Document:

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                                                                    EXHIBIT 4.9

                            8% CONVERTIBLE DEBENTURE

NEITHER THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON CONVERSION HEREOF
HAVE BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE OR UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "ACT"). THE SECURITIES ARE RESTRICTED AND MAY NOT BE OFFERED,
RESOLD, PLEDGED OR TRANSFERRED EXCEPT AS PERMITTED UNDER THE ACT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION FROM SUCH REGISTRATION
REQUIREMENTS.

NO.                                                       US $

                        AFFINITY TECHNOLOGY GROUP, INC.

                  8% CONVERTIBLE DEBENTURE DUE MARCH __, 2002

         THIS DEBENTURE is issued by Affinity Technology Group, Inc., a
corporation organized and existing under the laws of the State of Delaware (the
"Company") and is designated as its 8% Convertible Debenture Due March __,
2002.

         FOR VALUE RECEIVED, the Company promises to pay to [ ] or permitted
assigns (the "Holder"), the principal sum of _____________ Dollars and 00/100
(US $xxx,000) Dollars on ________ __, 2002 (18 MTHS) (the "Maturity Date") and
to pay interest on the principal sum outstanding from time to time quarterly in
arrears at the rate of 8% per annum accruing from the date of initial issuance.
Accrual of interest shall commence on the first business day to occur after the
date of initial issuance and continue until payment in full of the principal
sum has been made or duly provided for. Quarterly interest payments shall be
due and payable on September 1, December 1, March 1 and June 1 of each year,
commencing with December 1, 2000. If any interest payment date or the Maturity
Date is not a business day in the State of New York, then such payment shall be
made on the next succeeding business day. The forwarding of such check shall
constitute a payment of principal and interest hereunder and shall satisfy and
discharge the liability for principal and interest on this Debenture to the
extent of the sum represented by such check plus any amounts so deducted.

         This Debenture is subject to the following additional provisions:

                  1.       The Company shall be entitled to withhold from all
payments of interest on this Debenture any amounts required to be withheld
under the applicable provisions of the United States income tax laws or other
applicable laws at the time of such payments, and Holder shall execute and
deliver all required documentation in connection therewith.

                  2.       This Debenture has been issued subject to investment
representations of the original purchaser hereof and may be transferred or
exchanged only in compliance with the Securities Act of 1933, as amended (the
"Act"), and other applicable state and foreign securities laws. The Holder
shall deliver written notice to the Company of any proposed transfer of this
Debenture. In the event of any proposed transfer of this Debenture, the Company
may require, prior to issuance of a new Debenture in the name of such other
person, that it receive reasonable transfer documentation including legal
opinions that the issuance of the Debenture in such other name does not and
will not cause a violation of the Act or any applicable state or foreign
securities laws. Prior to due presentment for transfer of this Debenture, the
Company and any agent of the Company may treat the person in whose name this
Debenture is duly registered on the Company's Debenture Register as the owner
hereof for the purpose of receiving payment as herein provided and for all
other purposes, whether or not this Debenture be overdue, and

<PAGE>   2

neither the Company nor any such agent shall be affected by notice to the
contrary. This Debenture has been executed and delivered pursuant to the
Convertible Debenture and Warrants Purchase Agreement dated as of September __,
2000 between the Company and the original Holder (the "Purchase Agreement"),
and is subject to the terms and conditions of the Purchase Agreement, which
are, by this reference, incorporated herein and made a part hereof. Capitalized
terms used and not otherwise defined herein shall have the meanings set forth
for such terms in the Purchase Agreement.

                  3.       The Holder of this Debenture is entitled, at its
option, to convert at any time commencing on the date hereof, the principal
amount of this Debenture or any portion thereof, plus any accrued and unpaid
interest, into shares of Common Stock of the Company ("Conversion Shares") at a
conversion price for each share of Common Stock ("Conversion Price") equal to
the lesser of (i) $1.00 (the "Set Price") (subject to adjustment for stock
splits and the like) and (ii) 75% of the Market Price on the Conversion Date
(the "Variable Price"); provided, however, if the Principal Market is the OTC
Bulletin Board, the Variable Price shall be 65% of the Market Price on the
Conversion Date. Notwithstanding anything herein to the contrary, in no event
shall the Conversion Price be less than $0.0001. If, upon any conversion of this
Debenture, the Company's issuance of Conversion Shares would cause it to violate
any listing requirement of the Principal Market, then in lieu of such stock
issuance, the Company shall pay the Holder cash in an amount equal to the
closing price of the Common Stock on the Conversion Date multiplied by the
number of shares which would otherwise have been issuable upon such conversion
(the "Cash Amount") within five (5) calendar days.

                  4.       The rate of interest on this Debenture shall be eight
percent (8%), per annum, on the outstanding principal until paid or converted.
The Holder shall have the right to cause the Company to issue Common Stock in
exchange for interest otherwise payable in cash pursuant to this Debenture. The
exact number of Common Stock into which such interest payment is convertible
shall be determined as set forth in Section 3.

                  5.       The Company shall use 25% of the net proceeds of any
subsequent equity financing (each a "Subsequent Sale") to redeem all or any
part of the entire outstanding amount of this Debenture at a price of 120% of
the outstanding principal balance, plus all accrued but unpaid interest. The
Company shall have the right to use up to an additional 25% of the net proceeds
of any such Subsequent Sale to redeem all or any part of the entire outstanding
amount of this Debenture at a price of 120% of the outstanding principal
balance, plus all accrued but unpaid interest. The Company shall give the
Holder at least five (5) Trading Days' notice prior to the closing date of any
such Subsequent Sale (each a "Subsequent Sale Closing Date") and shall include
in such notice the outstanding principal amount of this Debenture or portion
hereof it shall redeem pursuant to this Section. The Company shall make
redemption payments to the Holder on such Subsequent Sale Closing Date out of
the proceeds of any such Subsequent Sale. The Holder shall have the right to
convert this Debenture or any portion hereof as set forth in Section 3 of this
Debenture until the Trading Day prior to any Subsequent Sale Closing Date.

