Big city spare tire thieves would have it down in about 2 minutes. Simply go under the vehicle with a channellocks and twist the entire tube assembly.
This is good to know in case I get in a jam. The thieves will have a bit more work to do. I keep a 3/4" cable lock around the tire/wheel and around the frame. I've already lost one because I didn't lock it. I am sure they can still get it if they really want it, but they'll probably just move on to the next truck.
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Jim
2003 F350 4x4 5.4L 6spd Reg Cab.
Mods:
Ford Mudflaps, Bug Shield, License Plate Frames, Steering Wheel Cover, Some ladders in the bed
Those stupid keys... Same problem on my 05, only mine was stripped out, spent almost an hour getting the spare to crank down... Once it was off, I unbolted the crank, removed the tube, and popped the truckside key thing off. Wouldn't you know there's the old rectangular slot behind it, just like the good ol' days. The cranks are the same on all the trucks, keyed or not, and the key's just sit in there... My spare tire keys found a nice little home in the scrap metal bin...
I removed that joke of a "security" device from my truck. Fortunately,I noticed the previous owner had lost it before I had to use the spare in an emergency.
JL
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Mods:
Same problem on my 05, only mine was stripped out, spent almost an hour getting the spare to crank down... Once it was off, I unbolted the crank, removed the tube, and popped the truckside key thing off. Wouldn't you know there's the old rectangular slot behind it, just like the good ol' days. The cranks are the same on all the trucks, keyed or not, and the key's just sit in there... My spare tire keys found a nice little home in the scrap metal bin... 
