Automatic Transmission repair question

Not likely. When you say you have to race the engine to get speed, it makes me believe the clutches are burned out of it. With that many miles, there will be other parts worn or deteriorated most likely. This signals a teardown and rebuild.

You are likely looking at $1000-$2000

time for a new trans.

Not a realistic chance. It sounds like the direct clutch, a holding device that's critical for 3rd gear, has a bad piston seal(s). If this is true, the overhaul cost would be cheap. If you haven't broken any hard parts like the sun gear/shell, then your 700R4 trans has led a good life. Even so, a seals and frictions overhaul with removal and installation would be probably $1000 on the low side for a decent mechanic to do it. This is basically a wild off the cuff guess, but more realistic than $500.

Toyota MDT in MO

with 200,000 miles on the truck, it might be cheaper to get a used trans.

More likely get a different used truck...The reason for the $500 cutoff was because it doesn't make sense to spend more on a repair than the vehicle will be worth after the repair is finished. We paid $600 for it last year as a temporary emergency replacment, but my wife likes it ragged as it is, and we never got around to shopping for something better.

Thanks everyone.