Here's a little photo-documentation on the rear reflector strip for 85-87 Town Cars, though I imagine the reflectors for all Box TCs are similar. None of this is rocket science, but I've got the pictures and figured it might help someone down the road. I undertook the project because of debris and some long-dead organic matter trapped behind the lenses.
The reflectors are held in place by 12 bolts, accessible from inside the trunk after removing the rear carpet and latch cover. There are also seven Phillips screws holding the bumper filler strip to the reflector, accessible from beneath the car. These should just require a simple screwdriver to remove, though if you have a trailer hitch there may be clearance issues on a few screws. I overcame this with a small ratcheting screwdriver from Harbor Freight.

Once everything's unbolted and unscrewed the whole unit should pull straight out. Don't forget to pop out the reverse lights.

In order to remove the actual reflective bits, the top and bottom aluminum trim pieces have to come off. These are each secured by eight retention clips and nuts, accessible from the reverse side of the assembly. Some of these nuts may be very close to the plastic housing, which can make it difficult to get a socket over them.

With the metal trim removed, the plastic lenses can come off. There are three panels, held on by 20-some metal clips and butyl tape around the entire perimeter. Remove the outer panels first, as they overlap the center. An angled pick tool or trim removal tool can help move things along, slipped behind the lens in the butyl channel. A little heat from a heat gun or hair dryer may make the butyl tape more pliable and ease removal, but since everything is plastic you don't want to go overboard with heat. Work your way around the perimeter of each panel and slowly free it from the tape and clips. This step is probably the riskiest of the whole process, as the red plastic lenses are fairly brittle.

Here's a closer shot of the metal clips and the butyl tape. Depending on how crusty things are, you might be able to reuse the butyl sealant. I opted to scrape it all out in order to better clean the reflector housing. Now would also be a good time to remove the rust from the clips - soaking in vinegar for a few days works well - and repainting them. You can see how as the clips rust, the reflective paint in the housing starts to run off. It's hardly noticeable when fully assembled, but you've come this far, so why not go all the way?

The final step in disassembly is to separate the reflector panels, which consist of a red lens and white diffuser. The diffuser is basically superglued to the lens at four points, two top and two bottom. A trim removal tool can slip between the two pieces at the top, and with a little torsion the glue should break free. The bottom connections are a little more fragile, but with some patience they should pop off too.

In total there are nine pieces to the unit, plus a couple dozen clips and fasteners. Reassembly should just be everything above in reverse. Note that there is some kind of sealant, possibly butyl, around the fasteners holding the reflector to the trunk. If this sealant is removed or falls off, a conduit is opened for water to enter the trunk.
The reflectors are held in place by 12 bolts, accessible from inside the trunk after removing the rear carpet and latch cover. There are also seven Phillips screws holding the bumper filler strip to the reflector, accessible from beneath the car. These should just require a simple screwdriver to remove, though if you have a trailer hitch there may be clearance issues on a few screws. I overcame this with a small ratcheting screwdriver from Harbor Freight.

Once everything's unbolted and unscrewed the whole unit should pull straight out. Don't forget to pop out the reverse lights.

In order to remove the actual reflective bits, the top and bottom aluminum trim pieces have to come off. These are each secured by eight retention clips and nuts, accessible from the reverse side of the assembly. Some of these nuts may be very close to the plastic housing, which can make it difficult to get a socket over them.

With the metal trim removed, the plastic lenses can come off. There are three panels, held on by 20-some metal clips and butyl tape around the entire perimeter. Remove the outer panels first, as they overlap the center. An angled pick tool or trim removal tool can help move things along, slipped behind the lens in the butyl channel. A little heat from a heat gun or hair dryer may make the butyl tape more pliable and ease removal, but since everything is plastic you don't want to go overboard with heat. Work your way around the perimeter of each panel and slowly free it from the tape and clips. This step is probably the riskiest of the whole process, as the red plastic lenses are fairly brittle.

Here's a closer shot of the metal clips and the butyl tape. Depending on how crusty things are, you might be able to reuse the butyl sealant. I opted to scrape it all out in order to better clean the reflector housing. Now would also be a good time to remove the rust from the clips - soaking in vinegar for a few days works well - and repainting them. You can see how as the clips rust, the reflective paint in the housing starts to run off. It's hardly noticeable when fully assembled, but you've come this far, so why not go all the way?

The final step in disassembly is to separate the reflector panels, which consist of a red lens and white diffuser. The diffuser is basically superglued to the lens at four points, two top and two bottom. A trim removal tool can slip between the two pieces at the top, and with a little torsion the glue should break free. The bottom connections are a little more fragile, but with some patience they should pop off too.

In total there are nine pieces to the unit, plus a couple dozen clips and fasteners. Reassembly should just be everything above in reverse. Note that there is some kind of sealant, possibly butyl, around the fasteners holding the reflector to the trunk. If this sealant is removed or falls off, a conduit is opened for water to enter the trunk.
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