Document:

Exhibit A

THE SECURITIES  REPRESENTED BY THIS  CERTIFICATE  HAVE NOT BEEN REGISTERED UNDER
THE  SECURITIES  ACT OF 1933 OR ANY STATE  SECURITIES  LAWS AND MAY NOT BE SOLD,
EXCHANGED,  HYPOTHECATED  OR  OTHERWISE  TRANSFERRED  IN ANY  MANNER  EXCEPT  IN
COMPLIANCE  WITH  SECTION 12 OF THE WARRANT  AGREEMENT  DATED AS OF FEBRUARY 12,
1998, AS THE SAME MAY BE AMENDED FROM TIME TO TIME.

Warrant No. 11

                 WARRANT TO PURCHASE ### SHARES OF COMMON STOCK

                              VOID AFTER 1:30 P.M.,
                    PHOENIX, ARIZONA TIME, ON APRIL 12, 2001

                       OR SUCH LATER DATE SET FORTH HEREIN

                            UGLY DUCKLING CORPORATION

         This certifies  that, for value received,  ___________,  the registered
holder  hereof or assigns  (the  "Holder"),  is entitled  to purchase  from UGLY
DUCKLING CORPORATION,  a Delaware corporation (the "Company"), at any time after
February 12, 1998,  and before 1:30 p.m.,  Phoenix,  Arizona  time, on April 12,
2001,  at the  purchase  price per share of $10.81 (the  "Warrant  Price"),  the
number of shares of Common Stock, par value $0.001 per share, of the Company set
forth above (the  "Shares").  The number of shares of Common  Stock  purchasable
upon exercise of the Warrant  evidenced  hereby and the Warrant Price is subject
to adjustment from time to time as set forth in the Warrant  Agreement  referred
to below.

         This Warrant may be redeemed,  at the option of the Company and as more
specifically  provided  in the  Warrant  Agreement,  at $.10 per share of Common
Stock  purchasable  upon  exercise  hereof,  at any time after the average Daily
Market  Price (as defined in Section 10 of the Warrant  Agreement)  per share of
the Common Stock for a period of at least twenty (20)  consecutive  trading days
ending not more than fifteen days prior to the date of the notice given pursuant
to Section 10(b) thereof has equaled or exceeded $16.00, and prior to expiration
of this Warrant.  The Holder's right to exercise this Warrant terminates at 1:30
p.m.  (Phoenix,  Arizona time) on the date fixed for redemption in the notice of
redemption delivered by the Company in accordance with the Warrant Agreement.

         The  Warrants  evidenced  hereby  may be  exercised  during  the period
referred  to  above,  in whole  or in  part,  by  presentation  of this  Warrant
certificate  with the Purchase Form attached hereto duly executed and guaranteed
and  simultaneous  payment  of the  Warrant  Price (as  defined  in the  Warrant

Agreement and subject to adjustment as provided therein) at the principal office
of the Company. Payment of such price may be made at the option of the Holder in
cash or by  certified  check  or bank  draft,  all as  provided  in the  Warrant
Agreement.

         The Warrants  evidenced  hereby are part of a duly authorized  issue of
Warrants and are issued under and in accordance with the Warrant Agreement dated
as of February 12, 1998, between the Company and the Lenders party thereto,  and
are subject to the terms and  provisions  contained in such  Warrant  Agreement,
which Warrant  Agreement is hereby  incorporated by reference  herein and made a
part  hereof  and is  hereby  referred  to  for a  description  of  the  rights,
limitations,  duties and indemnities thereunder of the Company and the Holder of
the  Warrants,  and to all of which the Holder of this  Warrant  certificate  by
acceptance hereof consents.  A copy of the Warrant Agreement may be obtained for
inspection by the Holder hereof upon written request to the Company.

