Black & decker pivot plus bits are stuck

I had this problem too, an unfortunately, there's no manual on the black & decker site for this product.
I figured it out though! You have to push down (towards the motor) the chuck collar (cyllindrical black part which holds the bit). If you've tried this already, try harder - it can get really stuck and require a lot of force to push down.
Anyways, if you apply enough force, it will give and allow you to remove whatever bit is inside.
Hope this helps.

Totally worked! I used the spindle from a stack of cd's. I put it over the top of the drill and put it on a chair and pushed down and it popped right out. Thanks a Million!

Http://www.blackanddecker.com/CustomerCenter/Default.aspx

Mine was really stuck and pushed in so only 3mm of the phillips bit tip was sticking out. I oiled the bit and collar, put about a size 11mm socket over it making sure pushing down compressed the black cylinder and didnt get stopped by the o-ring, then bashed it about 10 times on cement. Gravity moved the bit out enough to get a grip and it wiggled out. Will always use a magnetic bit holder after this ordeal. Thx all.

Guys, this worked for me as well. The spindle idea was great, so I used a spark plug socket and a rubber mallet. Got the bit right out. Thanks!