Your 760 has a computer-cut key to provide for better theft deterence. Good plan and everything’s fine until you get wear on either the key or the waffers within the cylinder.

The key will likely not be removable without damaging the waffers within the cylinder so the cylinder and key have to be removed as a unit.

To get at the cylinder, you first remove the plastic works above and below the steering column. You’ll see a small pin-size hole on the top part of the cylinder housing. Push in a pin all the while pulling on the key/cylinder. A problem I encountered here is that in order to remove the cylinder from the steering column, the key must be in either the accessory position or the off position(I can’t remember which, it’s been 3 years). If yours is not in that right position, you may have to resort to a hefty pair of pliers to turn the key. That will effectively wreck the waffers within the cylinder.

I was able to get a new key from Volvo and found a locksmith who does work on fancy Lexus-type keys (computer cut) and he was able to replace the waffers.

He gave me a ‘thanks but you’re too late’ bit of advice: after 10 years, replace the key. Any bit of wear on them and they bind up the waffles.

Good luck!