I have 2003 chrysler 300m special throwing a code p 700 p0740. 1 guy said it needs a new tcm and a new input, output speed sensors. Tranny fluid is new. The other guy recomends the converter is bad or is the tcm bad. Which one do I pick? More importantly, the car seems to drive well, can it be driven with these codes? Can the vehicle be driven safely at 80mph for 200miles with these codes. How to tests to know for sure what is wrong? I disconnected the negative battery cable to clear the code. It worked for field day. Then the code came back the same. Could someone please help me with this problem. Thank you and happy New Year.

 

Will need a new converter and possibly the transmission rebuilt in the process

 

The car still drive and shift smoothly. There is nothing wrong with the car, just the code. Could I still drive with the code?

 

Most likely drives "normal" except the torque converter is either slipping or not locking up. Most noticable above 45-50 MPH will be higher RPM than if/when the converter locks. Unfortunatly this code usually results in Trans & Converter replacement. As the converter slips it contaminates the trans.
There are other codes and issues that would be related to solenoids, sensors or PCM (trans & engine in one controller no seperate TCM after 02)
May drive for a while like that but it will eventually give up.
If you are handy start looking for a used trans from a yard to install.
Usually a lot less than a rebuild.
The "Special" does have a different final drive ratio gear set in it than the "base" 300m's but the Intrepid with a 2.7 has the same ratio. 02 and up is a bolt in replacement.

 

Yeah when a converter comes apart imagine putting a pound of sand in a washing machine with your wife's silk shirt. The **** will not favor vary well in the end.

 

How do I know that the torque converter is good or bad? How do you test it? Thanks.

 

U dont and u cant U already know its an issue the 740 code is all the testing u need.