My red "key" was loose in the car. It had a pipece of safety wire attached to it and a bolt at the other end of the wire. There was a random cotter pin in the instrument panel with nothing in it. I assume that a nut held the bolt in place on the cotter pin loop preventing the key from walking away from the car. Mine wasn't hooked up and the wire looked like garbage so I decided to figure out a better way.
The solution: chain and key rings
I got one double keychain w/ quick release, a foot of the smallest link chain Home Depot had, and another 2 pack of key rings, all together it was like $3.00.
I put the one keyring through the cotterpin end, ran the chain from the key ring to the quick release key ring, and installed the other end of the key ring to the "key". Now the key can't walk away, but I have a quick release should I need it. Plus, the chain won't work harden and eventually break like the wire and it sits nicer than a kink'd up wire.