So today I get in my car, and alongside my check engine and ABS lights an arrow starts flashing. I have no idea what this arrow means. I haven't the slightest idea why you would put a flashing arrow as a symbol that something is amiss with a car b/c it doesn't tell me anything whatsoever.

 

I am having same problem. Are the transmission selector indicators flashing also, between W(inter) and E(conomy) or S(port)?

 

My problem remedied by turning ignition switch on (don't crank the engine) then moving the gear selector 4-5 times between P(ark) and D(rive). Then ignition off and problem is gone for now. Found this remedy in another thread somewhere.

(added by Moderator)
Shift the transmission from park through each gear to the "1" position and then back to "P". You are slowly rowing the transmission through it's full range to try and clean up the PNP switch on the transmission. Don't jam it end to end like you're angry just move to each position through out the pattern. If this trick works you want to either remove and clean and relube the switch or replace the switch.
Added photos.

 

Yea I did that once, and it didn't work. Did it again for about a minute straight and it finally worked.

 

I've had this happen twice on my S90. The most recent in December and it did throw a CEL code, so I checked it out and got a code #550, has something to do with the switch on the outside of the tranny. It's cleared and hasn't happened again. There is a thread somewhere here that a tech wrote on how to repair this, but I can't find it now.

 

Yea, mine has an 0740 right now for the Torque Convertor Circuit or something. Not really sure what to do about it yet. Kinda tired of working on this car when I can never get the CEL off

 

Ok party people, Im about to save you guys thousands of dollars and you wont even have to switch to Geico.

Unless you guys have beat the crap out of your cars, sensors do not generally go bad. Neither does your transmission or any other things on your volvo.

Look at your fuse boxes and look at the cables attached to it. More than likely, they are all corroded! Change the tips, it will save your thousands!

seriously.

I you can help spread the word for the other cars, I have a V70 with 220,000 miles with no warning lights!