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The 700R4 is a four speed automatic used in cars and trucks starting in the mid 80s. The 700R4 has a low first gear and an overdrive 4th gear which makes it a great transmission for a Jeep that sees a combination of trail and street driving. The downside to the transmission is it is long.
The 700R4 does have a bad reputation for failure because the early ones did not have the best design. Around 1987, the design was improved and 700R4 were much more reliable. It would be a good idea to avoid earlier 700R4s.
700R4 Identification
The 700R4 has been used in GM cars and trucks since the mid 80s. The following articles cover some things to look for to find the 700R4 you need.
GM 700R4: Chevy used the 700R4 since the mid 80s.