Today my wife's 2001 S-type 4.0 (60,000 miles) transmission started skipping periodically and gave her what she said is a transmission fault light. I took it out for a spin and it indeed is skipping. its not something that happens consistently but I think between 2-3 it will skip. I went in reverse to test it and couldn't get it to skip at all.

Are there any other test that you suggest that I do? Does this car have known tranny issues? Any help and/or insight would be greatly appreciated.

 

Don't keep doing it!

It needs diagnosing & fixing, not more torture.

Could be low on fluid but it could do with changing by this age even if it isn't. It's a very common Ford 5R55N box so any decent trans place can deal with it.

Could equally be some spring/valve/etc and again those places should be able to figure it.