In most cases, from what I can tell, that "electronic chip" in the key is just a resistor.
Those things are what allowed GM to charge $80 for a key back in the early/mid 90's, because noone knew that they were just resistors, and you could bypass the circuit by soldering one into your ignition switch's wiring of the same value.
You could check that out, as well... if it's just a resistor, you could easily go ahead and just wire in a resistor of the same value to the immobilizer's wiring.
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