Hi Chace, I came onto this site looking for answers to my own Hold Light Mystery. We have a '93 Mazda Protege, which we otherwise love, and for about a year the Hold light blinks on and off (along with the very annoying Seat Belt Light / Beeper). From looking at the Owner's Manual, I think the Hold button is for keeping the transmission in Low for driving down steep hills slowly.
Our Hold button has no effect on the blinking dash light, and we've taken the car to both a transmission shop and an automotive electrical shop for help. Both places failed to turn up anything related to corroded wires or corrupted computers (like I thought might be the case). So we continue to drive the car with the Hold light on, being careful never to drive on the freeway if the car decides to shift to LOW. Very annoying and very inconvenient, but the car seems to drive OK.
I haven't been able to find ANYTHING online about this problem, and I'm beginning to think I might just try having the actual shift handle replaced, button and all!
Lance
Scoring disabled. You must be logged in to score posts.