HELP, is 94 Grand Prix transmission dying ?

I have a 94 Grand Prix 4 door Sedan automatic transaxle, which I quite like. Here is what's happening.

If the car has been parked for over 2 hours I have to let it warm up anywhere from 15 to 20 minutes before it engages into any gear. Basically the little temp guage has to get to 210 before it gets into gear. After that I can drive with virtually no problems. Sometimes after I've been driving a while and come to a stop its slips out of gear. When that happens I quickly shift into reverse which engages then shift back to drive. I checked the fluid level like it says to do in the manual and its fine. The mechanic says "the bands are wearing out". I have no idea what this means.

Externally, the car is in good shape, no accidents, dents, rust, but its going to cost way more than the car is worth to replace the transmission, the engine burns oil, and the driver side window control pannel needs replacing since a few of the switches don't work any more. How long till the transmission dies ? what can be done to save it if anything ?

Any help will be appreciated

thanks.

Welcome to AF!!

Unfortunately it could go at anytime. You don't say how many miles but I suggest that you do the following. If the transmission hasn't been serviced recently change the fluid and filter. Don't flush. Add a can of Sea Foam trans additive to see if it will free up the solenoids. Also you might want to have it scanned with a trans capable scanner to see if the solenoids are working correctly. That is about all I can suggest! Good Luck!

Sounds to me like the seal on the input drum has gone bad. GM used a short lip seal which caused many cold morning no moves. Have you ever tried putting it in manual low (1st) to see if it moves?