[SigEpBlue]

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.

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.

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.

Just trying to clear up the confusion so I don't look like a noob.

Too late, dude. :histerica

 

[SigEpBlue]

Yes. To the former.

 

[SigEpBlue]

The associated wiring harness and the condition of the differential oil.

 

[SigEpBlue]

:histerica

:wtf

If there's a lot of metallic particles or the exciter ring is chipped, he's got to address those.