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I just got a 1986 f-150 and I'm trying to get the kinks out before I start working on it...The truck has 89000 original miles but has been sitting for a while...The trans shifts fine untill it runs for sometime and gets hot..Then it wants to slip and change to soon...Could it be the Trans Cylinoid..Valcum Modulater..or TV Cable...Where should I start or should I replace all and change fluid and filter...
You didn't say which transmission you have. We will assume its either an AOD or a C6, the two most likely options. Neither has a solenoid to control shifting. The AOD is controled by a TV cable. If it shifts normally when cold, then its not the cable out of adjustment. Sounds like the seals are dead and open up and leak internal pressure as they warm up.
A C6 will have a vacuum modulator but again, temperature shouldn't have much effect on the modulator. If it had a vac line losing vacuum it would shift late and hard instead of early and slip.
I would pull the pan and inspect it for debris and see what the fluid looks like. New fluid may help but I suspect you will need an overhaul