Bob
I had the same problem with my SPF (confirmed by the first owner). Very aggravating.
About 3 months after getting the Cobra, I used some bicycle chain lube on the mechanism. Ever since, it works great. Always catches on the first lift and releases on the first pull. The stuff works great. I use it on all places that need a little lube.
I also use it on the drawer glide mechanisms on all my toolboxes. Fantastic.
Here is link with picture of the bottle I posted on a thread about lube on seat belt latches.
SPF Seatbelt latch issues