Originally Posted by wahoonc

The oil gets into the rust and helps stop it. It also restore the painted surface shine. If the chrome is peeling not much can be done about it. I just got my wife's "new" 1970 Raleigh Colt, I will try and take before and after pictures for you. It is basically in "as found" condition. I apply oil with a rag, wipe it on, let it sit for a while then wipe the excess off. Chrome will get polished with Simichrom. On this particular bike the paint is chipped pretty bad on the fender edges, and around the lug ends. I am considering a full tear down and repaint.

Aaron