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Your problem is not in the cable.
It's in the body's part of the latch.
My hood was reluctant to stay down when I shut it on Saturday a.m., headed up to the pick-n-pull.
On the trip back home it self-released as I was accelerating to highway speed.
This is what I found the next day when I took the time to fix it.
Look down at the hole in the body-side of the latch mechanism. It has a small slider that moves towards drivers side to give a full circle to release the hood, then snaps back (towards passenger side) by spring action to hold onto the hood's prong to keep hood down.
Remove the radiator grill so you can reach in and work the mechanism by hand. You'll find the slider.
On my car the small spring that pulls the slider had broken. The spring also pulls the hood release cable back after you let go of it. I found the spring in my driveway a couple days before and saved it, but did not what it was. Now I knew.
You will need to remove the body-side latch mechanism. Be sure to pay attention to it's position; it is adjustable left-right and front-rear. I marked mine with a scribe and also memorized the position. Sure enough I could hardly read the scribe marks after cleaning the thing so it's good that I knew where it was positioned. Three screws hold it to the sheet metal. With those out, you can easily slip the latch off the end of the cable coming from passenger compartment.
I used brake cleaner to clean all the gunk out of the mechanism. Fortunately I had saved the broken spring and knew what to look for in the hardware store. I used 2 # 102 springs from a True Value - Cash Home Center. Or maybe you could get one from a junkyard or a Volvo dealer. One spring did the job but the end-loop was too short so I made an extension using material from the second spring.
Good luck.
My son had a hood fly up once. Very scary. You can't see.
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DAMHIK: Don't Ask Me How I Know - - - Sven: '89 245, IPD sways, electric rad. fan conversion, e-codes, 28+ mpg - auto tranny. 500 mi/week commute. '89 245 #2 (wifemobile). '90 244 (spare, runs).
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