I have a one year old Ridgid DP1550. Started having problems with it and tonight I purchased a dial indicator and checked the runout. If I turn the spindel from the top pully by hand, there is .02 run out on the chuck. Outstanding for the money if you ask me. But with the chuck on or off, if I grab the spindle at the chuck or base and turn it, it reads .15 runout. There is an adjustment on the left of the spindle housing for this but it's worthless as it is either too lose or too tight. Is this a case of the bearings being the problem ? The spndle seems very straight, but the whole thing is loose. I know there is no lateral stress on the spindle, but still that's got to be way too much play?

Thanks in advance for the feedback.