Transmission Failure problems of the 1998 BMW 740

I bought this vehicle in 2002 at 96k miles it has been nothing but problems, since buying vehicle, I have had water pump failure twice, replaced radiator twice , hoses & rings. . Two battery's front bumper, catalytic convertor l. Bay, changed. . Brakes & rotors changed Nov. 11. . . . . . 3 weeks later as I was driving home from work . . I got a transmission failure. . And the car stopped in the middle of the road. . The car goes in reverse but not forward. . I have only driven this car 15 -16k miles since owning the vehicle I have had all these chronic repairs. . I'm distraught that I could have been in a serious car crash. . Not sure what to do?. . But accrd. . To many BMW owners I find on the net there is a chronic problem w/ transmission failure BMW should be held accountable. . It is dangerous and unsafe for drivers there needs to be some investigation in regards to transmission failure . .

The contact owns a 1998 BMW 740il. The contact stated that the transmission failed. The vehicle would not drive forward and would not shift into fourth gear when the accelerator pedal was depressed. The words "failsafe mode" illuminated on the instrument panel. There were no warnings prior to the failure. The dealer stated that a new transmission would be needed at the cost of $6,000. Both the manufacturer and the dealer stated that NHTSA campaign id number 99v005000 (power train:automatic transmission) did not apply to his VIN. The contact paid for the vehicle to be repaired on November 26, 2008. The current mileage was 91,695 and failure mileage was 91,690.

When the vehicle is started a light comes on the dash warning about transmission fail safe program. When this light comes on vehicle cannot be driven. Vehicle had been to dealer four times for this problem.