My 98 Sebring with the 2.5 v6 has a major transmission leak. I've been under the car and everything and cannot pin point the leak. What I would like to know is what are all the possible places a could have a major leak like this and what would involve fixing it. The leak started when I was driving down the road and I head a loud band/pop and then a rubbing noise associated with how fast the wheels were spinning. Please help ASAP.

 

Sounds like it might be an output shaft seal. There are plenty of other places it could be leaking so somebody is going to need to look at it closely to be sure. If it's coming from all over it could be an internal seal.
The fix is going to depend on which seal has failed. If it's an internal leak, you're looking at a major re-build or replacement of the tranny. An output shaft is a lot simpler, but still is a project. Start scraping money together.

 

Does it still make the rubbing noise? If it does, I would try to figure out or listen for where the noise is coming from. Like is it from a drive axle, or inside the transmission.