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Well... given that the battery was completely dead again and in that the alternator light kept coming on, I decided to finally pull it and have it tested. Sure enough, it tested bad so I replaced it and the voltage regulator. The connections on the back of the new one were not in exactly the same place as on the old one so I'm afraid that I haven't connected it properly, especially because one heats up and sparks when you accelerate. In addition, the Alternator light still comes on when it's running.
Here are pics of the old one and new one installed as well as a short video of the sparking. Help! Looks like an engine fire waiting to happen as it is. Thanks guys!
you have one wire in the wrong spot...note the original alt at the top location as it appears theres no wire in the top stud in the recessed horseshoe shaped area ...whereas on the replacement you have a wire at that location...the back on the replacement was put on differently then original...if you line up the BACKS of them both and wire it up all should be well...If not...go get another alternator.
The alternators are clocked differently as CS65 pointed out. A quick fixt is to remove the 3 housing screws and rotate it to match the old one. This way you wont miswire it again. It doesn't take much to pull the brushes off their rings if you pull the back housing out too far.. But if it does happen don't panic. You see the small pin hole next to the "white" insulator? Insert a straightened paperclip into the hole and through the brush holder to hold the brushes off the rings. Then simply slide the housing back on and bolt it in the correct clock angle. I have had to do that a few times in the past.
Like the other guys said, all the connections are the same, just turned a little over a quarter turn clockwise. It looks like you have the ground (GRD) and stator (STA) wires reversed. Field (FLD) and hot (BAT) look right. Or to put it another way, the connections with the red and white rings are correct. The one with the black ring and the one with no ring need to be swapped. Those plastic rings are for the rubber boots to clip onto.
Indexing the back cover to correct the alignment is correct, but if the wires were connected wrong you may have burn't the diodes. At a minimum I would take it in and have it bench tested before you do any work. If it's good, index it like the old one and hook up the wires like the original picture showed. By the way smart man to take a picture before you pulled the wires. Get a little closer so you can see the lettering on the terminals.
and just a little food for thought...when alternators go bad...typically all most rebuilders do is replace the brushes and/or bearings. Brushes are about 4 bucks and bearings not much more...in other words...alot cheaper then replacing your original with one that while all pretty and clean may not have had much done to 'rebuild' it. Starters are the same...just saved myself a ton of dough with my 91 Rangers starter by changing out the brush holder assy....it cost 25 whereas the whole thing woulda cost me 85 for one with a 30 day warranty..95 for lifetime and 120 for a new one...pretty good money savings if ya ask me...