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P0700 & P0500 Acura -

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got P0500 and P0700 codes, does this mean I need a new transmission?

Vehicle: 1997 Acura TL 5 cylinder

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P0500 Vehicle speed sensor malfunction

P0700 Transmission fault detected MIL light requested

No this does not mean you need a transmission , resolve the reason for a no speed sensor signal, without the speed sensor the transmission will not shift properly.  You may just need the speed sensor

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