I have an automatic 2006 Ford Escape XLT 2WD with 220,000 miles that's been giving me some transmission issues. The issue is only affects first gear, as all others appear to upshift and downshift normally. When taking off from a dead stop, it often revs up to 4,000-4,500 RPM's before finally shifting abruptly into second gear. When it's between 3,000-4,000 RPM'S, if you take your foot off the accelerator, it will typically shift into second gear and make a squealing sound. Whenever this problem occurs, the O/D Off light will come on and begin flashing. The light remains on for the duration of the trip, but will not be on if you turn the vehicle off and back on. Additionally, it doesn't store any codes or at least ones that are readable by my OBD-II reader. It's also of note, that this issue doesn't occur every time I drive it, as sometimes it will shift into second at around 2,500 RPM's without incident. I bought the SUV in a pinch with an insurance settlement from my much more reliable Rav-4 and it appears the previous owner hadn't changed the transmission fluid recently. I've been holding off on changing it out of concern of worsening the issue. Does this spell imminent doom for the transmission or is it possible that there's another factor at play, such as dirty fluid, bad shift solenoid, or a speed/range sensor?
Your 2-4 transmission band is broken.
The part is about $35. You don't have to remove the transmission but it's a 5 to 8 hour job. (Depending on if you live in a state where everything under the car rusts badly or not.) (You have to pull the pump to get to it)
One end breaks off and that's what has happened to yours.
It's a common failure and you'll find youtubes showing guys replacing the band.

Here's where it goes. (Driver's side in front of the axle ((Pump and axle is removed in this picture)):

Thank you kindly!