There is a light on the dashboard that came up not too long ago that says "failsafe program" and my transmission does not shift correctly.
Transmission on 1998 BMW 740iL
It is important to get this checked out and hopefully avoid expensive repairs. Have the fluid level checked (if it is low check for leaks repair leaks and top up or change the fluid), have a scan tool attached to the car to see if there are any codes stored. Hopefully there is a good independent BMW shop in your area, a good dealership, or someone familiar with BMW. If the car has gone into fail safe mode you need to get it checked out!
ON THE DASH IT SAYS TRANSMITION FAUILER FPG WHAT DOES THAT MEAN