Why is there a constant flashing red light in my CD slot when the vehicle is turned off?
Most probably the part of the theft security system, check your owners manual.
Won't that drain the battery?
No, the red light is there to warn potential theives that your radio has a anti-theft feature built in from the factory.
Yes it will drain the battery, but only if you don't use the vehicle for an extended period of time. It'll drain faster in colder, especially below freezing temperatures.
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