P0700 code means the power train control module (computer) has received a message from the transmission. There's no "P0740" code. There is however a "P0741". This is for a Torque Converter Clutch (TCC) solenoid. The P1860 is for the TCC circuit.
What this means is either the valve has failed or the wiring/connector to the valve has failed. Only an inspection will tell for sure.
Labor will be between 4-6 hours at anywhere from 60-120 per hour, depending on the shop. I can't locate the price of your part right now, but it's sure to cost 100-200, also depending on where you get it.
Saturday, September 25th, 2010 AT 4:50 PM