Repairing Chipped Lacquer Finish on a Guitar?

My son's brand-new, lacquered (a cream colour), Fender electric guitar accidentally slipped out of our car's trunk and landed bottom-edge first on the pavement! The guitar now has a couple of nicks and dents at the bottom edge, and one spot (about a half-inch-square) where the lacquer has chipped off and you can see the brown wood underneath. I was told this would cost $300. to fix! I thought of using porcelain repair paint (it looks like white-out), but am afraid to ruin the guitar. Any advice? Thanks very much.

By Hanna Miller from Toronto, Canada