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I would assume it goes into your inventory like a shipment does. Then to redeem it, you have to drop the item in your inventory.
I'm not sure if it shows up under Apparel or Misc... I haven't bought one so I can't give you exact details.
Hope you find it and that dropping it spawns the frame!
I wish there was an update on this. I also purchased a power armor frame from a Lvl 3 PA Service Center. It did not appear in the world. There is a fake power armor station, as well as 2 fake suits and 1 fake frame. None of the above can be interacted normally or in workshop mode. I checked the other power armor stations throughout the settlement, but there were no free frames anywhere. :-/ bye bye 1500 caps