Actually I saw this posted on CL, 36 minutes after it was posted I was loading it into my truck. I paid the full asking price $20.
A Schwinn Continental. I enjoy wrenching on the old bicycles during the cold Midwestern cycling off season. First I will make it safe to ride and enjoy it a bit this summer. I know nothing about it yet. I am not even sure of it's color... its sort of redish.
Edit: Just did a search on the SN and discovered the bike is a: 1975 Schwinn Continental, finish/color is chestnut.