         Upon any partial exercise of the Warrants evidenced hereby,  there will
be issued to the  Holder a new  Warrant  certificate  in  respect  of the Shares
evidenced hereby that have not been exercised.  This Warrant  certificate may be
exchanged at the office of the Company by surrender of this Warrant  certificate
properly  endorsed  either  separately or in combination  with one or more other
Warrants for one or more new Warrants to purchase the same  aggregate  number of
Shares as evidenced by the Warrant or Warrants  exchanged.  No fractional Shares
will be  issued  upon the  exercise  of rights to  purchase  hereunder,  but the
Company will pay the cash value of any fraction upon the exercise of one or more
Warrants, as provided in the Warrant Agreement.

<PAGE>

         The  Warrant  Price and the number of shares of Common  Stock  issuable
upon  exercise of this Warrant is subject to adjustment as provided in Section 8
of the Warrant  Agreement.  The Warrant  Agreement may be amended by the Company
and the holder or holders of a majority of the outstanding Warrants representing
a majority of the shares of Common Stock underlying such Warrants; provided that
without the consent of each holder of a Warrant certain specified changes cannot
be made to such holder's Warrants.

         Neither the  Warrants  nor the shares of Common  Stock  underlying  the
Warrants may be sold,  assigned,  or otherwise  transferred except in accordance
with the provisions of the Warrant Agreement.

         The Holder  hereof may be treated by the Company and all other  persons
dealing  with this  Warrant  certificate  as the  absolute  owner hereof for all
purposes and as the person entitled to exercise the rights  represented  hereby,
any notice to the contrary notwithstanding, and until any transfer is entered on
such  books,  the  Company  may  treat  the  Holder  hereof as the owner for all
purposes.  Notices  and  demands  to be  given to the  Company  must be given by
certified or registered mail at the addresses provided in the Warrant Agreement.

        All terms  used in the  Warrant  Certificate  that are  defined  in the
Warrant  Agreement shall have the respective  meanings ascribed to such terms in
the Warrant Agreement.

Dated: June 5, 2000                        UGLY DUCKLING CORPORATION

                                          By:/S/ DONALD L. ADDINK
                                             Donald L. Addink
                                             Senior Vice President and Treasurer

ATTEST:

Jon Ehlinger
Secretary

<PAGE>

                            UGLY DUCKLING CORPORATION
                                  PURCHASE FORM

                                Mailing Address:
                            UGLY DUCKLING CORPORATION
                            2525 East Camelback Road
                                    Suite 500
                             Phoenix, Arizona 85016

         The  undersigned  hereby  irrevocably  elects to exercise  the right of
purchase  represented  by the within  Warrant  certificate  for, and to purchase
thereunder,  _____________Shares  of Common  Stock  provided  for  therein,  and
requests that certificates for such Shares be issued in the name of:
________________________________________________________________________________
________________________________________________________________________________
(Please Print or Type Name, Address and Social Security Number)

and that such certificates be delivered to _____________________________________
whose address is _______________________________________________________________
and, if said number of Shares shall not be all the Shares purchasable hereunder,
that a new  Warrant  certificate  for the  balance  of the  Shares  purchasable
under the within Warrant certificate be registered in the name of the
undersigned Holder or his or her Assignee as below indicated and delivered to
the address stated below.

                                     Dated:_____________________________________

Name of Holder or Assignee:

________________________________________________________________________________
(Please Print)

Address:________________________________________________________________________
________________________________________________________________________________

Signature:

Note: The above  signature must  correspond with the name as it appears upon the
face of the within Warrant  certificate in every particular,  without alteration
or enlargement or any change whatever, unless these Warrants have been assigned.

<PAGE>

Signature Guaranteed:

THE  SIGNATURE(S)  SHOULD BE  GUARANTEED  BY AN ELIGIBLE  GUARANTOR  INSTITUTION
(Banks,  Stock Brokers,  Savings and Loan  Association,  and Credit Unions) WITH
MEMBERSHIP IN AN APPROVED  SIGNATURE  GUARANTEE  MEDALLION  PROGRAM  PURSUANT TO
S.E.C. RULE 17Ad-15.

