N.M. Admin. Code § 12.2.4.7

Current through Register Vol. 35, No. 23, December 10, 2024

Section 12.2.4.7 - DEFINITIONS

All vehicles may be classified as one of the following:

A. "Used" shall mean

(1) a vehicle that has previously been sold to a retail buyer who has taken possession of the vehicle and the vehicle has been driven a total of at least two hundred (200) miles by one or more retail buyers; or

(2) a vehicle for which the manufacturer's certificate of origin or the manufacturer's statement of origin has been surrendered to a registration authority, unless the certificate or statement has subsequently been returned, uncancelled, to the dealer or a substitute certificate or statement has been issued to the dealer.

B. "Demonstrator" shall mean a vehicle which is not used but which has been placed in demonstration or courtesy service regardless of the miles it has been driven.

C. "New" means a vehicle which is neither used nor a demonstrator.

D. "Rebate" means a reduction in price of a vehicle created, at least in part, by a payment of money by a third party either to the dealer or the purchaser of the vehicle.

N.M. Admin. Code § 12.2.4.7

5-1-98; Recompiled 10/15/01