<PAGE>

                                                                     EXHIBIT 4.7

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A
VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE
OR DISPOSITION MAY BE EFFECTED OTHER THAN TO BANK ONE CORPORATION (OR A MAJORITY
OWNED SUBSIDIARY THEREOF WHICH QUALIFIES AS AN "ACCREDITED INVESTOR") WITHOUT AN
EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
UNDER THE SECURITIES ACT OF 1933.

Warrant No. W-5                              Date of Issuance: December 16, 1999

                             CARSDIRECT.COM, INC.


                         Common Stock Purchase Warrant
                         -----------------------------

     CARSDIRECT.COM, INC. (the "Company"), for valid consideration received,
                                -------
hereby certifies that Bank One, N.A., Columbus, Ohio, a national banking
association, or its registered assigns (in each case the "Holder"), is entitled,
                                                          ------
subject to the terms set forth below, to purchase from the Company, up to that
number of shares of Common Stock ("Common Stock") equal to the Determination
                                   ------------
Number (as defined in Section 6.16 of the Operating Agreement (the "Operating
                                                                    ---------
Agreement") of CD1Financial.com, Inc., a Delaware limited liability company,
---------
dated as of May 28, 1999), at a purchase price of $0.01 per share, upon the
occurrence of a CarsDirect.com Event (also as defined in Section 6.16 of the
Operating Agreement). The shares purchasable upon exercise of this Warrant, and
the purchase price per share, each as adjusted from time to time pursuant to the
provisions of this Warrant, are hereinafter referred to as the "Warrant Stock"
                                                                -------------
and the "Purchase Price," respectively. This Warrant is issued in connection
         --------------
with the transactions described in that certain Master Agreement dated as of May
28, 1999 between the Company and Bank One Corporation, a Delaware corporation
("Bank One"). The Holder is subject to certain restrictions and is entitled to
certain rights and privileges set forth in the Operating Agreement and, upon
exercise, will be subject to certain restrictions and will be entitled to
certain rights and privileges set forth in the Third Amended and Restated
Investor Rights Agreement dated May 7, 1999 between the Company and certain
stockholders of the Company (the "Registration Rights Agreement").

     1.   Exercise.
          --------

          (a)  This Warrant may be exercised by the Holder, in whole or in part,
by surrendering this Warrant, with the purchase form appended hereto as Exhibit
                                                                        -------
A duly executed by such Holder or by such Holder's duly authorized attorney, at
-
the principal office of the Company, or at such other office or agency as the
Company may designate, accompanied by payment in full by cash, check or wire
transfer of the Purchase Price payable in respect of the number of shares of
Warrant Stock purchased upon such exercise.
<PAGE>

          (b)  Each exercise of this Warrant shall be deemed to have been
effected immediately prior to the close of business on the day on which this
Warrant shall have been surrendered to the Company as provided in Section 1(a)
above. At such time, the person or persons in whose name or names any
certificates for Warrant Stock shall be issuable upon such exercise shall be
deemed to have become the holder or holders of record of the Warrant Stock
represented by such certificates.

          (c)  Net Issue Exercise.

               (i)  In lieu of exercising this Warrant in the manner provided
above in Section 1(a), the Holder may elect to receive shares equal to the value
of this Warrant (or the portion thereof being canceled) by surrender of this
Warrant at the principal office of the Company together with notice of such
election in which event the Company shall issue to Holder a number of shares of
Warrant Stock computed using the following formula:

          X = Y (A - B)
              ---------
                  A

Where     X = The number of shares of Warrant Stock to be issued to the Holder.

          Y = The number of shares of Warrant Stock purchasable under this
Warrant (at the date of such calculation).

          A = The fair market value of one share of Warrant Stock (at the date
of such calculation).

          B = The Purchase Price (as adjusted to the date of such calculation).

