My mom's 85 crown vic had a magnet in the
oil pan. It came out the drain hole when I was changing the
oil once when I was in high school. It was encased in plastic and looked like a suppository. I poked it back up the hole after cleaning it. Luckily, it didn't smell like a freshly ejected suppository.
My 78 Dodge Magnum had a big donut shaped magnet in the auto transmission pan. The pan even had a dimple for the magnet to hole itself in place.
And yes, both were bug furballs.