Hi,
You must be talking about an automatic three speed with overdrive.
The manuals boxes are a true fifth gear selection with M47 transmissions.
In the automatic case, the arrow is saying you are locking it out of overdrive when the light comes on.
It is advising you that you can shift up into overdrive after you get over pulling a long grade.
This feature keeps the transmission from jumping in and out working the clutches inside.
When the light is off it then should be already shifted into overdrive or as it turns out, it should shift up.
So, you are either hung up in overdrive or not or you are permanently locked into the overdrive gear, if there has been a bypass plate installed.
In the latter case you are already getting lower engine revolutions in the top gear. If not, it has stopped working due to low fluid, a bad solenoid or wiring to it. The bypass plate is a cheap fix if you can tolerate the lack of pulling power on hills or use of a trailer.
I have one automatic in my fleet of six Volvos and it’s a 1992. I enjoy the option at times when recently being in Colorado and humming around 10,000 feet. Power vanishes with the amount of oxygen up there!
I don’t know what the bypass plate looks like and only can imagine it replaces the solenoid. As I last remember, IPDUSA.COM sells them. Maybe looking into their catalog may help you find out if you have one.
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Edit: I found this for you!
https://www.ipdusa.com/prodtype.asp?CAT_ID=969&numRecordPosition=0&categorycrumbs=
Scan the page to get a feel of what you are looking for under the car. You will see what I mean by a cheaper option.
I’m sure a call to them as they could give you more insight than I have.
They might suggest a fluid change if nothing else.
How many miles since it’s last service is bound to come up?
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It would be nice to know what RPM’s you are turning during speeds above say 50 mph and above in your next post.
Do you have a tachometer or can you temporarily attach one to read out in the cabin?
Information always helps us to reach a consensus among us Bricksters!
Phil
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