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i was wondering the same thing. I've gotten it twice in the last 2 years. i just do what it says and everything seems fine. I think it has something to do with the column lock.
i have had this occur only when i attempted to start the engine, it turned over but did not fire.
when you insert the key and turn to start you get the column lock device unlocking along with a few other systems coming online/self checking. i assume it is nothing more than a programmed safety so the user doesn't quicky power cycle the column lock/systems with a failed start. everything is powered down, then powered back up...
I've only started seeing this recently, and I figured that it was because I just installed an emergency cutoff switch. It takes a while for the computer(s) to power up and run thru their diagnostics, and it only happens if I try to start the car right after flipping the main power (which cuts off *everything*, including the battery and alternator). If I wait for a bit before starting after turning on the power, I never see this message. I'd recommend checking your battery and just make sure it's not on it's way out; this might be a signal that it's not keeping up enough voltage while sitting to keep the computer(s) happy. Barring a bad battery, I'd only be guessing.
Your charging system has a fault. I would replace your battery and get alternator checked ASAP. My 2001 z06 had this problem and it was due to a ****ty battery. This usually happens when the battery is disconnected and there is a fault in the starting/ ignition system. If you keep getting this it may lead to "Service Column Lock" which you DO NOT want to get into. This involves having your car strand you and making you look like a fool, and then an angry tow truck driver scraping your front bumper. Not a good time.
I agree with Yamablaster and Kenco. I have had it happen twice. Once it was the original Delco battery about to die. The 2nd time it was the dreaded Column Lock crap. Get a fresh battery in the car and install a CLB if you haven't already. Problems gone. I've seen this in both 02 Z06s that I owned.
I have had it happen twice and that was well after I had the column lock taken care of. My battery is also new and the charging system is working fine. It must be related to something else. Have not had it happen for a while now.
Hardware removed completely, in my case. The Canadian dealership "fix" for the column lock only included doing a reprogramming of the computer to try and get around the problem, not the 42 page proper fix that the US folks get. So, a half an hour after the dealership "fixed" it, my car was once again stuck in a parking lot with the column locked. Rather than fight the idiots who make the Canadian policies and try and trust their hack of a shop again, I removed everything (locking collar, pin, etc), no more column lock problems ever since then.
I have heard on this forum that the GM fix is not a correct repair, but more of a band aid. I personally installed a bypass from a local Corvette shop, and I have had NO PROBLEMS AT ALL!
They are about $50 online but I paid $70 for the convenience of it being in a neighboring town. My car got stuck at my office and would not drive above 2MPH, it thought the lock was still locked, but with the bypass installed it tricks the PC into thinking everything is OK. So you do not get any problems with column lock up or column codes.
As far as the Cars Computer, it thinks everything is just fine and dandy with the column lock.