I have a 1999 volvo v70. I know, this is a crazy car. I am new to this forum, so please be kind...

HISTORY - The check engine light and ABS light have been on for over a year. The car sometimes chatters when I come to a stop when going downhill, or even when I gently press the brakes when driving 70 mph. It has been checked multiple times and they found nothing.

LATER - 2 days ago I bottomed out in the front (completely wrecking the new $600 paint job I had done on the entire front). When I started the car the next morning, the brake warning light went on intermittently and the information, including the mileage, read as a series of dashes. This would eventually go off after driving it for 5-10 minutes.

NOW - This afternoon the up arrow light started flashing off and on and when I attempted to "accelerate" from the stoplights, the car was notably lagging.

Are all these things connected? Is it still drivable, at least to the mechanics?

 

Flashing "Up" arrow indicates transmission failure (solid "Up" arrow is slippery road mode, which also makes the car feel sluggish). Possibly a software/wiring issue, but it's generally very bad news. I would have it towed to a mechanic to avoid additional damage as much as possible. Had it lost any fluids from bottoming out?

I would guess they aren't related. Check Engine Light only indicates problems with the emission system (O2 sensors, catalytic converter, etc.). ABS light is probably a faulty or intermittent ABS module.

The two possibilities I see are that bottoming out broke or knocked loose a wire, creating a problem between the transmission control module and the transmission. This would be your best case scenario. More likely, some physical damage was done to the transmission and it would need to be replaced (new car time!).

edit: I just stumbled upon this thread:
http://www.volvo-forums.com/t5896-flashing-up-arrow.htm

The last post explains a potential fix if the car is in "Limp Home Mode", which yours sounds like it may be. Worth a shot, in any case.