Transmission problem
2005 Chrysler PT Cruiser 4 cyl Two Wheel Drive Automatic 120000 miles
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I was driven in cruise control approx 60 mph and suddenly there was a loud noise. It sounded as thought something popped (maybe a belt) under the hood. The car wouldn’t accelerate, however I was able to coast to a stopping point approx 1 mille. Once I parked the car, the car wouldn't move forward or in reverse. The car didn't shift to different gears. When the car is on, there is a slight torturing sound. I am being told by the dealership that my transmission may need to be rebuilt. A $3000.00 bill

I was also told that it may be the cruise control belt. Please help, how do I know if the dealership isn’t trying to get more money?