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I towed a 5,000 lb RV behind my 89 F-150 all over the country (California to Florida and back) and didn't have any problems. All on the bumper. The tongue did sit up a little higher than I liked, but there were no stability problems.
Ford says you can tow with the bumper. It's in the owners manual. I even quoted it earlier.
As long as yours isn't torn up, why not use it?
If you don't think it's a good idea, fine, don't do it...but the bottom line is as long as the truck isn't a bucket it's perfectly capable and perfectly safe.
Well just got back. Towed the car this morning (1968 Dodge Charger) grand total of 112 miles. No problems at all. I will say one thing that 300 ci (4.9 L) six sure can pull! Thanks everyone for the help and advice.