You can find some rust remover online. This only remove the rust. Any metal that is damaged is obviously gone, si you can't fix that without body work. Remove the pin head rust and touch up the area with some paint. Then clear coat.
<span style='font-size:8pt;line-height:100%'><span style='color:blue'>1998 BMW 323is Coupe, Black
18" M3 Hyper Silver Rims
2 12" Rockford Fosgate Subs; Sealed
1.0 Farad Capacitor
800 Watt 2-Way Rockford Fosgate Amplifier</span></span>