The tow button as I understand just resets the shift points, and makes the tranny hold gears a little longer when towing. Unless your towing over 5000lbs I wouldn't even use tow mode.
Look inside the drivers door. I think it's around 5500lbs, but not sure. When I moved here to Albuquerque I towed a uhaul trailer (6000lbs) and about a 1000lbs in the bed, and it towed like a champ.
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