<PAGE>

                                   ASSIGNMENT

                 (To be signed only upon assignment of Warrants)

     FOR VALUE  RECEIVED,  the undersigned  hereby sells,  assigns and transfers
unto

________________________________________________________________________________
          (Name and Address of Assignee Must Be Printed or Typewritten)

________________________________________________________________________________

______________ Warrants, hereby irrevocably constituting and appointing
_______  Attorney to transfer  said  Warrants on the books of the Company,  with
full power of substitution in the premises.

Dated:_________________

                                   _____________________________________________
                                   Signature of Registered Holder

                                    Note:   The  signature  on  this  assignment
                                            must  correspond with the name as it
                                            appears  upon the face of the within
                                            Warrant    certificate    in   every
                                            particular,  without  alteration  or
                                            enlargement or any change whatever.

Signature Guaranteed:

THE  SIGNATURE(S)  SHOULD BE  GUARANTEED  BY AN ELIGIBLE  GUARANTOR  INSTITUTION
(Banks,  Stock Brokers,  Savings and Loan  Association,  and Credit Unions) WITH
MEMBERSHIP IN AN APPROVED  SIGNATURE  GUARANTEE  MEDALLION  PROGRAM  PURSUANT TO
S.E.C. RULE 17Ad-15.

<PAGE>

                                  AMENDMENT TO

                                WARRANT AGREEMENT

         This  Amendment   ("Amendment")  shall  amend  that  Warrant  Agreement
("Agreement"),  dated  February 12,  1998,  between  Ugly  Duckling  Corporation
("Company") and the Lenders, as defined in the Agreement ("Lenders").

         Under  the  Agreement,  Lenders  and  the  Company  may,  with  certain
limitations  that do not apply to the  Amendment,  amend the Agreement  upon the
agreement of Company and a majority of the holders of the  outstanding  warrants
under the  Agreement.  The Lenders  below,  who represent  such a majority,  and
Company hereby agree to amend the Agreement as follows:

         Under the Agreement,  the Company agreed to issue and issued to Lenders
500,000 warrants as set forth in the Agreement and in Exhibits to the Agreement.
Company shall issue to Kayne Anderson Non-Traditional  Investments,  L.P., Arbco
Associates,  L.P.,  Kayne Anderson  Off-Shore  Limited,  Glacier Water Services,
Inc.,  Foremost Insurance Company and TOPA Insurance  Company,  and such parties
shall accept from  Company,  in the  aggregate  an  additional  75,000  warrants
substantially  in the form attached as Exhibit A to the  Agreement,  except that
the  purchase  price of the  warrants  shall be $10.81 and not  $10.00,  and the
expiration date of the warrants shall be April 12, 2001. These warrants shall be
subject to, and are issued under and in accordance with, the Agreement.

         Except  as  otherwise  set  forth  in this  Amendment,  the  terms  and
conditions of the Agreement shall remain unchanged.

         This Amendment is effective June 5, 2000.

                                            Ugly Duckling Corporation

                                            By:  /S/DONALD L. ADDINK
                                            ---------------------------
                                            Its: Senior Vice President
                                            ---------------------------

<PAGE>

                                  ARBCO ASSOCIATES, L.P.

                                  By: KAIM Non-Traditional, L.P.

                                  Its: General Partner

                                  By: Kayne Anderson Investment Management, Inc.
                                  Its: General Partner
                                  By:  /S/ ROBERT V. SINOTT
                                  --------------------------------------------
                                  Title: Vice President
                                  --------------------------------------------

                                  KAYNE ANDERSON NON-TRADITIONAL
                                  INVESTMENTS, L.P.

                                  By:    /S/ ROBERT V. SINOTT
                                  --------------------------------------------
                                  Name:  Robert V. Sinott
                                  --------------------------------------------
                                  Title: Vice President
                                  --------------------------------------------

                                  KAYNE ANDERSON OFF-SHORE LIMITED

                                  By:    /S/ DAVID SHLADOWSKY
                                  --------------------------------------------
                                  Name:  David Shladowsky
                                  --------------------------------------------
                                  Title: General Secretart
                                  --------------------------------------------

                                  GLACIER WATER SERVICES, INC.

