I have the same problem with mine. The collet nut that came with it is too big. It wont screw down to hold the collet. I am searching for a new nut.
User Error! There are different diameter collets. I bet you are using a larger diameter bore collet than the bit outside diameter. Collet can be purchased at any hardware store. To remove unscrew nut, remove collet and replace with proper diameter.
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