Why the 1974-78 Mustang was named Mustang II remains a mystery though some Ford insiders have said it had everything to do with Mr. Ford’s status as Henry Ford II. There was also LTD II and Capri II. Product planners also wanted the all-new Mustang to have a “next-generation” demeanor. What Ford perceived as a great idea—Mustang II—pigeon-holed the car with a name that isolated it from other Mustang generations.