I just bought a 1997 Ford Taurus with 114,305 miles on it for what I thought was a good price, but the next day the Service Engine soon light came on even though it drives well. The codes were 1744 which is a Torque Converter Clutch Solenoid Malfunction and 133 which is an O2 sensor code. Are these major repair issues? What should I ask the repair people? The transmission guy agrees that the torque converter seems to be functioning as he drives it. I can't seem to find anything on the internet about the 133 code. All the web sites seem to skip from 130 to 134.

P0133 is for bank1 sensor 1 response rate below the calibrated window.
Check the following and you will probably find the cure. If needed, we can post test procedures. However they are long and hard to read in this site.
The list is in probability of failure.

Contaminated HO2S.
Exhaust leaks.
Shorted/open wires.
Improper fueling.
MAF sensor.
Deteriorating HO2S.
Air leaks.

1744 which is a Torque Converter Clutch Solenoid Malfunction
A malfunction is a loose term, what is actually most likely happening is that the Torque Converter isn't locking at all which will on an AXOD-E / AX4N-E you most likely wont notice on a steady acceleration if the torque converter engages at all, it because of how the computer handles the planetary gears but that doesn't mean it isn't doing damage to the transmission if it isn't coming on. I would clear the code out and see if it comes back and check to see if you have the proper additive free transmission fluid. But at a 114,300 miles you will probably be looking at a new torque converter and more.


As far as the P0133 it is most likely a faulty O2/Sensor, MAF malfunction or Exhaust leak.