These magnets, such as those inside trans oil pans, catch and hold ferrous metal chips till the time the pan is dropped and these magnets can be cleaned. These magnets pick up the chips the oil pump and filter do not.
Those magnets clamped to the outside of the filter casing aren't bad, but, doesn't collect the chips on the oil pan bottom. Magnetized pan plugs work fine, but, it does get crowded.
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CUBS - 2016 World Series Champions - Thank you, Joe Madden … enjoy your next chapter.