The light coming on means there is a diagnostic code. Before doing anything, you need to have the code read. Just go to your local auto parts store and ask them to scan it. It's free and takes 5 minutes. It can also save you from being screwed by a dealer since you will go in with an idea of what the problem is.
The light+cruise control could be a hundred different things. Don't make any assumptions until you get the code.
The light+cruise control could be a hundred different things. Don't make any assumptions until you get the code.