                  6.       Intentionally omitted.

                  7.       On the Maturity Date, the Company will pay the
principal of and any accrued but unpaid interest due upon this Debenture, less
any amounts required by law to be deducted, to the registered holder of this
Debenture and addressed to such holder at the last address appearing on the
Debenture Register.

                  8.       (a)      Conversion shall be effectuated by
surrendering this Debenture to the Company (if such Conversion will convert all
outstanding principal) together with the form of conversion notice attached
hereto as Exhibit A (the "Notice of Conversion"), executed by the Holder of
this Debenture evidencing such Holder's intention to convert this Debenture or
a specified portion (as above provided) hereof, and accompanied, if required by
the Company, by proper assignment hereof in blank. If this Debenture shall have
been converted in part, the Company shall, within five (5) Trading Days from
the date of delivery of this Debenture, deliver to Holder a new Debenture
evidencing the rights of Holder to convert the unconverted portion of this
Debenture, which new Debenture shall in all other respects be

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identical with this Debenture. Interest accrued or accruing from the date of
issuance to the date of conversion shall be paid as set forth above. No
fraction of a share or scrip representing a fraction of a share will be issued
on conversion, but the number of shares issuable shall be rounded to the
nearest whole share. The date on which Notice of Conversion is given (the
"Conversion Date") shall be deemed to be the date on which the Holder faxes the
Notice of Conversion duly executed to the Company. Facsimile delivery of the
Notice of Conversion shall be accepted by the Company at facsimile number (803)
255-4350, Attn: Joseph A. Boyle. Certificates representing Common Stock upon
conversion will be delivered to the Holder within three (3) Trading Days from
the date the Notice of Conversion is delivered to the Company. Delivery of
shares upon conversion shall be made to the address specified by the Holder in
the Notice of Conversion.

                           (b)      The Company understands that a delay in the
issuance of shares of Common Stock upon a conversion and, in the case of
partial conversion, a delay in the delivery a new Debenture beyond the five (5)
Trading Day period described in Paragraph 8(a) could result in economic loss to
the Holder. As compensation to the Holder for such loss, the Company agrees to
pay late payments to the Holder for late issuance of shares of Common Stock
upon conversion and delivery of a new Debenture in accordance with the
following schedule (where "No. Trading Days Late" is defined as the number of
Trading Days beyond five (5) Trading Days from the date the Notice of
Conversion or date of delivery of new Debenture is delivered to the Company).

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
No. Trading Days Late                                        Late Payment for Each
                                                             $5,000 of Principal Amount
                                                             Being Converted
----------------------------------------------------------------------------------------------------------------------
<S>                                                          <C>
1                                                            $100
----------------------------------------------------------------------------------------------------------------------
2                                                            $200
----------------------------------------------------------------------------------------------------------------------
3                                                            $300
------------------------------------------------------------ ---------------------------------------------------------
4                                                            $400
----------------------------------------------------------------------------------------------------------------------
5                                                            $500
----------------------------------------------------------------------------------------------------------------------
6                                                            $600
----------------------------------------------------------------------------------------------------------------------
7                                                            $700
----------------------------------------------------------------------------------------------------------------------
8                                                            $800
----------------------------------------------------------------------------------------------------------------------
9                                                            $900
----------------------------------------------------------------------------------------------------------------------
10                                                           $1,000
----------------------------------------------------------------------------------------------------------------------
More than 10                                                 $1,000+$200 for each Trading Day
                                                             Late beyond 10 Trading Days
----------------------------------------------------------------------------------------------------------------------
</TABLE>

                  The Company shall pay any payments incurred under this
Paragraph 8(b) in immediately available funds upon demand. Nothing herein shall
limit Holder's right to pursue injunctive relief and/or actual damages for the
Company's failure to issue and deliver Common Stock or a new Debenture to the
holder, including, without limitation, the Holder's actual losses occasioned by
any "buy-in" of Common Stock necessitated by such late delivery. Furthermore,
in addition to any other remedies which may be available to the Holder, in the
event that the Company fails for any reason to effect delivery of such shares
of Common Stock within five (5) Trading Days from the date the Notice of
Conversion is delivered to the Company, the Holder will be entitled to revoke
the relevant Notice of Conversion by delivering a notice to such effect to the
Company, whereupon the Company and the Holder shall each be restored to their
respective positions immediately prior to delivery of such Notice of
Conversion, and in such event no late payments shall be due in connection with
such withdrawn conversion. If at any time (a) the Company challenges, disputes
or denies the right of the Holder to effect the conversion of this Debenture
into Common Stock or otherwise dishonors or rejects any Notice of Conversion
properly delivered in accordance with this Paragraph 8 or (b) any Company
stockholder who is not and has never been an Affiliate (as defined in Rule 405
under the Securities Act of 1933, as amended) of the Holder obtains a judgment
or any injunctive relief from any court or public or governmental authority
which denies, enjoins, limits, modifies, delays or disputes the right of the
holder hereof to effect the conversion of this Debenture into Common Stock,
then the Holder shall have the right,

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<PAGE>   4

by written notice, to require the Company to promptly redeem this Debenture for
cash at a redemption price equal to one hundred thirty percent (130%) of the
outstanding principal amount hereof and all accrued and unpaid interest hereon.
Under any of the circumstances set forth above, the Corporation shall indemnify
and hold harmless the Holder and be responsible for the payment of all costs
and expenses of the Holder, including its reasonable legal fees and expenses,
as and when incurred in disputing any such action or pursuing its rights
hereunder (in addition to any other rights of the Holder). In the event a
Holder of this Debenture shall elect to convert any or all of the outstanding
principal amount hereof, the Company may not refuse conversion based on any
claim that the Holder or any one associated or affiliated with the Holder has
been engaged in any violation of law, unless an injunction from a court
restraining and or enjoining conversion of all or part of this Debenture shall
have been sought and obtained and the Company posts a surety bond for the
benefit of the Holder in the amount of 130% of the principal amount of this
Debenture outstanding, which is subject to the injunction, which bond shall
remain in effect until the completion of arbitration/litigation of the dispute
and the proceeds of which shall be payable to such Holder of any shares of the
Debenture to the extent it obtains judgment. In the absence of an injunction
precluding the same, the Company shall issue shares upon a properly noticed
conversion.

