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2000 Ranger V6 has PATS(passive anti-theft system), 1999/2000 V6 only, 2001 to 2011 all Rangers(except 2005, lol)
No, there is no by-pass for PATS, fix it or Tow it
I will assume you have driven the vehicle before buying it so it did run OK but the gas gauge didn't work
You dropped the tank or lifted the bed to look at or change sender/pump assembly in the tank
And after putting it back together you now get the "Theft Light"
None of that would effect a theft system, but could have blown fuses if wires got damaged
Theft Light is Flashing Rapidly with key on, NOT just on steady(that's an Alarm not PATS)
PATS should disable starter motor as well, so odd you can "crank it" but read on about battery voltage
After 45-60 seconds with key on theft light flashes code 1 6
11 Transceiver [transponder coil] not connected, or there is no power to it.
12 Transceiver internal fault.
13 No Key/no PATS key has been used to turn the ignition switch.
14 Incomplete key code received.
15 Invalid key code received.
16 CAN communications error.
In a 2000 V6 Ranger Code 16 means PATS module above Glove box can not communicate with the PCM(computer) in engine bay
So first thing, is the PCM turning on?
Watch the CEL(check engine light) on the dash, it will come on with key on, that means the Computer(PCM) has powered up, no CEL = No PCM and no start
Check PCM fuse and PCM relay in engine bay fuse box
Low Battery
Check battery voltage, key off, 12.3v to 12.8v is OK
Under 12.3v and voltage can drop too low when cranking, this resets PATS and it can't see PCM
In this case the Theft light should come on and then go off with key on, but would start to Flash Rapidly when cranking(voltage drop)