A vehicle wheel and overlay assembly having an overlay that extends radially outward to cover substantially the entire outboard surface of the wheel, without wrapping around the periphery of the wheel. The assembly includes a wheel having a flangeless or minimum functional flange height rim flange or alternatively a truncated rim flange that terminates in a flange lip having a radially outermost edge. An overlay is attached to and closely contours the wheel outboard surface and radially terminates in a peripheral flange that has a peripheral lip with a radially outermost edge that is aligned with the outermost edge of the wheel flange lip within a predetermined circumferential margin so that the peripheral flange covers at least a portion of the wheel flange lip. This configuration gives the visible impression that this is a one-piece wheel, where the outboard surface of the overlay appears to be the outboard surface of the wheel, and not a separate component.