New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 2 - CONSUMER PROTECTION
Part 4 - REQUIREMENTS FOR THE ADVERTISING AND SALE OF MOTOR VEHICLES
Section 12.2.4.7 - DEFINITIONS
Universal Citation: 12 NM Admin Code 12.2.4.7
Current through Register Vol. 35, No. 18, September 24, 2024
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.
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