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removing rear tow point

jeepmedic46

Expedition Leader
I want to remove my rear tow point that I put on last summer and put a trailer hitch on. My dilemma is that I had to drill out the holes and broke one of the bits in the hole. My ex neighbor welded that part of the tow point on. What would be the best way to remove the tow point and get the bit out?
 
Cut off wheel or grinder to get the tow point off. Then maybe use a reverse cut drill bit or a bolt extractor to get the old bit out.
 

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