               (ii) For purposes of this Section 1(c), the fair market value of
each share of Warrant Stock shall be: (a) if Warrant Stock is traded in the
public market, the closing price of Warrant Stock reported for the business day
immediately before this Warrant is exercised (or the average of the closing bid
and ask if Warrant Stock is traded in the over-the-counter market); (b) if
securities into which Warrant Stock is convertible are traded on the public
market, the closing price of such securities (or the average of the closing bid
and ask if such securities are traded in the over-the-counter market) multiplied
by the number of shares of such securities into which each share of Warrant
Stock is convertible; and (c) if neither Warrant Stock nor any security into
which Warrant Stock is convertible is traded in the public market, the fair
market value as determined by the Board of Directors in its reasonable good
faith judgment.

          (d)  As soon as practicable after the exercise of this Warrant in full
or in part, and in any event within 15 days thereafter, the Company at the
Company's expense will cause to be issued in the name of, and delivered to, the
Holder, or as such Holder (upon payment by such Holder of any applicable
transfer taxes) may direct:

                                      -2-
<PAGE>

               (i)  a certificate or certificates for the number of shares of
Warrant Stock to which such Holder shall be entitled, and

               (ii) in case such exercise is in part only, a new warrant or
warrants (dated the date hereof) of like tenor, providing in the aggregate for
the number of shares of Warrant Stock equal (without giving effect to any
adjustment therein) to the number of such shares provided for in this Warrant
minus the number of such shares purchased by the Holder upon such exercise as
provided in Section 1(a) or 1(c) above.

     2.   Adjustments.
          -----------

          (a)  If outstanding shares of the Company's Common Stock shall be
subdivided into a greater number of shares or a stock dividend shall be paid in
respect of Common Stock, the Purchase Price in effect immediately prior to such
subdivision or at the record date of such dividend, as the case may be, shall
simultaneously with the effectiveness of such subdivision or immediately after
the record date of such dividend be proportionately reduced. If outstanding
shares of Common Stock shall be combined into a smaller number of shares, the
Purchase Price in effect immediately prior to such combination shall,
simultaneously with the effectiveness of such combination, be proportionately
increased. When any adjustment is required to be made in the Purchase Price, the
number of shares of Warrant Stock purchasable upon the exercise of this Warrant
shall be changed to the number determined by dividing (i) an amount equal to the
number of shares issuable upon the exercise of this Warrant immediately prior to
such adjustment, multiplied by the Purchase Price in effect immediately prior to
such adjustment, by (ii) the Purchase Price in effect immediately after such
adjustment.

          (b)  In case of any reclassification or change of the outstanding
securities of the Company or of any reorganization of the Company on or after
the date hereof, other than an event described in Section 2(c), then and in each
such case the Holder of this Warrant, upon the exercise hereof at any time after
the consummation of such reclassification, change, or reorganization, shall be
entitled to receive, in lieu of the stock or other securities and property
receivable upon the exercise hereof prior to such consummation, the stock or
other securities or property to which such Holder would have been entitled upon
such consummation if such Holder had exercised this Warrant immediately prior
thereto, all subject to further adjustment as provided in paragraph (a); and in
each such case, the terms of this Section 2 shall be applicable to the shares of
stock or other securities properly receivable upon the exercise of this Warrant
after such consummation.

          (c)  If at any time there shall be a merger or consolidation of the
Company with or into another corporation pursuant to which the stockholders of
the Company immediately prior to such merger or consolidation control less than
50% of the voting securities of the surviving corporation, or the sale of all or
substantially all of the assets of the Company shall be affected in such a way
that holders of the Company Common Stock shall be entitled to receive stock,
securities or assets with respect to or in exchange for the Company Common
Stock, then, as a part of such merger, consolidation or sale, lawful provision
shall be made so that the holder of this Warrant shall thereafter be entitled to
receive upon exercise of this Warrant and upon payment of the aggregate

