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I had it take some paint off of parts in past after a very long period of soaking with heavy rust. Never tried it around chrome. Never really had issues when I used it for a few hours or overnight. If rust isn't that bad, you really don't need to soak for a long time. It works really nice on lightly rusted parts. Parts will definitely flash rust in a short period after rinsing and drying. just my 2 cents.
If you have rust under the chrome or paint don't expect it to stay attached. Other than that, I have not had any problems. After you rinse and dry you will need to either paint or oil to stop further rust. Here is a piece I recently did. Soaked all the parts overnight, no sanding or wirewheels.
