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When the change oil light appears in a Ford 500, it means there's only 10% or less of the engine oil life left. To reset the oil life indicator after getting the oil changed, follow these steps: Press the SETUP button on the right side of the steering wheel until the message "PRESS RESET FOR SYS CHCK" appears. Then press the RESET button, and the screen will show the oil life percentage with the message "RESET IF NEW." Hold the RESET button for a few seconds until the display reads "IF NEW OIL HOLD RESET." Press and hold the RESET button once more, and the display will show that the oil life has been reset to 100%.
Keep the setup button pressed until the message prompts you to press reset on the screen for a system check. Press reset to display the oil change percentage indicator, or continue holding reset to initiate a full oil change.