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does my car have a 'gear sensor'? 700 1992

I have a '92 740T automatic, and I assume that the car has a sensor that tells it whether it's in P, R, N, D, 2, or 1. Where is this sensor? Is it inside the transmission?

The reason I ask: my cruise doesn't work, my O/D won't disengage (unless car's in park, then the little arrow lights up), and my torque converter isn't locked on the highway. Other than these problems, car is in great shape, shifts are smooth, no other serious problems. Got me to wondering if the car doesn't know where the shifter is, and has disabled these functions...

Thanks for the help.






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