I have an old router that very often encounters the problem of the bits getting stuck in the collet.  Per the manufacturer's directions I would loosen the collet nut and then strike the side of the collet nut with a piece of wood. I kept an old broken hammer handle just for this purpose and it has worked well.  Note also to never insert a bit all the way into the collet and never strike directly on the router bit.
  
-Ken Johnson
Lino Lakes, MN

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