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You can check for fault codes at two small (1.5" x 1") rectangular boxs (called the DLC) under the hood behind the passenger side headlight area. Each cover should come off as you pull up on it, but only an inch or so because it will have a removable wire as well as a retaining cord attached to the cover. The box on the left, near the blue cover for the windshield washer fluid should be A and the other one B.
To check for transmission faults, you need to put the removable plug into the A-1 socket and turn the ignition on almost all the way but not far enough to energize the starter motor. Go to the DLC and press the small black button for a second and wait for a blinking red light. Write down the number of blinks. They will come in 3 segments with a short pause between them. You will understand it better after you have done it once. The code 1-1-1 means no faults are stored. 1-1-2 up to 3-3-3 are possible faults that you might find. If you don't get the 1-1-1, then you have to keep on reading codes until the 1-1-1 shows up which signifies that you have seen all the codes. At this point, you can clear the codes. Do this by pressing on the button again for at least 7 seconds and release. In a few seconds, the red light will come back on. Press and hold the button again for at least 7 seconds and then release. In a few seconds the red light should go off and the codes should have been removed. To verify, press the button for a second and release. If you get the code 1-1-1, you have been successful. If not, repeat the procedure. If you can't complete these steps, you can stop at any time and put things back they way there were with no danger to anything.
I use both a Haynes and a Chilton manual to work on our 850's. Each manual lists a majority of the fault codes and will take you through the prfocess step by step. If you are planning to any work yourself or you what to be knowledgable when you take it a shop, they are worth having and aren't too expensive, compared to Volvo's service manuals which are much more detailed and comprehensive.
Go to this website and you will find a listing of the transmission fault codes.
http://www.volvospeed.com/volvo_performance.php
This often referred to as the Bay 13 repair site where you will find many repairs explained, often with pictures.
As to the oil light coming on, was the oil changed recently? Could a lighter weight oil have been used? Your owner's manual should indicate the proper weight based on the temperature range where you live.
Did the oil light stay on after you turned off the engine? Normally, all the lights should be off when the engine has been turned completely off. This could indicate a wiring problem.
As to the car seeming to be 'zippier', could you have inadvertently moved the transmission mode lever to sport from economy?
Hope some of this helps.
Good luck.
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Don 93 & 95 854 GLT, 95 855T
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