What is this Schwinn?

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If you mean the old one, it looks like an early 50s Hornet.

Edit: Just read you meant the other one. I wouldn't think you can do bare metal on new bikes like you can the old. It looks like the rust is taking a liking to it and I'd worry it wouldn't be structurally sound for long like that.
 
I think they are calling that the corvette it's a bare metal finish with some kind of coating, not sure if it's oil or clear. I was looking for a used bike for a while, I checked out a flat black corvette with the built in cupholder. I liked it but the guy wanted too much. I saw the bare metal one in a shop. I also almost bought a barely used debutante for my wife it was pretty nice, aluminum frame built in cupholder and 3 spd.
 
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