Go to any big auto parts store and get a "paint/rust removal pen". It looks like a mechanical pencil, but instead of "lead", it has a tight cluster of fiberglass fibers. Brush it back and forth across the affected spot, and it will remove the loose paint, rust, and any embedded wax/polish. When you're done, clean up the area with some alcohol, let it dry, and use some touch-up paint to cover the bare metal.
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