As Bill suggested, try a flush and refill. Do that first before jumping to any conclusions. You can flush it with a cheap ATF to save money. Then refill it with the Volvo recommended ATF. Preferably synthetic - Although I’m guessing with a 2003, Volvo probably recommends using synthetic anyway….
There a good chance a flush and refill will clear the check engine light. If not, then you can investigate the codes further. I don’t know any tranny specific codes. At this point you or your shop are going to need to dive into it further.
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Will I buy another Volvo??? We'll see....
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