I purchased a 75 Hp Mercury Lease Return in January. We purchased it with 183 hours on it from a reputable local firm. My partner and I have only put about 15 hours on it since. My partner was using it on a local lake when he noticed and oil slick behind. He then noticed a milky white foamy liquid leaking form the cowling and steam. He managed to get it back to the launch and get it home but it was a near thing. We took it back to the guy we bought it from and and he had it looked at by the West Coast Merc Rep. From the condition of the internals it looked as if the motor had been submerged. Everyone knows that it hasn't but it looks that way. Cam is rusty, rust pits in the cylinders etc. I thought Head gasket as as soon as I heard the symptoms but I have not heard an official diagnosis yet. Long story short it is still under warranty and Mercury is providing a new Power head and assorted gear. Just curious if any of you have come across this type of situation.