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I have a 2002 F350 and my OD light came on, that was 3 transmissions ago... by default the fords are in OD, you have to turn it off when towing. Never tow without turning the OD off first. My experience was that the trans was burned up, and the light kept flashing, or You might be exceeding the speed for being in OD.

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15y ago
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Q: What does it mean if the overdrive light flashes in your 2002 ford F350?
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