The 700R4 transmission is a 4-speed automatic designed and manufactured by General Motors. It was introduced in 1982 as the new overdrive version of the THM350, replacing it as GM's standard light-duty transmission. With its four forward gears and lockup torque converter, it offered improved fuel economy compared to other transmissions. However, like all mechanical devices, this transmission can develop issues with time or misuse. Common problems with the 700R4 include leaking seals, burned clutches due to overheating and faulty valve bodies that can cause erratic shifts or no shifting at all. Leaking seals often result from worn gaskets between the case halves or from damaged O-rings on end plugs which allow fluid to escape into the environment around them. Poor maintenance can also lead to burned clutches caused by excessive heat build up when too much clutch material has been worn away from repeated use without being replaced in a timely manner. Lastly, valve bodies are prone to wear out over time due to lack of lubrication leading them not functioning properly causing poor shift quality or complete failure altogether. Thus regular maintenance should be performed in order to keep your vehicle running smoothly for years down the road!