So i should be able to stick something through theeye bolt and twist it off? And then the other side use a ratchet on the bottom

 

The 'eye-bolt' is only for loosening the carrier in so much to lower the spare to a reasonable level. Then, you raise up on the carrier and spare, at the same time turning the eye-bolt to a point to put it thru the carrier plate thus lowering the whole unit to the ground. (AFTER you dive out of the way of the falling carrier/tire assembly.) The carrier has a key-hole that will support the mess while re-installing it. (No spare = loose support = carrier flops around like an ex-wife.
Both shafts are factory held in the frame with a holding rig that will facilitate the operation while not having to attend each end of the bolt/shaft !@#$%^ thingie that SO pizzes us off while on the side of the hi-way at nite while you would SO rather be somewhere else.

It gets real interesting when the spare and carrier falls down going through a tunnel at rush hour. Twice. don't ask me how I know that...

 

So how am i supposed to get it off? Do i really have to cut it?

 

8 years ago I took mine off and threw it away because it was a pain to get the spare off. I have regretted that decision since.

 

I had the newer type with the wind down wire on several e series vans with no issues. Never had a cable snap

 

you can try a torch to heat the bolts up but your kinda close to the fuel tank i think i would cut the bolts and just get a galvanized bolt at the hardware store and spray it with undercoating

 

I just need to know where the bolts are at so i can try first. I thought the back part came off by my twisting the eye bolt. Is it on top where i should be twisting? Is there a nut or what? And the side closest to the front is a bolt as well right?

 

youll just need to crawl in there if my memory serves me correctly the nots are like a clip that just clips on the frame and the bolt goes through it but it was an 88 also

 

Remove the bed.