                  9.       No provision of this Debenture shall alter or impair\
the obligation of the Company, which is absolute and unconditional, to pay the
principal of, and interest on, this Debenture at the time, place, and rate, and
in the coin or currency herein prescribed. This Debenture is a direct
obligation of the Company.

                  10.      No recourse shall be had for the payment of the
principal of, or the interest on, this Debenture, or for any claim based
hereon, or otherwise in respect hereof, against any incorporator, shareholder,
employee, officer or director, as such, past, present or future, of the Company
or any successor corporation, whether by virtue of any constitution, statute or
rule of law, or by the enforcement of any assessment or penalty or otherwise,
all such liability being, by the acceptance hereof and as part of the
consideration for the issue hereof, expressly waived and released.

                  11.      In case of any (1) merger or consolidation of the
Company into another Person, or (2) sale by the Company of more than one-half
of the assets of the Company (on an as valued basis) in one or a series of
related transactions, the Holder shall have the right to (A) deem such an
occurrence an Event of Default and exercise its rights of prepayment pursuant
to Paragraph 14 herein, (B) convert its aggregate principal amount of this
Debenture then outstanding into the shares of stock and other securities, cash
and property receivable upon or deemed to be held by holders of Common Stock
following such merger, consolidation or sale, and the Holder shall be entitled
upon such event or series of related events to receive such amount of
securities, cash and property as the shares of Common Stock into which such
aggregate principal amount of this Debenture could have been converted
immediately prior to such merger, consolidation or sales would have been
entitled, or (C) in the case of a merger or consolidation, (x) require the
surviving entity to issue convertible debentures in such face amount, as the
case may be, equal to the aggregate principal amount of this Debenture then
held by the Holder, plus all accrued and unpaid interest and other amounts
owing thereon, which newly issued debentures shall have terms identical
(including with respect to conversion) to the terms of this Debenture and shall
be entitled to all of the rights and privileges of the Holder of this Debenture
set forth herein and the agreements pursuant to which this Debenture was issued
(including, without limitation, as such rights relate to the acquisition,
transferability, registration and listing of such shares of stock or other
securities issuable upon conversion thereof), and (y) simultaneously with the
issuance of such convertible debentures, shall have the right to convert such
instrument only into shares of stock and other securities, cash and property
receivable upon or deemed to be held by holders of Common Stock following such
merger or consolidation. In the case of clause (C), the conversion price
applicable for the newly issued convertible debentures shall be based upon the
amount of securities, cash and property that each share of Common Stock would
receive in such transaction and the Conversion Price in effect immediately
prior to the effectiveness or closing date for such transaction. The terms of
any such merger, sale or consolidation shall include such terms so as to
continue to give the Holder the right to receive the securities, cash and
property set forth in this Paragraph upon any conversion or redemption
following such event. This Paragraph shall similarly apply to successive such
events.

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<PAGE>   5

                  12.      The Holder of the Debenture, by acceptance hereof,
agrees that this Debenture is being acquired for investment and that such
Holder will not offer, sell or otherwise dispose of this Debenture or the
Shares of Common Stock issuable upon conversion thereof except under
circumstances which will not result in a violation of the Act or any applicable
state Blue Sky or foreign laws or similar laws relating to the sale of
securities.

                  13.      This Debenture shall be governed by and construed in
accordance with the laws of the State of New York. Each of the parties consents
to the jurisdiction of the federal courts whose districts encompass any part of
the City of New York or the state courts of the State of New York sitting in
the City of New York in connection with any dispute arising under this
Agreement and hereby waives, to the maximum extent permitted by law, any
objection, including any objection based on forum non conveniens, to the
bringing of any such proceeding in such jurisdictions.

                  14.      The following shall constitute an "Event of Default":

                  a.       The Company shall default in the payment of
                           principal or interest on this Debenture and same
                           shall continue for a period of ten (10) business
                           days; or

                  b.       Any of the material representations or warranties
                           made by the Company herein, in the Purchase
                           Agreement, the Registration Rights Agreement, or in
                           any agreement, certificate or financial statements
                           heretofore or hereafter furnished by the Company in
                           connection with the execution and delivery of this
                           Debenture or the Purchase Agreement shall be false
                           or misleading in any material respect at the time
                           made; or

                  c.       The Company fails to issue shares of Common Stock to
                           the Holder or to cause its Transfer Agent to issue
                           shares of Common Stock upon proper exercise by the
                           Holder of the conversion rights of the Holder in
                           accordance with the terms of this Debenture, fails
                           to transfer or to cause its Transfer Agent to
                           transfer any certificate for shares of Common Stock
                           issued to the Holder upon conversion of this
                           Debenture as and when required by this Debenture or
                           the Registration Rights Agreement, and such transfer
                           is otherwise lawful, or fails to remove any
                           restrictive legend or to cause its Transfer Agent to
                           transfer any certificate or any shares of Common
                           Stock issued to the Holder upon conversion of this
                           Debenture as and when required by this Debenture,
                           the Purchase Agreement or the Registration Rights
                           Agreement and such legend removal is otherwise
                           lawful, and any such failure shall continue uncured
                           for ten (10) business days; or

                  d.       The Company shall fail to perform or observe, in any
                           material respect, any other material covenant, term,
                           provision, condition, agreement or obligation of the
                           Company under the Purchase Agreement, the
                           Registration Rights Agreement or this Debenture and
                           such failure shall continue uncured for a period of
                           thirty (30) days after written notice from the
                           Holder of such failure; or

                  e.       The Company shall (1) admit in writing its inability
                           to pay its debts generally as they mature; (2) make
                           an assignment for the benefit of creditors or
                           commence proceedings for its dissolution; or (3)
                           apply for or consent to the appointment of a
                           trustee, liquidator or receiver for its or for a
                           substantial part of its property or business; or

                  f.       A trustee, liquidator or receiver shall be appointed
                           for the Company or for a substantial part of its
                           property or business without its consent and shall
                           not be discharged within sixty (60) days after such
                           appointment; or

