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Do you have over or under size tires? Go to your ford dealer with your tire size and they should have a different gear for the transfer case to make it right. All you have to do to change it is take a 7/16 or a 10mm bolt out I dont remember what size it was and pull the speedo cable out pop the clip off the gear and put the new gear on install the clip and slide the cable back in the t case and bolt it back on.
Like DMAN suggested, you just need to change out the speedo gear on the side of your tranny. With the 245/75's I was right on after changing out speedo gear. I recently changed tire sizes to 235/85's and had to decide between one that read 2 mph slower than actual or one that read 1 mph faster than actual. I went with the second choice.
To calibrate find a friend that has a GPS unit (we all love to show off our toys), grab a wrench and whatever gears your dealer suggests might work. There's a lot of confidence in knowing exactly how fast you're going ... especially if you like to push the limit a bit
Roger
if you are actually going 45 in a 35, and you thought you were going 35, pull the speedo gear and get one with 2 less teeth. 1 speedo tooth roughly equals 5mph.
if you subtract teeth, it'll make the speedo turn faster..