olds intrigue stolen... does chip in key even work ?

So my ex-wifes 99 olds intrigue got stolen out of a garage. They must have hot wired it. Do these chip-in-key anti theft devices even work ? I recently witnessed a brand new model dodge truck getting stolen out
of my works parking lot. It took them about 2 minutes before they raced it out of the lot. I imagine they also have the chip in key. what's the deal here ?
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if you hotwire a car, how do you bypass steering lock? As far as i obbserve they are mechanical spring mechanisms?
In order to understand how they bypass the chip mechanism we should know more about how it works.
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It was shown on 60-Minutes (or similar) several years back how a big screwdriver, driven into switch mechanism, and twisted hard using a suitable wrench, will break the holding mechanism and allow switching on/off as well as turning steering wheel. We were junking a lot of cars along then, and my main mechanic tried it successfully in my presence, twice on quite dissimilar cars. Takes a high-quality driver or else the screwdriver will snap instead. As for chip in key lock: A properly-ohmed resistor (5 for 99-cents at Radio Shack!!!), wired to 2 wires (or to one wire and other end to ground?) will by-pass the VATS system used on GM--possibly others. Dunno how they get proper ohms needed for a particular car unless they had access to the key-resistor to check its resistance, sorry; hafta ask a thief, I guess. HTH, s
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very educating, now i donot need a high school diploma to have a career. ;)
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Just happened on this solution: Enjoy, s

http://cgi.ebay.com/ebaymotors/VATS-Bypass-Module-LT1-LS1-and-many-other-GM-vehicles_W0QQitemZ8037596344QQcategoryZ33598QQssPageNameZWD6VQQrdZ1QQcmdZViewItem
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