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I was looking at a used 2003 xlt expedition 5.4 and the shifter had the push button OD lockout on it just like my E40D in my 94 Bronco and my 4r100 in my 2000 v10 Ex. Not sure what tranny this thing has.
Anyway the light would not light up when the button was pushed although I could feel it shift into drive and then back to OD when pressed again. Would this be just a burnt out bulb or is there a bigger issue. Seemed to shift fine and no noticeable tranny problems.
The wires to the button and light often get broken where they enter the shifter handle. Take the plastic cover off of the steering column and you'll be able to see the damaged wires. Fix the wires or replace the shifter handle.