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Info from the owner or mechanic sounds a bit fishy. There is no timing chain, but there is a belt which gets changed at 70K. There is no tranny fluid flush or change at 100K. There is no sensor "in" the transmission. Externally there is a temp sensor, speed sensor and gear position sensor, a fault on any of these will trigger a flashing light.
Although Volvo do not talk about flushing real world experience here and elsewhere says it is beneficial. I would do that first, preferably with synthetic ATF.
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David Hunter
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