SOURCE: Spare tire winch
This unfortunately is a common problem, you will have to cut the cable and replace the tire winch, luckily they are cheap.
SOURCE: 2001 Ford F150 Spare tire assembly
The unit is sealed, a new one is cheap, this is an all to common issue on all fords, have answered 3 questions about the same issue today alone.
SOURCE: replacing spare tire winch 2004 chev trailblazer
I have a '02 TrailBlazer and I had the same problem. When I got a flat and went to change the tire on the side of the road I was not able to get the tire off the winch. Luckly, I have AAA and the driver knew the trick to getting the tire free. The process involved lowering the tire as far as it would go and then kicking it. Wind back up and repeat until the winch free's itself.
When I took the car into the shop to get the tire fixed and the have the spare put back on the car, they were not able to get the winch free enough to put the tire back on. They said that is is a common problem with this mechanism and suggested replacing the winch system (estmated parts and labor $215). From what I can tell the winch accumulates rust up in the cable and locks up.
SOURCE: water leakage in spare tire compartment
aging foam seal around the tail light assembly is probably the issue. To check for sure, remove the trunk's cloth liner, get inside the trunk with a flashlight and have another person methodically spray the trunk area from bottom to up onto the backglass area last. Look for water entering and seal body seams, replace foam seals, etc as detected by your water test.
SOURCE: My problem is when I try to lower my spare tire
CAN YOU PULL ON THE TIRE WHILE YOU LOWER IT. IT MIGHT BE GETTING CAUGTH UP IN THE CABLE HOUSING
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