Not sure how it is now, but 99-06 Chevy's had a 'secondary' latch on them that was supposed to engage if the cable snapped to keep the tire from falling. The trouble was when crud got in the secondary latch, it refused to let go.
That is all swell and good until you're on side of road, it is 15 degrees out, 5" of snow on the shoulder and more coming down. Luckily dad had same truck and could bring me his spare. Made him check that his would come down, it wouldn't. He ended up cutting the cable to release the tire.
Youtube has videos on what to cut off so this doesn't happen to you.
