Action Taken When the DTC Sets

WARNING: This page is about a different car, the 2010 GMC Sierra, 2010 GMC Cab & Chassis Sierra, 2010 Chevrolet Silverado, and 2010 Chevrolet Cab & Chassis Silverado. However, it is still accessible from the selected car via links, so may be relevant.

DTC P0708 is a Type A DTC.
If the selector is moved to drive or any other forward position, the transmission will shift to third or fifth range. If the selector is moved to Neutral, the transmission will shift to Neutral. If the selector is moved to reverse, the transmission will shift to reverse unless the transmission is compromised by over-speeding or direction change, then the transmission will shift to NEUTRAL.
The TCM freezes shift adapts.
The TCM inhibits torque converter clutch (TCC) engagement.