Here are some of the most likely culprits:
* Low Transmission Fluid: This is the *first* thing to check. Low fluid can cause slippage and damage the transmission. Check the transmission fluid level using the dipstick (engine running and warmed up, as per your owner's manual). If it's low, you'll need to add the correct type of transmission fluid (consult your owner's manual for the specifications). However, *low fluid is a symptom, not the root cause*. Find out *why* it's low – a leak is a serious problem.
* Transmission Fluid Contamination: Dirty or burnt transmission fluid can cause the transmission to slip. The fluid needs to be checked for color and smell (burnt fluid smells acrid). If it's dark brown or black, smells burnt, or contains metal shavings, it needs to be flushed and replaced, likely with a filter change too.
* Worn or Damaged Transmission Components: This is the worst-case scenario. Slippage can be caused by worn clutches, bands, or other internal parts. This will likely require a significant repair or even a transmission rebuild or replacement. The age of the car makes this a strong possibility.
* Solenoid Problems: The transmission relies on solenoids to control fluid flow. A faulty solenoid can prevent proper shifting and cause slippage. This is a less expensive repair than a complete rebuild but still requires professional diagnosis.
* Torque Converter Issues: The torque converter is a crucial part of the automatic transmission. Problems with it can lead to slippage.
What you should NOT do:
* Keep driving the car extensively: Continuing to drive with a slipping transmission will likely cause more damage, potentially leading to a complete transmission failure.
What you SHOULD do:
1. Check the transmission fluid level and condition immediately. This is the easiest and cheapest check you can perform.
2. Have the car professionally diagnosed: Take it to a trusted mechanic specializing in transmissions or a Cadillac dealership. They have the diagnostic equipment to pinpoint the exact problem and recommend the best course of action. Ignoring this warning light could lead to expensive repairs.
3. Get multiple quotes: Transmission repairs can be costly, so get estimates from several reputable shops before making a decision.
The slipping transmission coupled with the warning light indicates a serious problem that needs prompt attention. Driving it in this condition could cause irreversible damage and leave you with a far more expensive repair.