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<PAGE>   6

                  g.       Any governmental agency or any court of competent
                           jurisdiction at the instance of any governmental
                           agency shall assume custody or control of the whole
                           or any substantial portion of the properties or
                           assets of the Company and shall not be dismissed
                           within sixty (60) days thereafter; or

                  h.       Any money judgment, writ or warrant of attachment,
                           or similar process in excess of One Hundred Thousand
                           ($100,000) Dollars in the aggregate shall be entered
                           or filed against the Company or any of its
                           properties or other assets and shall remain unpaid,
                           unvacated, unbonded or unstayed for a period of
                           sixty (60) days; or

                  i.       Bankruptcy, reorganization, insolvency or
                           liquidation proceedings or other proceedings for
                           relief under any bankruptcy law or any law for the
                           relief of debtors shall be instituted by or against
                           the Company and, if instituted against the Company,
                           shall not be dismissed within sixty (60) days after
                           such institution or the Company shall by any action
                           or answer approve of, consent to, or acquiesce in
                           any such proceedings or admit the material
                           allegations of, or default in answering a petition
                           filed in any such proceeding; or

                  j.       The Company shall have its Common Stock suspended or
                           delisted from trading on the Principal Market for in
                           excess of five (5) Trading Days;

Then, or at any time thereafter, and in each and every such case, unless such
Event of Default shall have been waived in writing by the Holder (which waiver
shall not be deemed to be a waiver of any subsequent default) at the option of
the Holder and in the Holder's sole discretion, the Holder may consider this
Debenture immediately due and payable, without presentment, demand, protest or
notice of any kind, all of which are hereby expressly waived, anything herein
or in any note or other instruments contained to the contrary notwithstanding,
and the Holder may immediately enforce any and all of the Holder's rights and
remedies provided herein or any other rights or remedies afforded by law.

                  15.      Nothing contained in this Debenture shall be
construed as conferring upon the Holder the right to vote or to receive
dividends or to consent or receive notice as a shareholder in respect of any
meeting of shareholders or any rights whatsoever as a shareholder of the
Company, unless and to the extent converted in accordance with the terms
hereof.

                  16.      In no event shall the Holder be permitted to convert
this Debenture for shares of Common Stock to the extent that (x) the number of
shares of Common Stock owned by such Holder (other than shares of Common Stock
issuable upon conversion of this Debenture) plus (y) the number of shares of
Common Stock issuable upon conversion of this Debenture, would be equal to or
exceed 9.9% of the number of shares of Common Stock then issued and
outstanding, including shares issuable upon conversion of this Debenture held
by such Holder after application of this Paragraph 16. As used herein,
beneficial ownership shall be determined in accordance with Section 13(d) of
the Securities Exchange Act of 1934, as amended, and the rules and regulations
thereunder. To the extent that the limitation contained in this Paragraph 16
applies, the determination of whether this Debenture is convertible (in
relation to other securities owned by the Holder) and of which a portion of
this Debenture is convertible shall be in the sole discretion of such Holder,
and the submission of a Notice of Conversion shall be deemed to be such
Holder's determination of whether this Debenture is convertible (in relation to
other securities owned by such holder) and of which portion of this Debenture
is convertible, in each case subject to such aggregate percentage limitation,
and the Company shall have no obligation to verify or confirm the accuracy of
such determination. Nothing contained herein shall be deemed to restrict the
right of a Holder to convert this Debenture into shares of Common Stock at such
time as such conversion will not violate the provisions of this Paragraph 16.
The provisions of this Paragraph 16 may be waived by the Holder of this
Debenture upon not less than 75 days' prior notice to the Company, and the
provisions of this Paragraph 16 shall continue to apply until such 75th day (or
such later date as may be specified in such notice of waiver). No conversion of
this Debenture in violation of this Paragraph 16 but otherwise in accordance
with this Debenture shall affect the status of the Common Stock issued upon

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such conversion as validly issued, fully-paid and nonassessable. If instead of
receiving cash on the Maturity Date the Holder instead exercises its right to
convert this Debenture into Common Stock pursuant to Paragraph 3 by delivery of
a Notice of Conversion prior to receipt of payment, and such conversion would
cause the limit contained in the first sentence of this Paragraph 16 to be
exceeded, such conversion of this Debenture shall occur up to such limit and
the remaining unconverted portion of this Debenture shall be converted into
Common Stock (1) in accordance with one or more Notices of Conversion delivered
by the Holder or (2) 65 days after the Maturity Date, whichever is earlier.
Notwithstanding anything contained herein to the contrary, no interest shall
accrue after the Maturity Date on any such unconverted portion of this
Debenture.

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<PAGE>   8

         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed by an officer thereunto duly authorized.

Dated: September __, 2000

                                      AFFINITY TECHNOLOGY GROUP, INC.

