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Would suggest low fluid condition. How many miles?
So, check the fluid level, at least fill it. Search for overfilling volvo manual transmission methods on the web. Be safe and secure wheels and use redundant lifting and standing methods.
If you hear a hi pitched whine coming from the transmission, the fluid is low or bad or the wrong fluid.
An easy way easiest is to use the auto parts store pumps that screw into the oil bottle. Some of these pumps come apart easily. Buy a good one. The Amsoil pump I have works, yet it fits their bottles neck threads. The one I bought at a regular chain came apart and i had to use plastic tie strapping to hold it together to refill the M47 II in my 1991 240. Keep it clean. Use brake parts cleaners and get the dirt away from the fill and drain holes.
If all you have is Type F, as in Ford Auto Transmission Fluid "Type F", than use it. Do not put in any other type lubricant like Dexron or some sort of generic all type auto or manual transmission fluid. The better and more widely available option is the Redline MTL as the Redline website specifies for your year 240 and transmission model. The best option The Volvo OEM fluid 1161645. It is a true gear oil originally installed in your M47 II transmission. Seek vvpete's articles on the subject here and at the turbobricks.
You can go to oil change places, like Oil Can Henry's, and they'll fill up whatever container you have of Redline and that's 50% cheaper than buying the bottle from a auto parts or petroleum product's store.
If the fluid in the transmission is either low, dark tan or dark brown in color, smells like the burning phenolic, hot brake, or strongly of overheated automatic transmission, all exceptionally intensely, you may want to go ahead and replace the fluid.
The gear whine sound may quite with a transmission fluid overfillup. You may need to check it for leaks. If you still hear the same, or an amended note, like quality or frequency in the sound after overfilling the transmission, it may suggest considerable wear from a perpetuating low or wrong fluid condition before you got to it.
Keep pumping until the fluid backs out a bit and place the fill cap on quickly and torque it to whatever the torque value is in your Bentley Volvo 240 repair manual.
You may want to get replacement crush washers before staring out.
See here in the faq at http://www.brickboard.com/FAQ/700-900/TransmissionManual.htm
Sorry to be so blabby. These M47 manual transmissions is a touchy subject right now. Using the wrong fluid ('type f') for years (and now we know), can't get replacement OEM clutch cables, and well, I dunno.
Hope that helps.
Happy Holidays.
MacDuff.
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Happy Kitties' Day!
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