Originally Posted by FordAddict
That white are is from the red particles slowly flaking off in little specs like glitter.
Then it is worn through the clear coat and the base coat is shot.
The color wax isn't going to help with that, the only option is to repaint.
If you are handy with a spray can, you could temporarily fix it with some Dupli-Color.
Get a can of color matched paint, some blender and some clear coat.