Yes the sandpaper and rubbing compound will work, BUT when I started my auto detailing business last summer I bought some Turtle Wax 'Bug and Tar Remover" and this stuff is the ****. It takes off paint, old dried out bugs, and even sticky residue left behind by old bumper stickers (hopefully no one here has any bumper stickers on their car!!) I know from experience with a lot of DIRTY A$$ cars. This will work too and you don't have to sand anything. Depending on the amount of paint, you'll have to put some elbow grease into it, but it will come out.