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There is also a oversize plug made with a smaller plug in the center, so once the plug is installed, you leave it and use the smaller one to drain the oil.
Another way would be to braze the stripped hole some, and then retap it in the correct thread size. Of course flushing all the loose shavings when you are done.
I bought a 2005 Ford Escape with an aluminum oil pan with stripped threads (not the plug threads) and an oversized repair plug (you can get them from any good auto parts store) already in it. It still leaked. The oil pan replacement was extremely labor intensive and re-tapping the threads was impossible due to space confinement, so I started searching for something new and different. I found the EcoPlug which is designed for damaged and undamaged oil pans, both steel or aluminum. I bought the one for damaged oil pans and it worked. Now I have one for undamaged aluminum oil pans to put into my 2002 V6 F-150 oil pan during my next oil change. I had some questions and I called the owner of the company directly, who was extremely helpful.
Here are the links: Threadless, magnetic oil drain plug replacement for leaking oil drain pans, drip pans | Eco-Plug System Tel: 855-326-7584 Eco-Plug System Components