                                      By:
                                         --------------------------------------
                                            Joseph A. Boyle, President & CEO
Attest:

-----------------------

                                       8

<PAGE>   9

                                   EXHIBIT A

                              NOTICE OF CONVERSION

  (To be Executed by the Registered Holder in order to Convert the Debenture)

                  The undersigned hereby  irrevocably  elects to convert
$ ________________ of the principal amount of the above Debenture No. ___ into
Shares of Common Stock of Affinity Technology Group, Inc. (the "Company")
according to the conditions hereof, as of the date written below.

Date of Conversion*
                    ------------------------------------------------------------
Conversion Price *
                   -------------------------------------------------------------
Accrued Interest
                ----------------------------------------------------------------
Signature
         -----------------------------------------------------------------------
                                             [Name]
Address:
        ------------------------------------------------------------------------

*If such conversion represents the remaining principal balance of the
Debenture, the original Debenture must accompany this notice within three
Trading Days.<PAGE>   1
                                                                   EXHIBIT 4.10

NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")
OR ANY OTHER APPLICABLE SECURITIES LAWS IN RELIANCE UPON AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS.
NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF MAY BE SOLD,
PLEDGED, TRANSFERRED, ENCUMBERED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR IN A TRANSACTION
WHICH IS EXEMPT FROM REGISTRATION UNDER THE PROVISIONS OF THE SECURITIES ACT.

                             STOCK PURCHASE WARRANT

                 To Purchase 200,000 Shares of Common Stock of
                        AFFINITY TECHNOLOGY GROUP, INC.

         THIS CERTIFIES that, for value received, [HOLDER] (the "Holder"), is
entitled, upon the terms and subject to the conditions hereinafter set forth,
at any time on or after September __, 2000 (the "Initial Exercise Date") and on
or prior to the close of business on September __, 2003 (the "Termination
Date") but not thereafter, to subscribe for and purchase from Affinity
Technology Group, Inc., a Delaware corporation (the "Company"), up to 200,000
shares (the "Warrant Shares") of Common Stock, $0.0001 par value, of the
Company (the "Common Stock"). The purchase price of one share of Common Stock
(the "Exercise Price") under this Warrant shall be (i) if the Principal Market
is not the OTC Bulletin Board, $______ (120% of the Market Price on the day
immediately prior to the date of Funding) and (ii) if the Principal Market is
the OTC Bulletin Board, $______ (100% of the Market Price on the day
immediately prior to the date of Funding); provided, however, for each calendar
quarter after the date of Funding and prior to the conversion of all of the
Convertible Debentures that the Company's Cash Burn Rate (as defined below)
exceeds $1.2 million dollars, the Exercise Price shall be reduced by 20
percentage points (such discounts shall be cumulative) (this provision will
remain in effect only to the extent that the Company's cash and short-term
investment balance is below the end-of-the-month balance immediately following
the date on which the proceeds from the Convertible Debenture are received by
the Company). The Cash Burn Rate shall mean the SUM OF the transaction fee
revenue recognized, patent license revenue received, amounts received on
software license sales and development contracts (whether recognized as revenue
or deferred revenue), maintenance fees recognized, mortgage fees recognized,
other income, interest income recognized, depreciation, amortization (including
prepaids), inventory reserves and allowance for bad debts LESS direct costs of
revenue, SG&A, R&D and half the cost of equipment purchases. The Exercise Price
and the number of shares for which the Warrant is exercisable shall be subject
to adjustment as provided herein. In the event of any conflict between the
terms of this Warrant and the Convertible Debenture and Warrants Purchase
Agreement dated September __, 2000 pursuant to which this Warrant has been
issued (the "Purchase Agreement"), the Purchase Agreement shall control.
Capitalized terms used and not otherwise defined herein shall have the meanings
set forth for such terms in the Purchase Agreement.

         1.       Title to Warrant. Prior to the Termination Date and subject to
compliance with applicable laws, this Warrant and all rights hereunder are
transferable, in whole or in part, at the office or agency of the Company by the
holder hereof in person or by duly authorized attorney, upon surrender of this
Warrant together with the Assignment Form annexed hereto properly endorsed.

         2.       Authorization of Shares. The Company covenants that all shares
of Common Stock which may be issued upon the exercise of rights represented by
this Warrant will, upon exercise of the rights represented by this Warrant, be
duly authorized, validly issued, fully paid and nonassessable and

<PAGE>   2

free from all taxes, liens and charges in respect of the issue thereof (other
than as imposed by the holder and taxes in respect of any transfer occurring
contemporaneously with such issue).

         3.       Exercise of Warrant. Except as provided in Section 4 herein,
exercise of the purchase rights represented by this Warrant may be made at any
time or times on or after the Initial Exercise Date and before the close of
business on the Termination Date. Exercise of this Warrant or any part hereof
shall be effected by the surrender of this Warrant and the Notice of Exercise
Form annexed hereto duly executed, at the office of the Company (or such other
office or agency of the Company as it may designate by notice in writing to the
registered holder hereof at the address of such holder appearing on the books of
the Company) and upon payment of the Exercise Price of the shares thereby
purchased by wire transfer or cashier's check drawn on a United States bank, the
holder of this Warrant shall be entitled to receive a certificate for the number
of shares of Common Stock so purchased. Certificates for shares purchased
hereunder shall be delivered to the holder hereof within three (3) Trading Days
after the date on which this Warrant shall have been exercised as aforesaid.
This Warrant shall be deemed to have been exercised and such certificate or
certificates shall be deemed to have been issued, and Holder or any other person
so designated to be named therein shall be deemed to have become a holder of
record of such shares for all purposes, as of the date the Warrant has been
exercised by payment to the Company of the Exercise Price and all taxes required
to be paid by Holder, if any, pursuant to Section 5 prior to the issuance of
such shares, have been paid. If this Warrant shall have been exercised in part,
the Company shall, at the time of delivery of the certificate or certificates
representing Warrant Shares, deliver to Holder a new Warrant evidencing the
rights of Holder to purchase the unpurchased shares of Common Stock called for
by this Warrant, which new Warrant shall in all other respects be identical with
this Warrant. At any time commencing one year after the issuance hereof, if no
registration statement is effective permitting the resale of the shares of
Common Stock issued upon exercise of this Warrant, this Warrant may also be
exercised by means of a "cashless exercise" in which the holder shall be
entitled to receive a certificate for the number of shares equal to the quotient
obtained by dividing [(A-B) (X)] by (A), where:

(A) =  the average of the high and low trading prices per share of Common Stock
on the Trading Day preceding the date of such election;

(B) =  the Exercise Price of the Warrants; and

(X) =  the number of shares issuable upon exercise of the Warrants in
accordance with the terms of this Warrant.

