A knock off coach bag. Hello, we know its fake! Coach is spelled with a C, not a G. Owning one of these should be considered a a sin. Not only does everyone know it's a fake, but we are all pointing and laughing too.
Oh my god look at her Goach bag, it is so Generic, what's the point?
Someone who is cheap. Usually refers to a small tipper.
Oh great, el cheapo left me 10% on $150 tab. Usually the person is miserable, possibly jealous if the waitress is young and El cheapo is a older woman. Also and most generally applies to men who are cheap (El). Sometimes this can be a foriegner too..