I tried to lower my spare and it would not come down. Ended up cutting the cable to drop the tire. After looking further it looks like the pin that attaches the extension shaft was binding on the frame. So before you cut the cable like I did, check that pin, put a smaller one in.

A new hoist is between $100-$125. I found a place to rebuild it for $70 including return shipping. This includes new interior components, SS cable, plastic bushings and a fresh powder coat finish. It looks great. They make spare tire hoists for the auto & RV OEMs. It took about 10 days from sending to getting it back. They need the piece that holds the tire up, so if you are missing that you'll need to get one. The company is TECA Assembly in Troy Ohio, the website is Spare Tire Hoist, Spare Tire Winch, Spare Tire Carrier - TECA I have no affiliation with them, just very impressed with the finished product. I have before and after pictures, PM me for them.