Error Code? Help is it Serious?

[Titanium]

Ok, I just found out today that the "Service Engine Soon" is actually a Check Engine light, which I thought that it just needed an oil change. Anyhow, the Dealer pulled the code and its:

Error Code: P0741
Reason: Torque Converter CKT Performance or Stuck Off

The dealer said it might cost me a kidney, but they have to look into more closely to actually tell whats the problem is. They said I may have to replaced the Torque Converter which is gonna cost me about $1200. They also said if its serious I may have to even REPLACED my Transmission which is gonna cost me $4000!!! My questions is has anyone on the board encounter or experience this same problem? Is this something serious that needs to be look into immediately? Can I still drive the car? I just bought this car not too long ago and pretty new to the BMW world and so far I do not like what i'm experiencing!!!

The car is a 2001 530I auto

Thanks

 

[Kirby]

Don't panic, hope for the best - it could be a simple wiring failure, or could be the torque converter:

http://www.unofficialbmw.com/images/BMW_Automatic_ZF4HP24_Diag.pdf

P0741 Torque converter clutch stuck OFF

Drive vehicle on level road at highway
cruising speed; accelerate slowly;decelerate to highway cruising speed

TCM to transmission shift solenoid MV3
(TCM pin 42 – YU wire) circuit: open circuit,
short circuit or high resistance
Transmission shift solenoid MV3 circuit open circuit,
short circuit or high resistance
Engine torque signal circuit between ECM and TCM:
open circuit, short circuit, or high resistance
Shift solenoid MV3 failure
Control valve (valve block) failure
Torque converter failure

 

[epj3]

If it ends up being something expensive, find a good independent mechanic since it sounds like you are no longer under warranty. A independent mechanic will do better work (his quality of work determines wether or not you give him more business in the future), where as a BMW dealer will always make money working on cars, since BMW pays them for warranty work. Plus, an indy will be MUCH cheaper, and he will probably be able to even source you a used or rebuilt tranny for much cheaper than the dealer.