Well as you know Sears and HomeDepot go by numbers that's to say if you don't have a standard router they are lost and it's not one of the items that would be just on the shelft you can just pick out.
Woodcraft and other supplies have replacement collets but again it's a number thing I guess you could send off for some and take a chance they will work but it's a real LONG shot.
When they made the router they put in a morse taper in the motor shaft for the collet you now have and it should hold the router bit ,if not don't take a chance with it, if the bit comes out when you are using the router you just may have one with your name on it not to say anything about the bit coming up in the stock when you are making a cut with it.
It's called making firewood the quick way or how to put a dado slot in your hand.
The collet MUST BE THE RIGHT ONE for the tool.
This is what I would do, put in back in the box and just let it be and call it a well learned lession, don't buy cheap routers.
Good Luck and have a good weekend
Bj
