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: How do you put a spare tire back under a 2001 santa fe?
there is a hole in the trunk area for a large common blade type screw diver that loosens or tightens the spare tire platform
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