                                  By:_________________________________________
                                  Name:_______________________________________
                                  Title:______________________________________

                                  FOREMOST INSURANCE COMPANY

                                  By:_________________________________________
                                  Name:_______________________________________
                                  Title:

                                  TOPA INSURANCE COMPANY

                                  By:  /S/ DANIEL SHERRIN
                                  --------------------------------------------
                                  Name: Daniel Sherrin
                                  --------------------------------------------
                                  Its:Vice President & Chief Financial Officer
                                  --------------------------------------------Amendment No. 11 to Amended and Restated Motor Vehicle Installment Contract
                           Loan and Security Agreement

         This   Amendment  is  entered   into  by  and  between  Ugly   Duckling
Corporation,  successor  in  interest to Ugly  Duckling  Holdings,  Inc.  ("Ugly
Duckling"),  a  Delaware  corporation;  Ugly  Duckling  Car  Sales  and  Finance
Corporation ("UDCSFC"),  an Arizona corporation formerly known as Duck Ventures,
Inc.;  Ugly Duckling  Credit  Corporation  ("UDCC")  formerly  known as Champion
Acceptance  Corporation,  an Arizona corporation;  Ugly Duckling Car Sales, Inc.
("Sales");   an  Arizona   corporation;   Champion  Financial   Services,   Inc.
("Champion"),  an Arizona  corporation;  Ugly Duckling Car Sales  Florida,  Inc.
("Car Sales  Florida"),  a Florida  corporation;  Cygnet  Financial  Corporation
("Cygnet"), a Delaware corporation;  Cygnet Support Services, Inc. ("Services"),
an Arizona corporation;  Cygnet Financial Services, Inc. ("Cygnet Services"), an
Arizona corporation;  Cygnet Financial Portfolio, Inc. ("Cygnet Portfolio"),  an
Arizona corporation;  Ugly Duckling Portfolio  Partnership,  L.L.P. ("UDPP"), an
Arizona  limited  liability  partnership;   Ugly  Duckling  Finance  Corporation
("UDFC"),  an  Arizona  corporation;  and Ugly  Duckling  Portfolio  Corporation
("UDPC") an Arizona corporation formerly known as Champion Portfolio Corporation
(all of the foregoing entities  collectively  referred to herein as "Borrower");
and General Electric Capital Corporation, a New York corporation ("Lender").

                                    RECITALS

         A.  Borrower  and Lender are parties to an Amended and  Restated  Motor
Vehicle Installment  Contract Loan and Security Agreement dated as of August 15,
1997, as amended by an  Assumption  and  Amendment  Agreement  dated October 23,
1997,  Amendment No. 1 dated December 22, 1997,  Amendment No. 2 dated September
9, 1998,  Amendment  No. 3 dated  January 18, 1999,  Amendment No. 4 dated as of
July 19, 1999,  Amendment  No. 5 dated August 16,  1999,  Amendment  No. 6 dated
August 27, 1999,  Amendment No. 7 dated November 30, 1999, Amendment No. 8 dated
December 7, 1999,  Amendment No. 9 dated  December 8, 1999, and Amendment No. 10
dated March 6, 2000 (the Amended and Restated Motor Vehicle Installment Contract
Loan  and  Security  Agreement  as so  amended  is  referred  to  herein  as the
"Agreement") pursuant to which Lender agreed to make Advances to Borrower on the
terms and conditions set forth in the Agreement.

         B.   Borrower and Lender desire to amend certain provisions of the
 Agreement pursuant to the terms set forth in this Amendment.

       In   consideration   of  the   premises   and  other  good  and  valuable
consideration,  the  receipt  of which  is  hereby  acknowledged  by each of the
parties hereto, the parties agree as follows:

         1.   Defined Terms. Unless otherwise specified herein, all capitalized
 terms used in this Amendment shall have the same meaning given to such term(s)
 in the Agreement.

