99 Camaro with a 3.8L Engine is having an automatic Transmission Slipping problem. When you go from park into Drive it takes a 3-5 Second delay before it goes into drive. Then while you are driving the car it peridocally pops out of gear and send the rpm's shooting up and kicks back into gear. Please Help Quickly with this problem.

 

You described a failing seal prefectly. You need a rebuild.

You can try changing the fluid and putting in a new filter. Sometimes that ups the internal pressure enough to make it last a few more months. Sometimes is does nothing.