It does sound like your cable is bound up. You didn't by chance try to keep winding the cable down until it stopped even if the cable wouldn't drop any further? If you did that, you probably bound up the wire where it spools up inside. If you have the tire up all the way, try to take the tire down but see if the secondary latch engages. If it does, get some jack stands and support the spare tire on on each side of it. Then if you notice where the spare tire is held up, there is a little nub about 1 inch long that sticks out from the under side, it is about the size of your pointer finger for width and maybe 1-1.5 inches long. That probably is rusted to the actual ledge that holds the tire up but get a pair of pliers and grab it and try to bend it back and forth until it breaks free. Then you will see that the little nub is broken free and if you keep unwinding the lift, you can pull on that nub and get the cable to go down further. I did this on my own by going under the tire *be safe, don't risk having it fall down and hurt you* and kicking the tire iron around where it goes into the carrier and lowering it down all the way. The cable should go out maybe a foot from your bumper if you are at the stock height. It is pretty long. If you succeed in getting the cable out that far, wind it up slowly and then when it is supporting the weight of the tire, take the jackstands out and unlock the secondary latch and get your tire out.
