If you want to initiate a new master key....
1. Insert new key into ignition cylinder and turn it to the ON (RUN) position. The security light on the dash will flash for fifteen minutes.
2. When the security light stops flashing, you have FIVE minutes to start the next step. Turn the ignition cylinder OFF and then back to the ON (RUN) position. The security light on the dash will flash for fifteen more minutes.
3. When the security light stops flashing, you have FIVE minutes to start the next step. Turn the ignition cylinder to OFF and then back ON (RUN) position. The dash will flash for fifteen more minutes.
4. After the security light stops flashing the third time, the new key has been programmed into the vehicles computer and will operate the car. It has replaced ALL the previous electronic key codes and is the ONLY key programmed into the vehicles computer.
The dealership should be able to do this for you without a current key, of course this means towing the vehicle to them. See if they will sell you a key and you program it yourself.
hope this helps. I found the above info at FordF150.net
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