In my reply to Larry I told him that I found the problem with the collet, the snap ring is the wrong one, it is just to small. Once I took the snap ring off the bit goes in an out just fine, but that would be a problem getting the collet out of the shaft, I guess I could get the correct size snap ring but then I like the new one so much that I will just keep it and store the other one in the large round file cabinet.