I have a 2000 740i
The other day this started happening.
The transmission seems to lock in 2nd gear and the message I am getting on
the computer is "transmission failsafe program."
In addition to that the Temp Guage goes completly up and the speedometer
and tach won't work at all.
The check engine light comes on.
The local mechanic without doing much diagnostics thinks this is some kind
of electrical problem rather than transmission problem.
Any thoughts before I take it to the BMW Dealer????