         2.   Amendments to Agreement.  Effective as of the date hereof, the
 Agreement is hereby amended as follows.

                  a.) Loan Term: Right to Terminate. Section 2.3 of the
 Agreement is hereby amended in its entirety to read as follows:

         "Loan Term; Right to Terminate. Unless sooner terminated as hereinafter
         provided, this Agreement shall terminate without any notice requirement
         on June  30,  2001 if not  renewed  or  extended  by a  mutual  written
         agreement.  Upon the  occurrence  of an Event of  Default,  Lender may,
         without prior notice to Borrower, immediately terminate this Agreement.
         A  prepayment  in full  of the  Loan  shall  be a  termination  of this
         Agreement. Notwithstanding termination of this Agreement in any manner,
         the  Indebtedness  shall be payable in accordance  with this Agreement,
         and all rights and remedies  granted to Lender hereunder or pursuant to
         applicable  law shall  continue  until all  obligations  of Borrower to
         Lender have been fully paid and performed."

                  b.) Borrowing Base. The definition of Borrowing Base in
 Section 16.0 of the Agreement is deleted and replaced in its entirety as
 follows:

              Borrowing  Base: the amount equal to the lesser of (i) One Hundred
         Twenty-five   Million   Dollars   ($125,000,000.00)   minus   the  Loan
         Availability  Cap,  or (ii) an  amount  equal to (A) the  lesser of the
         Securitization  Net Proceeds  Percentage or sixty five percent (65%) of
         the Outstanding  Principal Balance of all Originated Eligible Contracts
         (but not to  exceed  one  hundred  fifteen  percent  (115%) of the NADA
         average  wholesale  Black  Book  value  for all such  Contracts  in the
         aggregate)  during the time they are  included  in the  Borrowing  Base
         pursuant  to Section  3.1;  plus (B)  eighty-six  percent  (86%) of the
         Outstanding  Principal Balance of all Champion Eligible  Contracts (but
         not to exceed one hundred seven percent (107%) of wholesale  Kelly Blue
         Book for all such Contracts in the aggregate)  during the time they are
         included  in the  Borrowing  Base  pursuant  to Section  3.1;  plus (C)
         seventy-five percent (75%) of the Outstanding  Principal Balance of all
         Seminole  Eligible  Contracts  during the time they are included in the
         Borrowing Base pursuant to Section 3.1; plus (D) the Inventory  Advance
         Value;  plus (E) during the term of the Dealer Contract  Facility,  the
         Dealer  Contract  Advance  Value;  plus (F) fifty  percent (50%) of the
         Outstanding  Principal Balance of all DCT Eligible Contracts during the
         time the DCT  Eligible  Contracts  are included in the  Borrowing  Base
         pursuant to Section 3.1. (G) forty and one-half  percent (40.5%) of the
         Outstanding  Principal Balance of all VAM Eligible Contracts during the
         time the VAM  Eligible  Contracts  are included in the  Borrowing  Base
         pursuant  to Section  3.1.  At Lender's  sole and  absolute  discretion
         following Borrower's request, Lender may agree to include Bulk Purchase
         Contracts  as part of the  Borrowing  Base  hereunder.  The  amount  of
         advance against Bulk Purchase  Contracts,  if any, shall be at Lender's
         sole and absolute discretion.  With respect to section (ii) (A) of this
         definition,  compliance with the parenthetical test based on Black Book
         values  shall be measured by Lender's  sample of 100 or more  Contracts
         and not on a Contract-by-Contract basis.

                  c.) Securitization Net Proceeds Percentage. The following
 definition is added to Section 16.0 of the Agreement in proper alphabetical
 order:

                  Securitization Net Proceeds  Percentage:  determined solely by
              Lender  according  to the  following  formula:  The  aggregate  of
              [(Total  Securitized  Pool  less  any  Securitization  Reductions)
              divided by Total Securitized Pool] minus [75 basis points (.75%)],
              with the  resulting  number  rounded to the  nearest  1/100th of a
              percent.

                  d.) Securitization Reductions. The following definition is
 added to Section 16.0 of the Agreement in proper alphabetical order:

                  Securitization   Reductions:   Reductions   from   the   Total
              Securitized  Pool  including  but not  limited to  reductions  for
              credit  enhancement  certificates  or notes,  initial  deposits to
              spread accounts,  plus to the extent the following "Fees" deducted
              from the closing  proceeds are greater the one percent  (1.00%) of
              the Total  Securitized  Pool,  placement  agent fees,  legal fees,
              insurer fees, and accounting fees.

                  e.) Total Securitized Pool. The following definition is added
 to Section 16.0 of the Agreement in proper alphabetical order:

                  Total Securitized Pool: The total dollar amount of the most
 recently closed securitization by Borrower.