         4.       No Fractional Shares or Scrip. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which Holder would otherwise be entitled
to purchase upon such exercise, the Company shall pay a cash adjustment in
respect of such final fraction in an amount equal to the Exercise Price.

         5.       Charges, Taxes and Expenses. Issuance of certificates for
shares of Common Stock upon the exercise of this Warrant shall be made without
charge to the holder hereof for any issue or transfer tax or other incidental
expense in respect of the issuance of such certificate, all of which taxes and
expenses shall be paid by the Company, and such certificates shall be issued in
the name of the holder of this Warrant or in such name or names as may be
directed by the holder of this Warrant; provided, however, that in the event
certificates for shares of Common Stock are to be issued in a name other than
the name of the holder of this Warrant, this Warrant when surrendered for
exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the holder hereof; and the Company may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any transfer tax
incidental thereto and a legal opinion as to such transfer under applicable
securities laws.

         6.       Closing of Books. The Company will not close its shareholder
books or records in any manner which prevents the timely exercise of this
Warrant.

                                       2
<PAGE>   3

         7.       Transfer, Division and Combination. (a) Subject to compliance
with any applicable securities laws, transfer of this Warrant and all rights
hereunder, in whole or in part, shall be registered on the books of the
Company to be maintained for such purpose, upon surrender of this Warrant at the
principal office of the Company, together with a written assignment of this
Warrant substantially in the form attached hereto duly executed by Holder or its
agent or attorney and funds sufficient to pay any transfer taxes payable upon
the making of such transfer. Upon such surrender and, if required, such payment,
the Company shall execute and deliver a new Warrant or Warrants in the name of
the assignee or assignees and in the denomination or denominations specified in
such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall
promptly be cancelled. A Warrant, if properly assigned, may be exercised by a
new holder for the purchase of shares of Common Stock without having a new
Warrant issued.

                  (b)      This Warrant may be divided or combined with other
Warrants upon presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which
new Warrants are to be issued, signed by Holder or its agent or attorney.
Subject to compliance with Section 7(a), as to any transfer which may be
involved in such division or combination, the Company shall execute and deliver
a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided
or combined in accordance with such notice.

                  (c)      The Company shall prepare, issue and deliver at its
own expense (other than transfer taxes) the new Warrant or Warrants under this
Section 7.

                  (d)      The Company agrees to maintain, at its aforesaid
office, books for the registration and the registration of transfer of the
Warrants.

         8.       No Rights as Shareholder until Exercise. This Warrant does not
entitle the holder hereof to any voting rights or other rights as a shareholder
of the Company prior to the exercise hereof. Upon the surrender of this Warrant
and the payment of the aggregate Exercise Price, the Warrant Shares so purchased
shall be and be deemed to be issued to such holder as the record owner of such
shares as of the close of business on the later of the date of such surrender or
payment.

         9.       Loss, Theft, Destruction or Mutilation of Warrant. The Company
covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant certificate
or any stock certificate relating to the Warrant Shares, and in case of loss,
theft or destruction, of indemnity or security reasonably satisfactory to it
(which may include the posting of any bond), and upon surrender and cancellation
of such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.

         10.      Saturdays, Sundays, Holidays, etc. If the last or appointed
day for the taking of any action or the expiration of any right required or
granted herein shall be a Saturday, Sunday or a legal holiday, then such action
may be taken or such right may be exercised on the next succeeding
day not a Saturday, Sunday or legal holiday.

         11.      Adjustments of Exercise Price and Number of Warrant Shares.
(a) Stock Splits, etc. The number and kind of securities purchasable upon the
exercise of this Warrant and the Exercise Price shall be subject to adjustment
from time to time upon the happening of any of the following. In case the
Company shall (i) pay a dividend in shares of Common Stock or make a
distribution in shares of Common Stock to holders of its outstanding Common
Stock, (ii) subdivide its outstanding shares of Common Stock into a greater
number of shares of Common Stock, (iii) combine its outstanding shares of Common
Stock into a smaller number of shares of Common Stock or (iv) issue any shares
of its capital stock in a reclassification of the Common Stock, then the number
of Warrant Shares purchasable upon exercise of this Warrant immediately prior
thereto shall be adjusted so that the holder of this Warrant shall be entitled
to receive the kind and number of Warrant Shares or other securities of the
Company which he would have owned or have been entitled to receive had such
Warrant been exercised in advance thereof. Upon

                                       3
<PAGE>   4

each such adjustment of the kind and number of Warrant Shares or other
securities of the Company which are purchasable hereunder, the holder of this
Warrant shall thereafter be entitled to purchase the number of Warrant Shares
or other securities resulting from such adjustment at an Exercise Price per
Warrant Share or other security obtained by multiplying the Exercise Price in
effect immediately prior to such adjustment by the number of Warrant Shares
purchasable pursuant hereto immediately prior to such adjustment and dividing
by the number of Warrant Shares or other securities of the Company resulting
from such adjustment. An adjustment made pursuant to this paragraph shall
become effective immediately after the effective date of such event retroactive
to the record date, if any, for such event.

