· Satyr of the Midwest
Do this before doing anything else. The flashing light means something meaningful, i.e. the PCM sees a definite problem and has logged a troublecode in its memory, just waiting to be retrieved. It will likely give you a basis for repairs. Please don't go throwing parts at it and THEN find out it was something simple.Pull codes. You've got a 96, so it's OBDII, and you'll need a scanner to get them. The parts stores normally do it for free.
Just as an FYI (not necessarily for the OP), the E4OD rebuild kits are only about $150-200 for a quality kit with everything you'd need. Add another $100 for a new solenoid pack if you choose to replace that too, and maybe $75-150 in upgraded internal parts. OTOH, a Motorcraft rebuilt transmission with a warranty is actually a great buy IMHO, in terms of cost, quality, availability, and warranty service.
Too late, dude. :histericaJust trying to clear up the confusion so I don't look like a noob.