         4. Incorporation of Amendment.  The parties acknowledge and agree that
this Amendment is incorporated into and made a part of the Agreement, the terms
and provisions of which, unless expressly modified herein, or unless no longer
applicable by their terms, are hereby affirmed and ratified and remain in full
force and effect.  To the extent that any term or provision of this Amendment is
or may be deemed expressly inconsistent with any term or provision of the
Agreement,  the terms and provisions of this Amendment shall control.  Each
reference to the Agreement shall be a reference to the Agreement as amended by
this Amendment. This Amendment, taken together with the unamended provisions of
the Agreement  which are affirmed and ratified by Borrower, contains the entire
agreement  among the parties regarding the transactions described herein and
supersedes all prior agreements, written or oral, with respect thereto.

         5.  Borrower Remains Liable. Borrower hereby confirms that the
Agreement and each document executed by Borrower in connection therewith
continueunimpaired and in full  force and  effect  and shall cover and secure
all of Borrower's existing and future obligations to Lender. Nothing contained
herein is intended,  nor shall be construed, to be a novation or an
accord and satisfaction  of  the  outstanding liabilities or any of
Borrower's other obligations to Lender.

         6.   Headings.  The paragraph headings contained in this Amendment are
 for convenience of reference only and shall not be considered a part of this
 Amendment in any respect.

         7.   Governing Law.  This Amendment shall be governed by and construed
 in accordance with the laws of the State of Arizona. Nothing herein shall
 preclude Lender from bringing suit or taking other legal action in any
 jurisdiction.

         8.  Execution in Counterparts.  This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed to be an original
and all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF,  the undersigned have entered into this Amendment as of June
30, 2000.

GENERAL ELECTRIC CAPITAL
CORPORATION                                 UGLY DUCKLING CAR SALES, INC.

By: /S/JEFF BATKA                           By:  /S/GREGORY B. SULLIVAN
Title:  Account Executive                   Title:  President

UGLY DUCKLING CORPORATION
By:  /S/GREGORY B. SULLIVAN
Title: President

UGLY DUCKLING CAR SALES AND                 CHAMPION FINANCIAL SERVICES, INC.
FINANCE CORPORATION

By:     /S/GREGORY B. SULLIVAN              By: /S/GREGORY B. SULLIVAN
Title:  President                           Title: President

UGLY DUCKLING CAR SALES FLORIDA,            UGLY DUCKLING CREDIT
INC.                                        CORPORATION

By:   /S/GREGORY B. SULLIVAN                By:    /S/GREGORY B. SULLIVAN
Title:  President                           Title: President

CYGNET FINANCIAL CORPORATION

By: /S/GREGORY B. SULLIVAN
Title: President

CYGNET SUPPORT SERVICES, INC.

By: /S/GREGORY B. SULLIVAN
Title: President

CYGNET FINANCIAL SERVICES, INC.             CYGNET FINANCIAL PORTFOILIO, INC.

By: /S/GREGORY B. SULLIVAN                  By: /S/GREGORY B. SULLIVAN
Title: President                            Title: President

UGLY DUCKLING PORTFOLIO                     UGLY DUCKLING FINANCE CORPORATION
PARTNERSHIP, L.L.P.

By: /S/GREGORY B. SULLIVAN                  By: /S/GREGORY B. SULLIVAN
Title: President                            Title: President
UGLY DUCKLING PORTFOLIO
CORPORATION

By: /S/GREGORY B. SULLIVAN
Title: President

<PAGE>

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