Ford Repair: o/d off light is flashing, ford contour gl, ford contour

Question
I have a 1998 ford contour gl with the 2.0 in it and my over drive light is flashing I was diving on i94 going about 65 and I went to hit the gas a little bit and it just revs up so I pulled over and let it sit for about an hour the tried to drive it and it goes in 1st gear just fine but it slips going in to second gear and then when going about 55 it doesn't go in to over drive and the light just flashes on and off please help me

Answer
Hello Kyle,
    When the overdrive light is flashing, that means that there is a current problem with the transmission and a diagnostic trouble code is being stored in the computers memory. It could be something like a speed sensor, or actually need to be taken out and overhauled. You need to take it to a transmission specialist if you have one you trust, if not, you might have to take it to with the dealer.
    I hope this info helps, and I'm sorry it took so long to get back to you. Good luck!   Shaun.