My latest Volvo (No name yet, just "number 6") came with a weird problem. The shift knob falls down into the tunnel! You had to hold the shifter up to shift. A bit inconvenient. 2nd gear was a particular challenge.
Upon inspection, I found that the shift ball on the lever was able to slip out through the bottom of the socket in the shifter bracket. On my M47 equipped 1987 240, this is above and behind the crossmember, roughly straight up from the driveshaft rubber collar.
Ordered the parts at the local Volvo dealer- seems to be an OEM-only part. Total under $10. The parts needed are a teflon cup and a rubber backing washer, looks kind of like a cam seal.
Jacked up the car on the driver's side, both left wheels up on ramps. Good access to the trans like this. Of course it's filthy, so I wiped down inside the tunnel and the general area of the shifter.
The end of the shift lever connects to the trans shift rod by a yoke with a pin through it. The very bottom of the shift lever has a set screw in it that locks the pin in place. The size is 4mm- I used a socket with an extension but I think it would be easier with a ball-end standard Allen wrench. It's directly above the driveshaft so it's hard to get straight at it.
Once the set screw is out completely, the pin slides out very easily. Get out from under the car and climb in- while the angle is a little uncomfortable, the next part has to be done from inside.
Pull up the shifter boot and pull the shift lever back. There's a snap ring at the top of the shifter ball assembly. I removed it with a small screwdriver- access was tight for snap ring pliers. The shift lever now pulls right out. The top cup and rubber washer can stay on the shifter if they're in good shape- mine were. The bottom cup pulls out. Remove the rubber washer and install the new one. I greased the teflon cup before installing. They need to go in separately. The shift lever goes back in the hole, and the top cup and washer slide right back in. The snap ring was a little tighter fit than before but not too difficult. Replace the boot and twist the shift lever so the knob is straight again.
Back under the car. Align the yoke and the bottom of the lever. Push the pin through. The thing is now right up against the floor- access is tighter but there is enough room for hands. Reinsert the set screw, making sure the pin is centered (it's relieved for the set screw groove). Tighten gently- it's a small screw, don't strip it.
Make sure it works, lower the car, wash up- you're done!
Total time for me was 45 minutes. I would say the repair was much easier than I expected.
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Rob Bareiss, New London CT ::: '87 244DL/M46- 220K, 87 244DL- 230K, 88 744GLE- 198K, 91 244 180K, 88 244GL 145K