Hi all. This seems to have happened just within last couple days. Its on an old 81 e21 BMW. The surface is smooth and still has strong(ish) clear coat but looks like something got in between clear coat and paint. Have no idea what caused this. Any advice on what this is or how to repair would be appreciated. thank you!

So I don't know if this is of much help but.... looks like you might have had a minor abrasion or cut in the clear coat which allowed some type of liquid to get between the paint layers. Based on the car's age you probably aren't dealing with base/clear however who knows what your layers are like here? It looks like the top coat is delaminating from that next underlying paint. Bottom line....you are not going to be reflowing or buffing this out. We are talking strip/repaint.....