Going home from work and about 3 miles into the trip noticed engine revving and loosing speed. Pulled off and turned car off checked fluid (good), temp (good), and any obvious vac leaks (good). Got back in the car after sitting for a minute and car went in to drive and started moving and shifting again. After a very short while it started slipping again and lost all drive. Tranny would not catch in any gear. Let the car sit again and turned it back on, put the car in drive and it caught, then put it in reverse and it caught. As I continued to do this I could feel the shifting getting sloppy then eventually it would not go in to any gear. Is my transmission gone? Is there an accessible filter that may be getting clogged? Pulled drain plug today and there was some metal on the plug but nothing that looks like obvious signs of damage. There also appears to be some grey sludge that came out of it. The car has 125K miles and other than this has not given me any major issues. Bottom line, do I need a new transmission?

 

Thanks guys!

 

I take it there has never been any service done on the transmission.
Check for codes, there most likely are none.
If when the transmission no longer goes and you hear a whine from the transmission then it is most likely the filter is becoming clogged with friction material.
Invest in three gallons of Dexron III from the local auto parts store.
Purchase a couple cans of SeaFoam Trans-Tune, or equivalent hydraulic system cleaner.
No goos, 'shift fixers', or stop leaks.
Dump a half can of T-T into the case then refill the case with Dexron III.
Place the shifter in each gear for a few moments, and check that the transmission is properly filled. Place the trans in Park and verify that the fluid is within the hash marks.
Place the car is in D and go for a drive around your neighborhood. Try and use all gears to circulate the new fluid and trans-tune through the circuits. If the trans begins to non-operate again, head home and try and park the car so the low point is where the trans drain plug is to get the friction material and other junk will sink towards the drain.
Drain, wipe off plug, reinstall, half can of Trans Tune, refill rest with Dex III, drive, repeat.

It is an aggressive treatment to try and break down and remove any impacted material from the filter pickup. Unlike other automatics there is no pan to remove to gain access to the filter. The trans would need to be remove and the case opened to reach the filter.

 

Something as severe as this normally means you lost all your fluid. I would first check the dipstick to atleast see if you have any fluid in there.

 

"turned car off checked fluid (good)"

 

Transmission is almost out now. JDM replacement on its way.