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I recently purchased a 94' F-150. Its a 302, E4OD, 132,000 miles. I changed all fluids (engine oil, tranny, rear end coolant) soon after I bought it.
On a recent 500 mile trip I noticed the tranny would briefly ( a second or so) seem to shift into nuetral and immediately shift back into gear. This happened with and without O/D switched on. It happened maybe 6-7 times over the 500 mile trip.