applicator or collet assembly 70 on one end that is press fit over shaft 46 and a removal assembly 72 on the opposite end of the tool the collet assembly 70 holds and applies a new burr 42 to a driveshaft while the removal assembly 72 receives and captures a used burr that is removed from a driveshaft the collet assembly 70 has a collet 32 collet closure ring 34 and a collet ring lock 36 which engages a mating lip 38 on the collet end of the applicator removal tool housing 30 when collet closure ring 34 is pushed toward the housing to release the burr 42 the collet 32 is provided with an opening 40 which can be of varying dimensions and configurations to engage and hold various cutting burrs 42 in proper alignment to be attached to a driveshaft the collet 32 holding the burr 42 allows for the smooth attachment of the burr 42 to a hub assembly 10 by rotating the collet to screw the end of the burr onto a mating threaded end of the hub assembly 10 as discussed previously the hub assembly 10 is bonded to a rotating shaft 16 the applicator removal tool housing is provided with a ball detent clutch assembly 44 which is designed to matingly engage the end of.