Okay, this might be a dumb question but, you think it's because I didn't put enough transmission fluid in? I put in 5 quarts, but when I tried driving it around today, I checked and it was slightly below the "OK" area. I am going to feel really dumb if that is the reason.

It is like sludge attached to the magnet. The magnet was fully covered in it, and it was recently cleaned less than a year ago. I don't think there were any shavings, like big pieces. I don't know what people consider shavings, like a pencil shaving size? No, there wasn't anything that big.

 

I'd adjust the bands like AIM said. Clean the solenoid(or get the BW), replace filter, put ATF+4 in it (to the correct level) and go from there.

 

I think I am having a bigger issue. I dropped the pan, and the magnet was covered in that metallic sludge, and I had just dropped the pan two weeks ago. I think what is happening is, the solenoid is getting dirty really quick, and just clogging up and not working. What would cause this metallic sludge to accumulate so quickly?

 

It's most likely band and drum material. Did you tighten the bands then?

 

No I haven't tightened the bands. Was wondering if I still should or not.

 

I'll let MonteC or someone else answer that.

 

converter is going.