1998 Neon 51,0000 miles
When i start the car COLD in the morning & put the tranny in REVERSE the
engine just races & then i get a BIG BUMP & the car then goes into reverse.
When the car is warmed up,it goes into reverse normally no hesitation or
bump.

1. Is the trans fluid level correct?
2. Has the trans fluid and filter ever been changed?

Fluid was 1/2 quart low.
Fluid was never changed.

Sounds like bad fluid and filter. Have it completely flushed as well as
drop the pan and change the filter. Use ATF+4 Mopar synthetic fluid.

Amen.