I have a 1996 dodge ram 1500 4x2 w/318. I was driving down the road and the engine started to bog down and then died. I qiuckly threw it into N and re-started the engine put it back into D but it just reved up and there was no motion. I had it towed home and check the fluid level(which was at a good level and nice n clean), checked the shift lever(all good), and made sure the torque converter and fly wheel plate were still attached together. When I shift the tranny into gear the engine will rev down but there is no motion. WHAT COULD THIS BE!!!!!

 

There are some governor pressure valves on the trans valve body. Also look to see if there are any small bolts in the pan from the governor
Could also have the splines in the converter stripped. bad front pump.

 

Drop the pan and look at the fluid that comes out. If there is a lot of metallic particles, then your tranny probably needs to be rebuilt, torque convertor replaced, and lines and cooling flushed and back flushed.

 

Dont sound good. On the bright side! Its not much different from a 727! A friend at work bought a manual and a rebuild kit from a place in Washington state, and did it himself. Year later, still good. Book = $25, rebuild kit = $150. You are not gonna tell me that a trans shop guy is smarter than you, are ya?

 

If you rebuild it do it up right do not cheap out. Replace all of the seals, bushing, clutches, converter and anything else that looks bad ?