I have a 1994 toyota camry that is doing the same thing on the dash overdrive light and the reverse light on the dash comes on when you use the breaks. Just started last week.
My car if you go over say 25 MPH then break downshift (its automatic trany) it feels like its in low/first gear around 20 MPH.
This morning several techs in VA have said it was the Neutral Safety Switch. This part is about $250.00 and it sits on the transmission. You might find one at a junk yard cheapper.
I hope this helps. If you dont mind would you please post again if you have any more information.
Wednesday, January 30th, 2008 AT 1:07 PM