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I have a 1985 F150 4x2, straight-six, manual transmission and my electrical went nuts yesterday. I started the truck up and smoke bellowed out from behind the radio and from under the steering column. The truck then bucked and kicked, the wiper motors went way too fast, and the lights stopped working far from home. I replaced the voltage regulator and the symptoms persisted but I turned on the blower motor to suck up some power and the motor worked ok. I tried to drive her home and the blower motor burnt out, the wipers went on by them selves, and half the dash lights exploded and now the truck is just sitting dead along the highway waiting for a tow.
The method of troubleshooting this will not be high-tech. Crawl on the floor with a flashlight under the dash and look for the source of the smoke. Pull various components out like the radio to get a better look at some of the wiring.
There has been no extra humidity because I live in Northern Ohio and it is freeking cold out today. The wiper switch is next to the headlights under the dash council; Not on the column. The radio and the kick panels are torn out. Plus I already ripped apart half the dash on the side of the road looking for signs of fire or obvious problems to no avail before I abandoned the truck. When I get any extra info I will post it.
I sounds to me like you have a bare wire that has crossed with a your main accessories wires. Does this happen when you have the engine off or only when you are running?
The one thing that you said that bothers me is that the dash lights exploded. If they actually did burn out (the elements melted like a fuse), then I would be inclined to think that they were hit with a very high voltage, such as might happen with a run-away alternator that had killed the regulator. If that is the case, replacing the regulator wouldn't help; the new one would just burn up too.
It may be that the high alternator voltage melted the insulation on some of the wiring under the dash, causing all the smoke.
I would recommend you have both the alternator and regulator checked by your local parts store before you try to start the truck again. Also, as was said above, search for burnt wiring, from the fuse block across to the heater itself, everywhere under the dash.
I HAVE A SIMILAR PROBLEM. SMOKE CAME FROM BEHIND THE RADIO AND ALL CIRCUITS DIED. RADIO SMELLS LIKE SMOKE. I CAN'T GET ANYTHING TO WORK.AS YET I HAVN'T FOUND ANY MELTED WIRES. I'M STILL LOOKING.