Lost 2005 Toyota Corolla transponder chip encrypted key. Now using the only spare. Suggestions?

Should I place the spare transponder chip on a cord so that it cannot be lost?
Then use the key or cut blank to enter the Corolla and start it while holding the transponder chip closenough to the steering column?
Then hide it in the center storage compartment or under the seat?
Thank you.

Is this a remote/key fob? If yes, then you can buy one online with instructions on how to program it. If it is a key with a chip in it (doubt Corolla’s have this), then my understanding is that they are dealer items ($$$).

Thanks, Galant.
It is built into the key.
I’ll edit my post.

If you only have one working key, you will probably have to have the dealer program a second one for you. If you have two working keys, you can likely add a third by yourself. That’s how it is with most vehicles these days.

You might try these guys for a cheaper replacement, though the dealer or a locksmith will still likely have to program your car for it if you only have one key. (also check with the dealer to make sure that they’ll program a key you bring them–on my Chrysler the dealer charged me $35 to cut and program a key I brought them)

http://www.amazingkeys.com/

Thank you, Boblivion.
Yes, now just one transponder chip encrypted key.

I should remove the black plastic end containing the transponder chip and place it on a cord which will reach closenough to the steering column to be detected.
Then he cannot lose the transponder chip and can use the key and thextra blank we made.
The transponder chip would be hidden in the center storage compartment where no one would think to look for such.

Why must TWO keys be presento make a working transponder chip encrypted key?

I just bought a new key for my 4runner. The original broke off my key ring. I went to a local locksmith. He has two ways of doing it…

  1. Make a new master key. Doing this disables the original key. And he needed both my keys to reprogram the system.

  2. (The option I chose). Clone my original key. That way my original key will still work (I can use it as a backup). And he only has to program the new key.

Dealer cost is well over $100 and only option 1 is available through the dealer…The locksmith charged me $65.

Why must two keys be present to make a third key? I suspect it’s a security feature so that someone that drives your car (or a valet, or a rental car customer) can’t just use a few minutes of alone time with the car to program a fully-functional key and remote.

Amazingly, the dealer charged about half the price to add a key I brought to them compared to what the locksmith wanted. The option to clone my existing key was not offered. Maybe it isn’t possible with my car.