                                      -3-
<PAGE>

exercise price then in effect the number of shares of stock or other securities
or property resulting from such merger, consolidation or sale to which a holder
of the stock deliverable upon exercise of this Warrant would have been entitled
in such merger, consolidation or sale if this Warrant had been exercised
immediately before such merger, consolidation or sale. In any such case,
appropriate adjustment shall be made in the application of the provisions of
this Warrant with respect to the rights and interests of the Holder after the
merger, consolidation or sale. Notwithstanding the provisions of this Section
2(c) to the contrary, (1) the Holder shall be required to exercise this Warrant
prior to any such merger, consolidation or sale (x) if and to the extent such
exercise and the holding of the property received upon such exercise would not
cause the Holder to be in violation of any laws applicable to national banks and
(y) if and to the extent the corporation or other entity that is party to the
transaction described in this Section 2(c) other than the Company notifies the
Company and the Holder in writing at least 10 days before the consummation of
said transaction of its demand for the Holder to exercise all or a portion of
the Warrant, and (2) the preceding two sentences shall apply only to that
portion of this Warrant as to which the Warrant may not be so exercised.

          (d)  When any adjustment is required to be made in the Purchase Price,
the Company shall promptly mail to the Holder a certificate setting forth the
Purchase Price after such adjustment and setting forth in reasonable detail a
brief statement of the facts requiring such adjustment. Such certificate shall
also set forth the kind and amount of stock or other securities or property into
which this Warrant shall be exercisable following the occurrence of any of the
events specified in Section 2(a), (b) or (c) above.

     3.   Transfers.
          ---------

          (a)  Each Holder of this Warrant acknowledges that this Warrant and
the Warrant Stock have not been registered under the Securities Act, and agrees
not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose
of this Warrant or any Warrant Stock issued upon its exercise (other than to
Bank One or a majority owned subsidiary thereof which qualifies as an
"accredited investor" under Regulation D promulgated by the Securities and
Exchange Commission) in the absence of (i) an effective registration statement
under the Securities Act as to this Warrant or such Warrant Stock and
registration or qualification of this Warrant or such Warrant Stock under any
applicable Blue Sky or state securities law then in effect, or (ii) an opinion
of counsel, reasonably satisfactory to the Company, that such registration and
qualification are not required. Each certificate or other instrument for Warrant
Stock issued upon the exercise of this Warrant shall bear the following legend:

"THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED OTHER THAN TO
BANK ONE CORPORATION (OR A MAJORITY OWNED SUBSIDIARY THEREOF WHICH QUALIFIES AS
AN "ACCREDITED INVESTOR") WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH
ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
THE CORPORATION AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED."

                                      -4-
<PAGE>

          (b)  Subject to the provisions of Section 3(a) hereof, this Warrant
and all rights hereunder are transferable, in whole or in part, upon surrender
of the Warrant with a properly executed assignment (in the form of Exhibit B
                                                                   ---------
hereto) at the principal office of the Company, and the transferee shall be
deemed to be a "Holder" hereunder, provided, however, that this Warrant may not
                ------             --------  -------
be transferred in whole or in part to any person or entity, other than Bank One
or a majority owned subsidiary of Bank One, the primary business of which is the
sale of automobiles, or the financing of the purchase or lease of automobiles,
over the Internet.

          (c)  Until any transfer of this Warrant is made in the warrant
register, the Company may treat the Holder of this Warrant as the absolute owner
hereof for all purposes; provided, however, that if and when this Warrant is
                         --------  -------
properly assigned in blank, the Company may (but shall not be required to) treat
the bearer hereof as the absolute owner hereof for all purposes, notwithstanding
any notice to the contrary and such transferee may be deemed by the Company to
be the "Holder."
        ------

          (d)  The Company will maintain a register containing the name and
address of the Holder of this Warrant. The Holder may change such Holder's
address as shown on the warrant register by written notice to the Company
requesting such change.

     4.   No Impairment. The Company will not, by amendment of its Articles of
          -------------
Incorporation or through reorganization, consolidation, merger, dissolution,
sale of assets or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will (subject
to Section 13 below) at all times in good faith assist in the carrying out of
all such terms and in the taking of all such action as may be reasonably
necessary or appropriate in order to protect the rights of the holder of this
Warrant against impairment.

     5.   Term of the Warrant.
          -------------------

          (a)  This Warrant shall be perpetual and survive any initial public
offering of the Company's Common Stock or any change of control of the Company.

