Hi,
When the engine is running, the alt should be producing around 14v. If you getting 12.5, there is an alternator issue. Yes, it could be related the voltage regulator, but it is internal with the alternator.
Here is a link that explains how to test the alternator. Try this and let me know what you find.
https://www.2carpros.com/articles/how-to-check-a-car-alternator
If it doesn't meet the specs indicated, I would suggest removing the alternator and having it bench tested at a parts store. Most will do it free of charge.
Here is a link that shows how in general to remove and replace an alternator:
https://www.2carpros.com/articles/how-to-replace-an-alternator
Here are the directions specific to your vehicle. The attached pics correlate with the directions.
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2003 Ford Truck Windstar V6-3.8L VIN 4
Procedures
Vehicle Starting and Charging Charging System Alternator Service and Repair Procedures
PROCEDURES
REMOVAL
1. Disconnect the battery ground cable.
2. Remove the accessory drive belt.
pic 1
3. Remove the generator electrical connectors.
pic 2
4. Release the wiring harness locator from the generator.
pic 3
5. Remove the bolts and the generator.
INSTALLATION
1. To install, reverse the removal procedure.
NOTE: Be sure to reinstall the ground strap to the front generator bolt.
____________________________
Let me know if this helps or if you have other questions.
Take care,
Joe
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Tuesday, May 4th, 2021 AT 5:22 PM