So let's follow this guide and use a scan tool to pull the additional codes and that will tell us what the issue is.
https://www.2carpros.com/articles/checking-a-service-engine-soon-or-check-engine-light-on-or-flashing
I also attached the info below on this code which gives more detail on what I mentioned above. Let's review this material and go from there. Thanks
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Thursday, December 17th, 2020 AT 12:20 PM