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I have a 1997 F3504x4 460manual, and the cruise control is NOT working, This truck IS OBD-1, I think it stems from the fact that it is a ChassisCab and they sometimes used older engines in these trucks, So the computer is not throwing a CC code or anything resembling a problem(SpeedSensor,etc..)I have taken the control box apart and cleaned the contacts and cleaned all the wire contacts including the ones on the back of the steering wheel, I know the cruise switch is hooked with the horn relay at some point, but when I used my test light on the middle wire on the plug under the steering wheel cover, I get the horn going off when I press the CC on button. Is this normal, also happens when I have my test light on the middle wire were the plug goes into the control box on the drive fender.
On the later electronic servo cruise like you have, the cruise doesn't really interface with the horn other than sharing 2 of the 3 wires. I know that sounds pretty intertwined, but they're not actually. The cruise uses low-current logic and the horn uses a straight 12V signal. Anyway, it's more likely one of the interrupt switches that's keeping the cruise from engaging. Check the clutch, brake, and (most likely) the pressure switch on the front of the master cylinder.
My cruise went out in my 97 f250 with a 460, and it turned out to be the cruise module servo amplifier itself. Ford wants like $200+ for it. I went to a junkyard and got one for $40. And DON"T LET THEM FOOL YOU, a cruise module out of an explorer will work also. The numbers don't cross reference, but they WILL work.