I was told by a distributer of a popular hitch that the black paint they come with is just a primer. They should always be given a coat or two of enamel (black) before being installed on the vehicle. I did this to the last hitch I installed, and it is still black - no rust. I know this doesn't help you now, but remember this for the next hitch you install. There is a product that is painted on that will chemically combine with the rust and prevent further rusting. I don't recall the name at this time, but just Google "rust treatment". Try some sanding, apply this product, and then paint the whole hitch. That may last for a few years.
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