On the 3.9-liter engine of the 2002-2005 Thunderbird model, the tensioner is located on the front of the engine, slightly below and to the left of the center. It will have a metal bracket with a bolt that runs through the center of the bracket. This is the tensioner pulley, and it is held in place by the bolt. To release the tension on the serpentine belt, you will need to loosen this bolt and rotate the tensioner pulley counter-clockwise. This will allow you to remove the old belt and install a new one. Once the new belt is installed, you will need to tighten the tensioner pulley bolt back in place until the belt is taut.
You will need a 15 mm socket and a breaker bar or ratchet to loosen the tensioner pulley bolt. When you loosen the tensioner pulley bolt, be sure to support the tensioner pulley with a block of wood or a pry bar. This will prevent the pulley from dropping down and hitting you in the face.
Here is a diagram of the serpentine belt routing for the 2002-2005 Ford Thunderbird 3.9-liter engine:
(Image of serpentine belt routing diagram for 3.9-liter engine)
2006-2007 Ford Thunderbird Serpentine Belt Routing
The serpentine belt routing for the 2.3-liter engine in the 2006-2007 Thunderbird model is slightly different from the 3.9-liter engine. In the 2.3-liter engine, the tensioner is located on the right side of the engine, next to the water pump. It will have a plastic bracket with a bolt that runs through the center of the bracket. This is the tensioner pulley, and it is held in place by the bolt. To release the tension on the serpentine belt, you will need to loosen this bolt and rotate the tensioner pulley counter-clockwise. This will allow you to remove the old belt and install a new one. Once the new belt is installed, you will need to tighten the tensioner pulley bolt back in place until the belt is taut.
You will need a 13 mm socket and a breaker bar or ratchet to loosen the tensioner pulley bolt. When you loosen the tensioner pulley bolt, be sure to support the tensioner pulley with a block of wood or a pry bar. This will prevent the pulley from dropping down and hitting you in the face.
Here is a diagram of the serpentine belt routing for the 2006-2007 Ford Thunderbird 2.3-liter engine:
(Image of serpentine belt routing diagram for 2.3-liter engine)