Hi Skier7667,
Thanks for your question. Well, you got the black collet nut off the tool, that's good. To get the silver collet out of the tool, sometimes you have to take a shaft of a bit and help push it through the collet. Or take a little pliers to pull out the silver collet through the bottom.
We also have a video here that maybe helpful to you. https://www.youtube.com/watch?v=ciEGJ0WwzCM
Please let me know if this information helped get the collet nut and collet separated.
Have a nice weekend.
Peggy