If you have a 4.6L auto, it's a 4R70W.
Servicing the transmission is very simple. But, the first time will be very messy. That is why you'll need to install a
drain plug in the pan.
Supplies:
- Very large container (15 qts)
- 13 qts Mercon V transmisison fluid
- Drain plug kit find at any parts store
The pan gasket is reusable and so is the filter if it's not clogged (they don't clog unless the transmission is destroyed).
This is not as daunting as it seems; just very messy

You want the fluid to be warm so go for about a 20 minute drive. When you remove the pan, loosen all the bolts and then remove the bolts towards the back of the pan and let the fluid run out. When it stops flowing you can remove the pan but it will be heavy because there is still quite a bit of fluid in there.
Draining the torque converter:
The torque converter has a drain plug behind that plastic cap. To get the drain plug in the proper position, you need to use a breaker bar and turn the crankshaft clockwise until you
see the drian plug. When you put the TC drain plug back in, don't overtghten it. The pan bolts are also torqued to just 8-10 lb-ft. Too tight and the gasket will leak.
When refilling: add 5 qts through the dipstick tube and run the engine for about 30 seconds. Then add another 5 qts and run the engine again for 30 seconds. You can probably get in 2-3 more qts after that. The transmission holds 5 qts and the TC holds 8 qts. Depending on how much you spill onto your driveway, you can determine how much you need to add by the amount you've drained.
Couple of other things: If the pan has not been dropped before, there will be a plug in there that looks like a top. Don't worry about it. It's placed in there during assembly and pushed into the pan when they add the dipstick. It's also normal to find a lot of metal shavings on the magnet.