[Ennoch]

If you'd gone through the lacquer with polishing I don't think you'd be getting that effect. Based on you saying that red was coming off on the pad it's more likely had a respray and they've used single stage paint without a lacquer. If there was clear coat on there you wouldn't be getting so much, if any, colour transfer to the pad even if the clear coat was failing.

 

[Ennoch]

The top coat is basically drying out, something old school like a glaze is probably going to be the best bet. The T cut stuff is on that spectrum but far from being the best of the bunch. You want oily. Meguiars Mirror Glaze would probably be a good option here. I'd certainly not bother looking at any of the modern things that seem to be in vogue on here as they're just not designed with single stage paint in mind.