                  (a)      Reorganization, Reclassification, Merger,
Consolidation or Disposition of Assets. In case the Company shall reorganize
its capital, reclassify its capital stock, consolidate or merge with or into
another corporation (where the Company is not the surviving corporation
or where there is a change in or distribution with respect to the Common Stock
of the Company), or sell, transfer or otherwise dispose of all or substantially
all its property, assets or business to another corporation and, pursuant to the
terms of such reorganization, reclassification, merger, consolidation or
disposition of assets, shares of common stock of the successor or acquiring
corporation, or any cash, shares of stock or other securities or property of any
nature whatsoever (including warrants or other subscription or purchase rights)
in addition to or in lieu of common stock of the successor or acquiring
corporation ("Other Property"), are to be received by or distributed to the
holders of Common Stock of the Company, then Holder shall have the right
thereafter to receive, upon exercise of this Warrant, the number of shares of
common stock of the successor or acquiring corporation or of the Company, if it
is the surviving corporation, and Other Property receivable upon or as a result
of such reorganization, reclassification, merger, consolidation or disposition
of assets by a holder of the number of shares of Common Stock for which this
Warrant is exercisable immediately prior to such event. In case of any such
reorganization, reclassification, merger, consolidation or disposition of
assets, the successor or acquiring corporation (if other than the Company) shall
expressly assume the due and punctual observance and performance of each and
every covenant and condition of this Warrant to be performed and observed by the
Company and all the obligations and liabilities hereunder, subject to such
modifications as may be deemed appropriate (as determined in good faith by
resolution of the Board of Directors of the Company) in order to provide for
adjustments of shares of Common Stock for which this Warrant is exercisable
which shall be as nearly equivalent as practicable to the adjustments provided
for in this Section 11. For purposes of this Section 11, "common stock of the
successor or acquiring corporation" shall include stock of such corporation of
any class which is not preferred as to dividends or assets over any other class
of stock of such corporation and which is not subject to redemption and shall
also include any evidences of indebtedness, shares of stock or other securities
which are convertible into or exchangeable for any such stock, either
immediately or upon the arrival of a specified date or the happening of a
specified event and any warrants or other rights to subscribe for or purchase
any such stock. The foregoing provisions of this Section 11 shall similarly
apply to successive reorganizations, reclassifications, mergers, consolidations
or disposition of assets.

         12.      Notice of Adjustment. Whenever the number of Warrant Shares or
number or kind of securities or other property purchasable upon the exercise of
this Warrant or the Exercise Price is adjusted as herein provided, the Company
shall promptly notify the holder in writing of such adjustment or adjustments
setting forth the number of Warrant Shares (and other securities or property)
purchasable upon the exercise of this Warrant and the Exercise Price of such
Warrant Shares (and other securities or property) after such adjustment, setting
forth a brief statement of the facts requiring such adjustment and setting forth
the computation by which such adjustment was made. Such notice, in the absence
of manifest error, shall be conclusive evidence of the correctness of such
adjustment.

         13.      Notice of Corporate Action. If at any time:

                  (a)      the Company shall take a record of the holders of its
Common Stock for the purpose of entitling them to receive a dividend or other
distribution, or any right to subscribe for or purchase any evidences of its
indebtedness, any shares of stock of any class or any other securities or
property, or to receive any other right, or

                                       4
<PAGE>   5

                  (b)     there shall be any capital reorganization of the
Company, any reclassification or recapitalization of the capital stock of the
Company or any consolidation or merger of the Company with, or any sale,
transfer or other disposition of all or substantially all the property, assets
or business of the Company to, another corporation or,

                  (c)     there shall be a voluntary or involuntary dissolution,
liquidation or winding up of the Company;

then, in any one or more of such cases, the Company shall give to Holder (i) at
least 30 calendar days' prior written notice of the date on which a record date
shall be selected for such dividend, distribution or right or for determining
rights to vote in respect of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, liquidation or winding up, and (ii)
in the case of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, dissolution, liquidation or winding
up, at least 30 calendar days' prior written notice of the date when the same
shall take place. Such notice in accordance with the foregoing clause also
shall specify (i) the date on which any such record is to be taken for the
purpose of such dividend, distribution or right, the date on which the holders
of Common Stock shall be entitled to any such dividend, distribution or right,
and the amount and character thereof, and (ii) the date on which any such
reorganization, reclassification, merger, consolidation, sale, transfer,
disposition, dissolution, liquidation or winding up is to take place and the
time, if any such time is to be fixed, as of which the holders of Common Stock
shall be entitled to exchange their shares of Common Stock for securities or
other property deliverable upon such disposition, dissolution, liquidation or
winding up. Each such written notice shall be sufficiently given if addressed
to Holder at the last address of Holder appearing on the books of the Company
and delivered in accordance with Section 16(d). To the extent that the notice
required to be given to Holder hereunder is material, non-public information,
then such Holder shall sign such confidentiality agreement with the Company as
it or its counsel may reasonably require to protect against the premature
disclosure of such event.

         14.      Authorized Shares. The Company covenants that during the
period the Warrant is outstanding, it will reserve from its authorized
and unissued Common Stock a sufficient number of shares to provide for the
issuance of the Warrant Shares upon the exercise of any purchase rights under
this Warrant. The Company further covenants that its issuance of this Warrant
shall constitute full authority to its officers who are charged with the duty of
executing stock certificates to execute and issue the necessary certificates for
the Warrant Shares upon the exercise of the purchase rights under this Warrant.
Subject to the terms of the Purchase Agreement, the Company will take all such
reasonable action as may be necessary to assure that such Warrant Shares may be
issued as provided herein without violation of any applicable law or regulation,
or of any requirements of the Principal Market upon which the Common Stock may
be listed.

