Grizzly Hand Tapping Machine problem

[Aerostar55]

bought this hand tapping machine last year. It works great, has helped tapping accurate holes but it has a problem with the supplied collets falling out of the spindle when the tap is backed out of the hole.
The little spring-loaded ball that is supposed to hold the collet in place drops out too. It's hard to find on the shop floor. Does anyone know of a fix for this? It's pretty new, so I'm thinking its a manufacturing or design flaw.
BTW these are advertised on Amazon, eBay and various other places for $381.00 ! You can buy them directly from Grizzly for $160 with free shipping.
Maybe someone has devised a fix for the collets not locking in properly?