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Old 11-02-16, 10:22 AM
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A bolt cutter will easily remove both of the padlocks (and then the chain just falls right off) on that setup. That or a good pry-bar (although it'd be hard to get enough clearance on that second padlock). It'll deter the majority of people, but a determined thief will have no problem with it (same goes with U-locks on bikes). As mentioned before though, it's likely even easier to just remove the hitch's bolts and take the whole setup. It only takes a few tools and 10 minutes either way.
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