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What is POWER E-AT button for on 1993 Mercury Villager Van dash?

The POWER E-AT button on a 1993 Mercury Villager's dashboard controls the automatic transmission's overdrive. "E-AT" likely stands for Electronic Automatic Transmission.

Pressing the button engages or disengages the overdrive gear. Disengaging overdrive (by turning the button off) limits the transmission to lower gears, which can be helpful for situations requiring more engine braking (like going down steep hills) or when towing.