     6.   Notices of Certain Transactions. In case:
          -------------------------------

          (a)  the Company shall take a record of the holders of its Common
Stock (or other stock or securities at the time deliverable upon the exercise of
this Warrant) for the purpose of entitling or enabling them to receive any
dividend or other distribution, or to receive any right to subscribe for or
purchase any shares of stock of any class or any other securities, or to receive
any other right to subscribe for or purchase any shares of stock of any class or
any other securities, or to receive any other right, or

          (b)  of any capital reorganization of the Company, any
reclassification of the capital stock of the Company, any consolidation or
merger of the Company with or into another corporation (other than a
consolidation or merger that is effected solely for changing the domicile of the
Company), any other transaction or series of related transactions pursuant to
which the Company's shareholders immediately prior thereto will possess a
minority of the voting power of the

                                      -5-
<PAGE>

surviving or acquiring entity immediately thereafter, or any transfer of all or
substantially all of the assets of the Company, or any other transaction which
would constitute a CarsDirect.com Event or give rise to an adjustment pursuant
to Section 2 hereof, or

          (c)  of the voluntary or involuntary dissolution, liquidation or
winding-up of the Company,

the Company shall furnish the Holder or Holders hereof prompt written notice of
such event or action.

     7.   Representations and Warranties of Purchaser.
          -------------------------------------------

     Purchaser hereby represents and warrants that:

          (a)  Investment Representation. It is aware that the Common Stock to
be purchased hereunder has not been registered under the Securities Act of 1933,
as amended (the "Act"), or qualified under the California Corporate Securities
Law of 1968, as amended, or any other state securities or "blue sky" laws. Such
Common Stock is being acquired by it for investment purposes only and not for
sale or with a view to distribution of all or any part of such Common Stock.

          (b)  Access to Information. It has had an opportunity to ask questions
and receive answers from the Company regarding the terms and conditions of its
purchase of the Common Stock and regarding the business, financial affairs and
other aspects of the Company, and it has further had the opportunity to obtain
any information (to the extent the Company possesses or can acquire such
information without unreasonable effort or expense) which it deems necessary to
evaluate its investment or to verify the accuracy of information otherwise
provided to it.

          (c)  Investment Experience. It is experienced in evaluating and
investing in companies such as the Company, is capable of evaluating the merits
and risks of its investment in the Common Stock, is able to bear the economic
risk of the investment and is prepared to hold the Shares for an indefinite
period of time. It is an "accredited investor" within the meaning of Regulation
D under the Act.

          (d)  Restricted Securities. It understands that the shares of Common
Stock which may be purchased hereunder are characterized as "restricted
securities" under the federal securities laws inasmuch as they would be acquired
from the Company in a transaction not involving a public offering, and that
under such laws and applicable regulations such securities may be resold without
registration under the Act only in certain limited circumstances and that
otherwise such securities must be held indefinitely. In this connection,
Purchaser represents that it is familiar with SEC Rule 144, as presently in
effect, and the conditions which must be met in order for that Rule to be
available for resale of restricted securities, and understands the resale
limitations imposed by the Act.

     8.   Reservation of Stock. The Company will at all times reserve and keep
          --------------------
available, solely for the issuance and delivery upon the exercise of this
Warrant, such shares of Warrant Stock

                                      -6-
<PAGE>

and other stock, securities and property, as from time to time shall be issuable
upon the exercise of this Warrant. The Company covenants and agrees that all
shares of Warrant Stock which may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance, be duly authorized, validly
issued, fully paid (assuming payment of the exercise price by Holder) and
nonassessable and free from all preemptive rights of any shareholder and free of
all taxes, liens and charges with respect to the issue thereof. The Company will
take all such action as may be reasonably necessary to assure that such shares
of Warrant Stock may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of any domestic securities
exchange upon which the Common Stock may be listed; provided, however, except as
                                                    --------  -------
may be provided in the Registration Rights Agreement, that the Company shall not
be required to effect a registration under Federal or state securities laws with
respect to such exercise.

