Mobil 1 Syn ATF will work just fine. That's what I've had in my tranny and t-case for 100k miles. No worries. AFAIK, Mobil 1 Syn ATF is "equivalent" to Mercon or Mercon V, but they just haven't ponied up the $$ to Ford to be able to call it "Mercon" or Mercon V" on the label.
Transfercase Fluid
I am in the process of changing all my liquids in my truck and just want to verify the fluid that I should be using in the transfercase. According to the specs I should be using 4.1 pints of automatic transmission fluid. I have already bought Mobile 1 ATF for this, but after reading nummerous posts about the FORD spec change for the transmission from Mercon to Mercon V I am not sure if I need a Mercon V rated fluid for the transfercase or if I need to find Mercon??? Is the Mobile 1 ATF fine for this? I searched, but it seems that posts were dated back to 2007.
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