Hi,

Yes the P2716 is usually safe to drive, but should be corrected as soon as possible.

The code is in relation to a shift solenoid malfunction, however on this vehicle the malfunction is nearly always related to the PCM (computer). 2005-2007 Corollas had faulty programming in the PCM that erroneously reported the shift solenoid malfunction. The results are a check engine light on and sometimes harder than normal shifting from the transmission.

The correction to this problem is an updated PCM that corrects the problem. Regarding the light not being on when you are able to take it in, do not worry. The code will be stored in the computers memory from the last time it was on, and the dealer will be able to identify the issue even if the ligth is currently off.

The repair is covered for 8 years or 80,000 miles, so depending on your mileage you may be able to have this repaired at no charge to you. This is something the dealer needs to perform both for warranty reasons, and also because your VIN will need to be programmed into the new PCM, which requires a Toyota dealer scantool.

Attached is a copy of the bulletin regarding this symptom. It is a large image so it may take a few minutes to load: