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Hello, I've recently bought a 1973 f100 Ranger XLT with the 360 in it. Now that its running we've discovered a transmission problem; it will not shift to second gear. First and reverse are strong and smooth but second acts like neutral. The truck will not move in second from a stop nor will it move in second while moving. The vacuum modulator is in tact and working. Fluid is full and new. The transmission only has 73k miles on it. Also when I put it in drive it makes a ding noise... Is this something I need to be concerned about? Thanks in advance.
Ding noise is often a U joint but with your issue who knows.
I'm no automatic expert but the first thing I'd do is physically check the linkage and make sure it's shifting the transmission into the gears you think it is. another thing to always check on a Ford is the kickdown arm , make sure it's working properly or it will cause problems, though I don't think the problem you have.
It does sound like the band has failed in some way. Either the servo or part of the mechanical linkage may not be working but it's more likely that the friction material has fallen off the band.
You can try adjusting the intermediate band adjustment, it should be torqued to 10 ft-lbs then backed off 1-1/2 turns but I'd plan on pulling the pan. In my case, the giveaway that I had a bigger problem than adjusting would take care of was the rather large chunks of friction material in the pan.
If this is a short haul or rarely driven vehicle, the intermediate hub can rust a bit and tear up the band. This is what happened to mine. It's not super humid where I live, a mile uphill from the Puget Sound, but it's enough that over time, rust formed inside the transmission. A regular cruise on the highway to dry things out would have prevented this. After the transmission rebuild, I drive the truck at least once a month for at least 20 miles. A side benefit is that some of the slow oil leaks seemed to have stopped.