I used to have a lockable hitch pin, but one day I lost my key and had to cut it off. I've decided I'm not responsible enough to trust the keys and I don't need to lock the hitch on my truck anyway - who's going to steal the towball and all? This worked for me. It's been a year now and I haven't had any problems. I haven't had any weird rust or anything and the pin that holds the pin in the receiver is still tight and I'm not worried it will fall out.
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