Well I've only had this volvo for 2 weeks and already I'm going to have to scrap it....
So I was driving home today, cruising at 65 mph when the Check engine light and the Trans. Service Urgent come on, then about 10 miles later the transmission stopped functioning completely. The engine went up to 6000 RPM (like it was in neutral) and I lost all function of the tranny... Does this mean a new transmission is required? B/c if so, there's no way in h*** I'm paying 4K when I just payed 5K for the car 2 weeks ago and 1K for belt replacements... at that price I could have bought a much more reliable car!....

 

Yes sounds like the tranny went.

 

Ouch! Sounds like the previous owner didn't maintain the car well at all. You've got yourself a lemon, I would look into pursuing the lemon laws in your state and getting a refund.