I have a 1993 318is automatic that has the same problem. It is a sensor in the transmission that is causing the computer to alert you. And when the transmission light goes off it causes your engine to stay in 3rd gear.
When you turn the car off and then restart it, if it goes away, then there is probably nothing wrong with the transmission.
I had the problem before and what happened was it became progressively worse and worse. It went frm happening once a month to once a week to finally everyday. So I took the car to a transmission repair place. They had to take out the transmission and there was nothing wrong with it. Just a bad sensor. So when they replaced the sensor it worked fine, but any time they have to take out a transmission it cost you some bucks.
I would not worry about it if I were you as long as it does not continue to happen all the time. Just pull over and turn off the car and restart the engine and it should clear up.
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Saturday, August 19th, 2006 AT 3:24 PM