Could be a timing issue, or any number of other problems. The CEL blinking usually means there is a problem that is causing damage to the catalytic converter. This could be an injector fault, an O2 sensor fault, or a problem with the MAF/MAP sensor causing the computer to signal the injectors to inject too much fuel.
Have it scanned for codes and let us know what they tell you.
Wednesday, November 30th, 2011 AT 5:44 PM