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I would advise against placing it behind the rear mud guard. Its exposed and the swing arm action tends to beat it up. Ask me how I know this.
I put my PCIII under the seat and on top of the stock ECM.
I dont really like it but it works.
MikeM
To get the clearance for the plug you have to release the fuse blocks and slide them down some to allow the plug to fit without hitting the seat. I think the same would apply to the Fatboy.
Might not be as dry as under the seat, but it looks safe tie strapped to the siren. I'd rather have my PC behind the splash guard than have my ECM velcro-ed to the bike.
OK,,,,so in the end, as much as I wanted the PC5, I am going the Thundermax route. Trying to drop the fuse and relay box down would not work as there is a harness running under it. I was just not into doing a "cram it all in job". For the 08 Fatboy, it really should be a PC111 from what I can see. I was planning on adding the autotune down the road which was the reason I went with the PC5. I just went for the Thundermax instead and now I am done and ready for anything. I was sitting on the fence to begin with. Thanks to all for your input.
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