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It seems like it does not want to go into OD. When I reach the speed where i expect it to shift into OD (at very light throttle) that's when the light starts flashing.
It seems to be staying in third, and when I leave off the gas it free-wheels until I get back on the gas.
Hopefully Mark the resident tranny guru isnt gone for the weekend and will chime in, he can probably guide you in the right direction. I seem to remember him saying places like AutoZone that read codes cannot read Ford tranny codes, so you may need to stop by the stealership or compitant shop to have them read. I am asuming the fluid is full and is a good bright red and does not smell or look burnt?
There could also be a short in the wiring that goes up inside the shift lever, which is not all that uncommon. There's no way to simply change out the end of the shifter with the button switch due to how it was installed (I've tried).
If it is a wiring short and it's within reach, meaning that you can see the worn place on the wires once you remove the lever, here's a quick summary of how to go about this little job (again assuming that it is a shorted wire problem in the shifter, which is what it sounds like to me)...
- remove the cover off the steering wheel
- punch out the single pin holding the shift lever in place
- disconnect the wiring connecter
- repair the worn spot
- reverse the steps for the re-install.
Otherwise, you may have to replace the entire shift lever which is neither too difficult nor too expensive (IIRC).
When mine did this it was the torque converter. I upgraded to a BTS TC and also had to replace the oil pump in the trans cause it stripped the splines off of it.
If it is flashing at a steady rate it isn't the shifter wiring. It is a message that a trans problem is occurring and you need to get the codes read so that it can be fixed. Autozone and the other free places usually can't read Ford trans codes because it takes a better scan tool than the ones they use.
It is definitely blinking at a steady rate. I took it for another ride. I started out with the OD off, and it worked fine until I came to a stop sign and it started flashing again. Pulled away from the stop sign and it stopped blinking. Got on the interstate and turned the OD back on and if shifted and acted fine for about 8 to 10 miles, until I pulled back off the exit ramp, then it started blinking again. This time it stayed blinking and started shifting hard again.
Sometimes when it's blinking it stays in third, but sometimes it seems to shift into OD.
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