Mazda Repair: Mazda 626 Transmission, low oil pressure, mazda 626

Question
Hello, I just bought a 1994 Mazda 626 LX. The only thing wrong with it is a slip in the transmission. It does this between the shift from 2nd to drive or after it kicks into drive, it will slip back out and the RPM's will rev. up. Hard to get it to kick back into gear. When it slips like this, a light in the dash that reads "Hold" starts blinking. There is a button on the gear shift that also reads "Hold". I have never seen anything like this before, so I'm not sure what this "hold" button or light is for. Can you tell me what might be wrong with it and how to fix it. Thank you.......

P.S. I know also that the belt needs to be changed on the motor, which I will be doing, because when it's first started up, the belt screaks.....would this be one of the causes of this ? Thanks again......Gina N.

Answer
Hi Gina thanks for asking.
The hold button is to keep the transmission in a gear that you are allready in to get through snow or mud or what ever it may be. But when it starts flashing there is an internal fault in the transmissoin. Then it wants to stay in LIMP mode. This should be taken to a transmisson shop to be diagnossed. BEcause there may be a internal leak in the valve body of the transmissin causing low oil pressure.
Good Luck
Chris P