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2nd Gen Ram Tech1994-2001 Rams: This section is for TECHNICAL discussions only, that involve the 1994 through 2001 Rams. For any non-tech discussions, please direct your attention to the "General discussion/NON-tech" sub sections.
Yes, there is a difference. A lock up converter has a clutch disk in it, and when it locks it creates a mechanical connection between the engine and tranny (and there's no slip), as opposed to a non-lock up unit that relies strictly on a fluid "connection" (non lock ups slip, generally between 5-10%).