One problem related to overdrive light on has been reported for the 2007 Ford F-150. The most recently reported issues are listed below. Please also check out the statistics and reliability analysis of the 2007 Ford F-150 based on all problems reported for the 2007 F-150.
While driving on the freeway at 75mph a warning light came on saying transmission fault. The overdrive light was flashing. The truck continued to drive normally but the warning indicators kept going on. There were no codes when it was taken to the shop although the shop said they have a retaining clip that wears out and causes all the parts to shift. This resulted in having to replace the transmission. Ford needs to recall the defective parts. Many other f 150 owners have had the same problem. Transmission replacement cost more than I bought the truck for!.