Two problems related to transmission slip out of gear have been reported for the 2001 Ford Mustang. The most recently reported issues are listed below. Please also check out the statistics and reliability analysis of the 2001 Ford Mustang based on all problems reported for the 2001 Mustang.
About 6-8 months after I purchased my 2001 Ford Mustang bullitt my transmission went out and had to have it replaced because 3 gear would not engage with ease or it would slip. . Ever since the shifting of gears has deteriorated. . Also the rear leaks for no apparent reason the access nut seems to come loose and leak with out a cause, I have had to replace the rear nut and oil were the driveline meets the rear axle. It is very difficult to put the car in 1st or in reverse some times and when shifting between 1st 2nd and 3rd the gears stick or slip. I had a number of issues since day one with this car and it spent a lot of time in the shop the first two years I owed it and sat for a little over a year due to mechanical problem there after. I was rear ended once while trying to make a right hand turn because the car slipped out of second gear luckily the driver was able to slow down enough to only leave his license place screws imprinted in my rear bumper and no one was seriously hurt just stunned and frightened.
The vehicle jumped out of gear while driving.