Problem with 2000 Grand Jeep Cherokee Limited?

Question:
93,000 miles
Engine size is 4.7L 8 cyl
4WD all the time
Problem is when it reaches a speed of about 40 to 45 miles an hour while pressing the accelerator it makes a knocking noise. I took it to get it tested and I would like someone else opinion. I am taking it to a different shop tomorrow but in the mean time..they drove it and hooked it to a machine and said it had torqe converter failure and it showed an error on the gear ratio. They told me it's gonna cost $429 JUST to take out the transmission and look to see exactly what is wrong but it could be a number of things once they get inside the transmission. Anyone heard of this before? I have never had to take a vehicle to the shop so I don't know what to expect. Thanks.

Answers:

Has any one else heard this?

I wouldn't go to a Chrysler dealership to empty the ashtrays. Those guys were likely being straight. You have to pull the transmission out to get to the torque converter. Between that and disassembling and reassembling the thing, that's a fair price.
You'd probably be better off just getting a rebuilt. No point in spending $1000 fixing a torque converter when the rest of the transmission will still be old and worn.

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I would have gone to the Chrysler dealer, however bad they are.

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It's been many years since I took out an auto trans but as I recall..

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The torque converter serves in place of the clutch and is therefore a seperate entity to the auto box.

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So why do they need to "get inside the transmission"?

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Conclusion? I agree with Bobweb on this one.