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The other day I was at a budys and the power steering on my truck started winning. So I pop the hood and grab the "Type F" to fill her up.
MY buddy (a Chevy guy) asked me what I was doing. Told him Old ford Type F for power steering and Tranny. He was questing this so I grab my handy dandy book and Showed him where it says Type F for power steering.
But in a little more reading I saw that the Haynes Manual says for a C6 to use Mercon not Type F. I thought all Pre mid 80's Ford Transmissions take Type F.
The transition from Type F to Mercon started in '77 and I think was finished by '81 or so. I'm not sure on details of which vehicles/transmissions in that period got which fluids. If your truck has the original transmission and it's a '76, type F should be correct.
Dont know if it the original Tranny. The truck has a 400 in it that was not offered in 76 so I know that is not original. Vin says it should have a 360.
In any case, if it's shifting well with Type F in it, stick with it - Type F and Mercon have very different friction properties and the clutches would slip if you switched to Mercon when Type F was what the transmission was designed for. (And on the other hand, if it was a mid-80s transmission that called for Mercon and you had Type F in it, I'd expect the shifts to be overly firm/rough).
I have been told if you rebuild your transmission you can use any fluid you want(dunno how true this is) same with power steering, but factory yours probably used type F
If you rebuild it, you'll need to use the fluid that's appropriate for the friction materials you put in (clutches & bands). Likely, if you rebuild a C6, you'd get the newer soft parts that are intended for use with Mercon, and that's the fluid you'd end up using from there. But if you get soft parts that are intended for use with Type F, you'd keep using Type F.
Type F and Dexron are compatible with each other. The only diff is Dexron is more "slippery" for smoother shifts, but both are compatible with seals and clutch material and such. An old hot-rodder trick for GMs was to run Type F to firm up the shifts some. Anyone remember B&M Trick Shift fluid? It was blue and cost about $2.50 a quart in the 70s? It was just Type F colored blue.
On the c6's I build for myself, I've been using ATI's Super F. All the fun benefits of Type F, but with the benefits of a Synthetic.
Doesn't cost that much more than regular F.... I abuse my transmissions, and it's nice to have a little wiggle room on burning the fluid :P
To the original poster, use Type F for the power steering, transmission etc if it is available.
Even on new builds when you can use other fluids, I prefer Type F.... it has a better feel to it on a shift.