Hasn't been restored before. Not undercoated no gray on the bottom mostly dirt and something that might have been faded black. I couldn't figure if it was really cheap paint or a mix of oil and dirt. It had the gray dip on the inside with red oxide on top of that and then color
The car sat in a Texas wrecking yard for awhile.
Grey bottom, Red Oxide on top. Troy's T/A looked like faint rust on top, but it was the worn thin faded paint showing the red oxide underneath. Built at Hamtramck in the T/A-AAR period like your AAR.
Seems to really show on Silver cars for some reason
Black you are seeing may be overspray from wheel wells, truck black out, pinch weld black out (sometimes sprayed).
LA cars seems to have black primer/base on underneath.