Sounds like a defective collet - I’d try to get Triton to make good on their reputation and provide you a new one - unless you’ve had this one a good while and it may just be worn out. The last thing you want is any kind of failure that results in a loose tool flying at you! I would desist from using this item until you get to the bottom (pun not intended) of the issue. I feel your frustration, especially with a premium brand...