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I noticed last time I locked the hubs on my 1988 Eddie Bauer(red/pink plastic hubs) that one side didn't feel like it was engaging. The drivers side comes off the "free" position and it takes a tiny effort to get it to the "lock". On the passenger side, it comes off the "free" and then will just easily go over and seems to just float freely and not really lock. Do I need to get in there and see if something is busted? could it be something simple like the snap ring or c-clip? I know replacing it can be expensive and I'd rather not do that.
Not the same problem with mine but in late 87 and 88 there were two different types of locks. The one I have is red/pink and the whole lock slides onto the lug studs like the small trucks(ranger). I have been told that this is the "snow Plow" package for my truck. I had to replace one of mine because the guts were missing when I got the Bronco. I plan to upgrade them to the regular hubs but am not so shure what all is involved. You can just about get the regular stuff for the whole front end as cheep as the one hub.
Both of mine now click into lock. You might lock them in and jack up that side and see if it is working and if not into it you go.
Yosemite, I'd bet your hubs are fine. This is not unusual. Lock the hubs, stand by the one in question while someone slowly pulls the truck forward 10 feet or so. You might hear it click as the hub engages. Even if you dont' hear anything, try to unlock it after pulling forward. I bet you'll find the dial disengages positively and is no longer "floating" around.