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Of course you need to check the obvious, like the steering linkage/drag arm, or loose lug nuts first. With the front end jacked up but the front wheels still solidly on the ground, grab a front wheel at the 3 and 9 o'clock positions and pull it back and forth and make sure the other wheel moves with it. If the slop is there then it's tie rod ends you have a problem with and they'll need replaced and an alignment done.
Or then it could be a bad steering box.
I had an 89 that the steering box was shot (which is not inherent to just Fords). On it's last trip home before I replaced the box, I found that the 'straight' road nearby my house, wasn't so straight when it finally gave up. I had to turn the wheel a full turn back and forth just to keep it straght. On my last turn I had to go into the ditch just to make turn. I drove it straight up into my yard and it sat there until I fixed it.
I just went to a junk yard and got another. You can rebuild them if you want.
I had one from a Lincoln I almost put on it but when I went to put the Pitman arm on it, I realized it was backwards of my van's box. That would have been a real trip as I would have had to turn the steering wheel the opposite way to turn the van!
Before you do anything, lube every point on the front end. The front end can start dragging from just that and it feels loose. I had a major drivability problem from apparent "play" but that's all it was.
Just to preempt this easy, common mistake. The steering box (provided it is the same as my '87 E150) has an adjustment screw and everybody assumes it will adjust the slack in the box. It does not. It is a mesh preloading adjustment, which is not related to slack. It can only be adjusted properly off the vehicle with torque wrenches. It is supposed to be adjusted at the time of mfg and should not need adjustment later. If it's set out of adjustment- which is inevitable if you try to monkey with it in an effort to tighten the steering- it can destroy the box in short order.
The common problem is toe-in. Take a tape measure, measure the distance between the front of the tires, and then the distance between the back fo the tires. If it's the same there's your problem. Take one of the tie rod ends off and turn it in about four turns, and then test drive it. Also check your ball joints they can cause a similar problem.
check your tire pressure first. i believe it should be 41 psi. check the door.
when i got mine she was all over the place. turned out to be 25psi all around. lotta people set them at 30 (even tire shops) and that will eat your sidewalls fast and be abit loose. below that is dangerous for sure.
just in case u haven't checked the psi i thought i'd mention it.
good luck. i hope its a simple fix. check your door panels and tires for the proper psi.
also if the van is new to u. make sure the tires are reinforced or xl. these vans are heavy and need them. a regular tire will have u all over the road at highwayspeeds 4 sure.
Just replaced my shocks with a set of Bilsteins and while I was down there finally got around to lubing the front end. I don't know if the shocks or the lube made the difference, but the steering is so much better now. Had the same wandering problem. I have 125K on her now... I think the lube is what she really needed.