Abstract: A wheel and overlay assembly having an overlay that extends to the perimeter of the wheel in order to maximize the aesthetic effect of the overlay, while also accommodating balance weights at the perimeter in order to permit proper balancing of the assembly. The result is a wheel and overlay assembly having a fully integrated appearance in which the two-piece construction of the assembly is more fully concealed. The wheel and overlay assembly is an improvement over prior art assemblies which use an overlay of the type formed separately from the wheel, and particularly overlays formed as a solid plastic panel member that is directly attached to the outboard surface of a wheel. Furthermore, the invention is applicable to both aluminum and steel wheels of the type currently existing in the industry, as well as standardized balance weights utilized in the industry.