I had this problem with my 1999 Grand Am. I noticed at the same time I had a headlight out. I replaced the bulb and got it working and the light has been off since. After that, I found some information on the net in a forum which gave me this info:
The Service Vehicle Soon (SVS) light indicates a problem with the body electrical system. Diagnostic Trouble Codes (DTCs) associated with this Malfunction Indicator Lamp (MIL) cannot be read with standard OBD scanners like those at Autozone, etc. In order to read these codes, you will have to take your car to a proper GM mechanic.
However, the most common cause of a Service Vehicle Soon (SVS) light is a burned out or disconnected headlamp bulb. Check that all your exterior lamps are functioning. That includes high/low beams, parking lamps, signal lamps, and brake lamps.
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check the fuse and check all tail light , do not assume all light s are good
Might be a bad wheel bearing assembly
This vehicle should still be under warranty. Have it towed to the dealer for repair.
Probably the security passlock system (chip in key system). Check for the security light on the dash. If it is you have to go to the dealer get it repaired & reprogramed, approx $600.00. Dealer specific computer needed.
If one tire is larger than the other or one tire is more worn than the other, yes, it can cause the traction light to come on.