Action Taken When the DTC Sets

WARNING: This page is about a different car, the 2008 Suzuki Swift +, 2008 Pontiac Wave, and 2008 Chevrolet Aveo. However, it is still accessible from the selected car via links, so may be relevant.

The TCM will store the DTC when a failure is detected on the first ignition cycle.
The TCM will illuminate the HOLD lamp.
The TCM can no longer determine the validity of any information it may or may not receive from the engine control module (ECM). Therefore the TCM substitutes default values for engine speed, throttle position, and other engine data signals.
Transmission operation will be reduced, affecting shift points, torque converter clutch operation, and other driveability concerns.