You should take it to a good local cobbler and ask for an opinion and then decide if it is worth it (if the shop is open right now!)
I had that same experience with my Cashin Small Shopper but the frame was metal not leather wrapped. The cobbler warned me that it was risky and that the frame might get bent during the repair but he said that it as "good strong steel" and he thought it would be okay - but he wasn't sure. I decided to let him try it and I was very relieved when it turned out great, see the links below.
But if the damage wasn't disclosed in the auction photos you might consider returning it and trying again later for a different bag? Good luck!
Before Frame Repair:
https://forum.purseblog.com/threads...-beautiful-rehab-reveal.742282/#post-21502370
After Frame Repair but before rehab:
https://forum.purseblog.com/threads...-beautiful-rehab-reveal.742282/#post-21502456