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I am new to the Corvette rebuild. I have a '76 that I got as a theft recovery and my current problem is in the column. They beat the tar out of the lock cylinder to unlock the wheel. I have cleaned up the mess as best I can and got a new cylinder but when it goes in it automatically rotates forward about a 1/8th inch, allows me to turn it forward to the start/run position but then wont rotate back far enough for me to get the key out. Is the ’76 equipped with the key going backward into the accessory position? If so, it won’t let me do that either. Is there something I can adjust?
I have the same year with a 4 speed. That lock cylinder actuates a plunger rod which in turn allows the car to start. It also locks the steering when the car is put in gear or park. It will rotate backwards to use the "accessories" such as the radio.
Look to see if there is any interference with metal in the cylinder area or the plunger rod itself. It is only a mechanical rotation of parts that will start the car. It can be adjusted a bit at the bottom but there maybe something more wrong at the 'top' end. A good exploded view such as the AIM manual or a shop manual will show you the area of concern.
Now would be a good time to paint that column as I am sure the theft process was not all that kind with the hammer/theft device. Gone in Sixty Seconds has little time for finesse lock cylinder removal.
Check the lower end fo the column, out under the hood. Look under the brake master cylinder. There is a lever sticking out from the lower end of the steering column. It is pointing toward the engine. There should be a cable attached to the lever. When you shift into REVERSE (with a manual trans) or into PARK (auto trans) the cable should push the lever to its full UP position. If you could look down the column from the driver seat, the lever would be at the 1 o'clock position.
See if you can force the lever full UP, or remove the cotter pin and washer so you can disconnect the cable from the pin on the lever. Now move the lever full UP. Now you should be able to rotate the ignition key to OFF-LOCK and remove the key. The cable could be rusted and frozen or possibly disconnected at the column or at the transmission.
BTW, there are five positions of the ignition key: From full clockwise
START, RUN, OFF, OFF-LOCK, and ACCESSORY. You can only remove your key in OFF-LOCK.
Some people remove the cable from the transmission and wire the lever on the column in the full UP position. Everything will work properly. However, the car can now be turned to OFF-LOCK (and the steering wheel locked) at any time -- even when the car is being driven!
Jim