Think of it as a "check engine" light specifically for the transmission. You'll need further diagnostics to identify the underlying issue. Possible causes could include:
* Faulty Transmission Control Module (TCM): The TCM itself could be malfunctioning.
* Wiring harness problems: Damaged, shorted, or corroded wires in the transmission's wiring harness can disrupt communication.
* Faulty sensors: Various sensors within the transmission (speed sensors, pressure sensors, etc.) might be sending incorrect information to the TCM.
* Low transmission fluid: Low fluid level can cause problems with the transmission and trigger the P0700 code.
* Internal transmission problems: More serious issues like worn clutches, internal leaks, or other mechanical failures could also set this code.
You must have a professional mechanic diagnose the specific problem. Simply clearing the code won't solve the underlying issue, and driving with a transmission problem can cause further damage. A mechanic will use a scan tool to read any accompanying codes (P0700 often comes with other, more specific codes) and perform a thorough inspection to determine the root cause.