This can actually be a fun job. The easiest way to deal with it is to buy a kit from Eastwood (www.eastwoodcompany.com) - you want the Deluxe Paint Chip Repair System (item no 34116 Z). Note, you can certainly put much of this stuff together by yourself, but the kit has very good quality materials and is pretty much all inclusive.
It comes with directions, but you should also check out the wealth of knowledge (and also very good prices/products) of Larry Reynolds at
www.carcareonline.com Larry does a lot of high end European car finishing and has excellent how-to articles on his website.
(disclaimer: no affiliation to either, just a satisfied, picky customer)
The most important thing to understand is that repairing such chips is a time consuming process that should be not be rushed. Alternatively, you can just sick a piece of sandpaper on a matchstick, sand out the rust, clean it with 3M adhesive remover, and dab it with paint. It'll look like crap but it'll do the job (I'd do this on my Saturn, but I would not do this on my M)
Good luck.
pas
'88 BMW M5
'89 BMW 325i
'95 BMW M3
'94 MB E500 (sold, see first car above)
'89 VW GTi-16v (sold, 22 years of fun)
'84 VW GTi (sold, wish I still had it)
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