I bought a 2004 Chevy 1500 with a 5.3 about 3 weeks ago. Have not done anything to it yet. All fluid levels are fine. Yesterday while driving, the tranny just quit pulling. The rpm go up but the tranny won't pull. After turning it off and waiting about 2 min,i can start it back up and go about .2 miles and it does it agine. It does not seem to matter what gear i am it or anything to do with the 4x4 part of it. I can just start it up and not put it in gear., wait about 30sec and then put it in gear and nothing....Any ideas?
Could it be something like a dirty filter? I have no idea about its past life. It has145K on it...Help!

 

OK, sit down this is most likely gonna cost. From what you described it sounds like your in for a rebuild. Your torque converter has probably given up, so it is not providing the preasure to your friction plates allowing them to spin. This is why you are seeing an increase in your RPMs'
Take to to a tranny shop you trust and get their opinion and an estimate of cost.

Let us know what you find out

Good Luck
jvp