                  The Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be necessary or appropriate to protect the
rights of Holder against impairment. Without limiting the generality of the
foregoing, the Company will (a) not increase the par value of any shares of
Common Stock receivable upon the exercise of this Warrant above the amount
payable therefor upon such exercise immediately prior to such increase in par
value, (b) take all such action as may be necessary or appropriate in order that
the Company may validly and legally issue fully paid and nonassessable shares of
Common Stock upon the exercise of this Warrant, and (c) use all commercially
reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof as may be necessary
to enable the Company to perform its obligations under this Warrant.

                                       5
<PAGE>   6

                  Upon the request of Holder, the Company will at any time
during the period this Warrant is outstanding acknowledge in writing, in form
reasonably satisfactory to Holder, the continuing validity of this Warrant and
the obligations of the Company hereunder.

                  Before taking any action which would cause an adjustment
reducing the current Exercise Price below the then par value, if any, of the
shares of Common Stock issuable upon exercise of the Warrants, the Company shall
take any corporate action which may be necessary in order that the Company may
validly and legally issue fully paid and non-assessable shares of such Common
Stock at such adjusted Exercise Price.

                  Before taking any action which would result in an adjustment
in the number of shares of Common Stock for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or
exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof.

         15.      Miscellaneous.

                  (a)      Jurisdiction. This Warrant shall be binding upon any
successors or assigns of the Company. This Warrant shall constitute a contract
under the laws of New York without regard to its conflict of law principles or
rules, and be subject to arbitration pursuant to the terms set forth in the
Purchase Agreement.

                  (b)      Restrictions. The holder hereof acknowledges that the
Warrant Shares acquired upon the exercise of this Warrant, if not registered,
will have restrictions upon resale imposed by state and federal securities laws.

                  (c)      Nonwaiver and Expenses. No course of dealing or any
delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice Holder's rights, powers
or remedies, which shall terminate on the Termination Date. If the Company
willfully fails to comply with any material provision of this Warrant, the
Company shall pay to Holder such amounts as shall be sufficient to cover any
costs and expenses including, but not limited to, reasonable attorneys' fees,
including those of appellate proceedings, incurred by Holder in collecting any
amounts due pursuant hereto or in otherwise enforcing any of its rights, powers
or remedies hereunder.

                  (d)      Notices. Any notice, request or other document
required or permitted to be given or delivered to the holder hereof by the
Company shall be delivered in accordance with the notice provisions of the
Purchase Agreement.

                  (e)      Limitation of Liability. No provision hereof, in the
absence of affirmative action by Holder to purchase shares of Common Stock, and
no enumeration herein of the rights or privileges of Holder hereof, shall give
rise to any liability of Holder for the purchase price of any Common Stock or
as a stockholder of the Company, whether such liability is asserted by the
Company or by creditors of the Company.

                  (f)      Remedies. Holder, in addition to being entitled to
exercise all rights granted by law, including recovery of damages, will be
entitled to specific performance of its rights under this Warrant. The Company
agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and
hereby agrees to waive the defense in any action for specific performance that a
remedy at law would be adequate.

                  (g)      Successors and Assigns. Subject to applicable
securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors of the Company
and the successors and permitted assigns of Holder. The provisions of this

                                       6
<PAGE>   7

Warrant are intended to be for the benefit of all Holders from time to time of
this Warrant and shall be enforceable by any such Holder or holder of Warrant
Shares.

         (h)      Indemnification. The Company agrees to indemnify and hold
harmless Holder from and against any liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, claims, costs, attorneys' fees, expenses
and disbursements of any kind which may be imposed upon, incurred by or
asserted against Holder in any manner relating to or arising out of any failure
by the Company to perform or observe in any material respect any of its
covenants, agreements, undertakings or obligations set forth in this Warrant;
provided, however, that the Company will not be liable hereunder to the extent
that any liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, claims, costs, attorneys' fees, expenses or disbursements are
found in a final non-appealable judgment by a court to have resulted from
Holder's negligence, bad faith or willful misconduct in its capacity as a
stockholder or warrantholder of the Company.

         (i)      Amendment. This Warrant may be modified or amended or the
provisions hereof waived with the written consent of the Company and the
Holder.

         (j)      Severability. Wherever possible, each provision of this
Warrant shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Warrant shall be prohibited by or
invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provisions or the remaining provisions of this Warrant.

         (k)      Headings. The headings used in this Warrant are for the
convenience of reference only and shall not, for any purpose, be deemed a part
of this Warrant.

                                       7
<PAGE>   8

         IN WITNESS WHEREOF, the Company has caused this Warrant to be executed
by its officer thereunto duly authorized.

Dated: September __, 2000

                           AFFINITY TECHNOLOGY GROUP, INC.

                           By:
                              -------------------------------------------------
                              Joseph A. Boyle, President & CEO

                                       8
<PAGE>   9

                              NOTICE OF EXERCISE

To:      Affinity Technology Group, Inc.

         (1)      The undersigned hereby elects to purchase ________ shares of
Common Stock (the "Common Stock") of Affinity Technology Group, Inc. pursuant
to the terms of the attached Warrant, and tenders herewith payment of the
exercise price in full, together with all applicable transfer taxes, if any.

         (2)      Please issue a certificate or certificates representing said
shares of Common Stock in the name of the undersigned or in such other name as
is specified below:

                           -------------------------------
                           (Name)

                           -------------------------------
                           (Address)

                           -------------------------------

Dated:

                                             ----------------------------------
                                             Signature

<PAGE>   10

                                ASSIGNMENT FORM

                   (To assign the foregoing warrant, execute
                   this form and supply required information.
                 Do not use this form to exercise the warrant.)

         FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to

                                             whose address is
--------------------------------------------

---------------------------------------------------------------.

---------------------------------------------------------------

                                            Dated:
                                                  -------------------,---------

                           Holder's Signature:
                                              ---------------------------------

                           Holder's Address:
                                              ---------------------------------

                                              ---------------------------------

Signature Guaranteed:
                     -------------------------------------------

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in an fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing
Warrant.

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