I know this has ben beat to death.... but this was my first impression of this picture... so if it's not a trunk release in this picture..... what is it?

 

my other guess was the inertia switch for the fuel

 

Looks like a screw securing the console and with a plastic tip so Ford won't be sued for millions.

 

Ejection button for the passenger seat.

 

There's not enough room to put anything in the trunk anyhow (grin).

Somehow I made it through life with my 66 Fastback and my 68 Convertible without even THINKING I would need a trunk release button. And if I needed to open the back of my 87 or 88 GTs, well, you had to get out of the car as well.

Key fob release is fine by me.

 

The trunk release button is located under the hood adjacent to the oil dip stick. It's orange in color so as not to confuse you with the dip-stick.