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I OWN A 1992 BRONCO FULL SIZE WITH A 302 ENGINE, RECENTLY IT HAS BEGUN "CUTTING OUT" WHEN DECELLERATING SLOWLY. THE PROBLEM HAS NOW STARTED CAUSING THE ENGINE TO DIE OUT WHEN STARTING OFF. I HAVE TALKED WITH SEVERAL MECHANICS AND EVERYONE HAS GIVEN ME A DIFFERENT CAUSE FOR THIS, NONE HAVE SEEM TO BE A REMEDY AS OF YET. ANY HELP WOULD BE GREATLY APPRECIATED.
FYI - These trucks have a TFI-EEC ignition with the module mounted on the side of the distributor (where all the wires are connected). These are very common to fail, I can't count how many I have had to replace. Usually it starts out as an intermittent problem then they just go out.
Also if the coil were bad it can cause the module to burn out as well.
This is where I would start, but another thing to check is the fuel pressure at the rail both with the key on and with it off, and with the vacuum line to it on then with it off.
From what I have heard on this site, Haynes makes the best manual for these trucks, especially for checking the codes.
I, however, have a Chilton's and don't recommend it. I learn more here than reading that.
The module unplugs then you can unscrew it from the distributor. The lube you refer to is actually a die-electric grease. When you buy a new module it comes with a small tube of it. Just smear it on the back side. This helps dissipate heat.