This is correct. Only the black plastic bumper is exposed. Even so, this is beyond what can be fixed with touchup paint. Only a body shop will be able to make it look like new again. That being said, plastic bumpers and metal fenders seldom match exactly due to the very nature of plastic vs metal and the processes used to paint each one. It depends on the base color as to how good a match you can get. While I might tackle a job like this, if you don’t feel at all comfortable in what you are doing then a body shop is the only choice. They’ll be able to blend the panel colors the best.It's looks to me to be the plastic bumper. It won't rust. Order touchup paint from ford. Might be handy to have around anyway. Polish out what you can with something that is more than wax (rubbing compound I think they call it). What is left use the touchup paint on after wiping it with Acetone. After a week or so buff it again. If it looks like crap, and you can't stand it, then go pay the big bucks and have it professionally fixed. You will probably have more after 3-5 years if you use it like a truck.
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