Each time their payment arrive is after the 5th or 6th of the month even when the lease clearly said to be paid on the 1st of each month.

Man I used to own a car just like it back pre- crash, it'd be awesome to own another one.

I had been thinking similarly, but hadn't arrived at the $500 per deal figure.

We're nearing the end of our owner-occupied term and we've started crash coursing our REI education.

I have always had an entrepreneurial streak and had a serious crash and burn with a brick and mortar manufacturing business.  

. $477.15 x 12 = $5,725.80 (how did you arrive at $20,040.00)?

After the crash, the individuals net worth, credit, score, liquidity were then put front and center. 

@Jon Holdman  having had to foreclose unfortunately on my share of borrowers during the crash I got educated in the small print where my first 25 years or so lending I never even read the small print.. its when things go wonky that the small print matters  :)

I think taking Jeff suggestion about the appraisal will help us arrive to a more accurate ARV. 

You should be able to find someone to carpool if you want to go there and breath some fresh air and hear the waves crashing.