Recently purchased a 2003 F150. The other night I went to lower the spare and found the "Key" to the lowering mechanism was missing. Upon further checking I found that the key had apparently been wrung off in the lowering unit shaft end; the little star shaped slot that mates with the key is filled with a hard material which I assume is the remains of the key. Tried to pick it out with a long screwdriver to no avail, so even if I had access to the proper key I couldn't get in the slot. I'd really like to lower the spare without resorting to cutting the cable. Any ideas on how to do it? Thanks, Piffery1

 

I would cut it and if you want to put it back there, stop by a salvage yard to replace the parts. Probably not what you want to hear.

 

After several hours of beating, banging, bumping and blasphemy I was able to get a long narrow blade screwdriver lodged in the keyslot and managed to lower the spare and then remove the whole mechanism. After cleaning out the keyslot it looks like it may be still usable with the proper key.
Thanks,
Piffery1

 

Glad it worked out. I know that was a lot of work.

 

Once I got the winch off and on the workbench, I found I could remove the keyed section from the winch shaft and the regular crank fits in its slot perfectly. Piffery1

 

I have a replacement key lock set that I'm willing to part with if you're interested. PM me for more information.

 

Thanks for the offer but I'll do without! Piffery1

 

The part that the key mates into can be removed, and a rectangular slot remains. It fits nicely with blade end of a tire iron. Sounds like that is what Piffery1 did.

There are some good Youtube videos that show how to remove it. I had to do this when I bought my SuperDuty.

Glad you got it worked out! Good Job!