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My 05 Ex V10 no longer shifts out of overdrive (conveniently, 1000 miles after I'm out of the 36k warranty). I have the 4-speed auto with the overdrive off button on the end of the shifter. When I press the button, the truck doesn't downshift, and the light does not come on.
I'd prefer to fix this myself, if possible, but don't know where to begin in the troubleshooting process (what little mechanical knowledge I have is limited to late 60's technology).
If this is what happened to you you're lucky, when mine went out, the gauges all went out and the throttle went to idle. Fortunately I was going down a long hill and was able to coast into town. Also fortunate that I still had the engine running, the thought of going down a 12% grade w/o power brakes is scary.
Try removing the plastic ring, mine sometimes gets stuck on the ring where it won't move. Also, if you're only out of warranty by 1000 miles, more than likely Ford will cover it.