I have a 2001 V40.

Just about a week ago, I got the flashing arrow indicator and my transmission started acting weird. Immediately after it happened I left town for a week, and so am now getting back to it.

When starting from a dead stop, it just revs up and barely moves. After 2-3 seconds of slow acceleration it starts to pick up. Once at speed it acts pretty much normal, although granted I wasn't pushing it after it started acting so weird.

Also, when I shift into reverse it violently locks in. I can feel the engine lurch when it happens.

I pulled some codes off of it. One was P0700, the other has been lost due to a cell phone tragedy. I do remember the other code was a solenoid related code. I have since pulled the transmission ECM and now it just throws the P0700 code.

What should I do? My first thought was that I can get the ECM off ebay for cheap, so why not try a new one. I am also thinking about a fluid/filter change.

What do these symptoms indicate to y'all? Is one of the solenoids really out?

 

Hiya Dr.Mordo!
Got the exact same problem. Thinking about taking it to a garage; but my transmission light stops flashing after I turn off the car for a while. So not really sure what's the main problem.
Let us know of any updates/fixes that might have occurred since your last scan.

Cheers!

P.S. I have a 2002 v40

 

Did either of you folks ever get this fixed? I'm having the same problem.

Thanks!

 

Mine came on today while driving home. Same thing it felt like it bogged down.
got home checked oil level OK and not burnt. checked all wiring on transmission seemed OK. light still flickering. Removed negative battery terminal for 15 min now light has gone and driving OK for 0.5 hour.

 

i have a 2001 volvo v40 , had the flashing arrow and transmission goes into limp mode (3rd gear all the times driving) .
I fixed this in 30 minutes ...
look on your transmission near the Neutral Saftey Switch (gear sensor)
it is on the top of transmission near the airbox ...
near the Neutral Saftey Switch is a label on your transmission , read it and write it down , mine is AW50-55 , this is your transmission model number
go on ebay or on some auto parts website and order a brand new Neutral Saftey Switch.
take out the old switch and put in the new one and this fixed my car , runs like new now ...
when you put in the new Neutral Saftey Switch , block wheels and put car in reverse and move the switch around so the 'Back-Up Lights on the rear of the car , the white lights come on' so you know the switch is aligned correctly and then tighten down the two bolts on the switch. then put your car back in park.
check and tighten anything you took part to get to switch , i only had to take the battery and the battery tray out to get to mine.
after that take a scan tool , diagnostic code reader , i use a cheap centech one , and erase all codes in your car , now drive it around to see if it shift gears good .
this little part fixed my car , symptoms where erratic , it worked sometimes and sometimes didn't , was a real pain , but good thing i found out what it was .

 

Nice write up, you should also share on the S40 board which is a bit more active!