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Jun 17, 2014
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Hello, a recap: I had lost the original keys for the '01, failed to drill out the ignition lock cylinder and had to replace the column that came with 2keys. In talking to one locksmith, he asks me if I have the original column he says he can save me some money by using the transceiver off of it and using on he replacement column. Talking to another locksmith I asked him about this, he said no. Which one is right? Thanks in advance.
Its been a long time since I played with the ignition switch. So -- From what I remember -

When the key is put into the ignition switch, the ignition switch "halo" energizes the electronics in the key head.
The transceiver reads the data it receives from the key.
It checks the data from the key in the ignition switch, against the key data stored in the car's instrument panel (where key data is stored).
If they match the transceiver tells the main computer to allow it to start.

To me it looks like all the locksmith has to do is program your 2 new keys into the car.
When I bought my 2001 Continental back in May 2018 it only came with a Valet key. So I did a lot of research to save some money and get it done right. Ended up buying a pair of brand new key FOBs on Ebay (labeled Mem 1 and Mem 2) for $38 delivered.....didn't want someone else's problems with used fobs. Went to an area True Value Hardware store to have a pair of full function Ignition keys made up. If I recall that was $75 or so. But that beat the alternatives of spending $125-$250 with the dealership, local locksmiths, who weren't even sure if they could do the job properly. I detailed all that information in my 2018 thread on this car.

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