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Don't bother trying to clean the ETM as that won't help. "Internal fault" means just that, it's NG. Software is required with a new ETM so a dealer needs to do that and the car won't run w/o new SW if you replace it yourself.
As for the trans, that code in an early S80 trans is a "code of death" to a Volvo tech support person and they'll say to "replace the trans". They were known for internal sealing problems, NOT a simple solenoid as that code suggests. The trans will eventually leave you stranded and changing fluid won't help.
What should you do? Think seriously about trying to sell or trade it as they're major money pits. There are even more costly problems further down the road.
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