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My corvette 98 automatic has a problem i accelerated agressively then i reduced speed and when i tried to acelerate again the car feels with lack of power or performance later on the hign trans temp light came out as soon as it did that i pull over and wait to cool down then the nex day a tried to move it but it got stock on a bump i coudnt go forward niether reverse the a few hours later it work back and forward after that i tried to test it again and it dont release gears. Is it a lack of fluid or the tranny just worn. Please help
Your high transmission temperature warning light is a big clue that operating temperature parameters are exceeded. Transmission fluid needs to maintain a certain viscosity at operating temperature for proper operation.
If I were you, I would address what is causing your transmission to overheat as a priority. It would not be advisable to drive your vehicle lest risk further damage.
As for the cause, it could be as simple as :
1. low fluid level (check @ operating temp on a level grade)
2. trans fluid is beyond service life
3. complete circulation of transmission fluid is inhibited
I hope your transmission isn't toast, did you have a burnt smell when this happened, if you did it would indicate that the clutch packs are fried and you will need to replace or rebuild your transmission.