     9.  Exchange of Warrants. Upon the surrender by the Holder of any Warrant
         --------------------
or Warrants, properly endorsed, to the Company at the principal office of the
Company, the Company will, subject to the provisions of Section 3 hereof, issue
and deliver to or upon the order of such Holder, at the Company's expense, a new
Warrant or Warrants of like tenor, in the name of such Holder or as such Holder
(upon payment by such Holder of any applicable transfer taxes) may direct,
providing for in the aggregate the number of shares of Warrant Stock provided
for in the Warrant or Warrants so surrendered.

     10. Replacement of Warrants. Upon receipt of evidence reasonably
         -----------------------
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and (in the case of loss, theft or destruction) upon delivery of an
indemnity agreement (with surety if reasonably required) in an amount reasonably
satisfactory to the Company, or (in the case of mutilation) upon surrender and
cancellation of this Warrant, the Company will issue, in lieu thereof, a new
Warrant of like tenor at the Holder's expense.

     11. Mailing of Notices. Any notice required or permitted pursuant to this
         ------------------
Warrant shall be in writing and shall be deemed delivered when delivered
personally or by fax (as evidenced by sender's confirmation receipt) or forty-
eight (48) hours after being deposited in the U.S. mail, as certified or
registered mail, with postage prepaid, addressed (a) if to the Holder, to Bank
One Corporation, c/o One First National Plaza, Suite 0897, Chicago, IL 60670,
Attn: William P. Boardman, Senior Executive Vice President, with a copy to
Daniel P. Cooney, Esq., One First National Plaza, Suite 0292, Chicago, IL 60670,
or as subsequently modified by written notice to the Company and (b) if to the
Company, to the address set forth below or as subsequently modified by written
notice to the Holder.

     12. No Rights as Stockholder. Until the exercise of this Warrant, the
         ------------------------
Holder of this Warrant shall not have or exercise any rights by virtue hereof as
a stockholder of the Company. Without limiting the generality of the foregoing,
and subject to Section 2 hereof, no dividends shall accrue to the shares of
Warrant Stock underlying this Warrant until the exercise hereof and the purchase
of the underlying shares of Warrant Stock, at which point dividends shall begin
to accrue with respect to such purchased shares of Warrant Stock from and after
the date such shares of Warrant Stock are so purchased.

                                      -7-
<PAGE>

     13. No Fractional Shares. No fractional shares of Warrant Stock will be
         --------------------
issued in connection with any exercise hereunder. In lieu of any fractional
shares which would otherwise be issuable, the Company shall pay cash equal to
the product of such fraction multiplied by the fair market value of one share of
Warrant Stock on the date of exercise, as determined in accordance with Section
1(c)(ii) hereof.

     14. Binding Effect on Successors. This Warrant shall be binding upon any
         ----------------------------
person succeeding to the Company by merger, consolidation or acquisition of all
or substantially all of the Company's assets only if and to the extent this
Warrant may be exercised after such event pursuant to Section 2(c).

     15. Amendment  or Waiver.  Any term of this  Warrant  may be amended or
         --------------------
waived only by an  instrument  in writing signed by the party against which
enforcement of the amendment or waiver is sought.

     16. Headings.  The headings in this Warrant are for purposes of reference
         --------
only and shall not limit or otherwise affect the meaning of any provision of
this Warrant.


     17. Governing Law. This Warrant shall be governed, construed and
         -------------
interpreted in accordance with the laws of the State of Delaware, without
giving effect to principles of conflicts of law.

                                    CARSDIRECT.COM, INC.

                                    By: ______________________________

                                    Name:_____________________________

                                    Title:____________________________

                                    Address: 4312 Woodman Avenue, 3rd Floor
                                             Sherman Oaks, California 91423


                                    BANK ONE, N.A., COLUMBUS, OHIO

                                    By:_______________________________

                                    Name:_____________________________

                                    Title:____________________________

                                    Address: c/o One First National Plaza
                                             Suite 0897
                                             Chicago, IL  60670

                                      -8-