What year? Is that a dent in a frame rail? It doesn't look encouraging. I also don't know what that snarl of grey/tan stuff is below it. Or is it dirt that needs to be cleaned off? You should have traced the lead to see where it goes/went. Removing the splice leaves bare copper wiring that needs to be covered to prevent shorts and corrosion. It ought to be possible to remove the contact from the connector body and slide some heat shrink tubing over the contact to the exposed copper.