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DCD780 Won't hold bit


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I have a new DCD780 and have tried to use it 4 or 5 times and every bit I try slips in the chuck. It is absolutely unusable. I have even tried holding the chuck tight with my hand while drilling and it just slips and slips. It also won't even hold it enough to keep the bits from bottoming out in chuck. The size of bits I am using is 1/8 to 3/8. Any ideas before I take it back?

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