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                                                                   EXHIBIT 10.19

                          REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (this "AGREEMENT") is made and entered
into as of ______ __, 2004 by and among Liberte Investors Inc., a Delaware
corporation ("LBI"), and the individuals listed on Exhibit A attached hereto
(each a "USAUTO HOLDER" and collectively, the "USAUTO HOLDERS").

     WHEREAS, this Agreement is entered into pursuant to the Agreement and Plan
of Merger, dated as of December __, 2003 (the "MERGER AGREEMENT"), by and among
LBI, USAH Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary
of LBI ("MERGER SUB"), USAuto Holdings, Inc., a Delaware corporation ("USAUTO"),
the USAuto Holders and each of the other stockholders of USAuto set forth on the
Schedule of USAuto Stockholders attached thereto. Capitalized terms used but not
defined in this Agreement shall have the meanings given to such terms in the
Merger Agreement;

     WHEREAS, the Merger Agreement provides that, subject to the terms and
conditions therein, USAuto will be merged with and into Merger Sub in a
transaction (the "MERGER") in which all outstanding shares of USAuto Common
Stock will be converted into the right to receive, and will be exchangeable for,
LBI Common Stock and/or cash as set forth in the Merger Agreement; and

     WHEREAS, as an inducement for LBI, USAuto and the USAuto Holders to approve
the Merger Agreement and the transactions contemplated therein, LBI desires to
grant certain registration rights to the USAuto Holders as contained herein.

     NOW, THEREFORE, in consideration of the foregoing recitals and the mutual
agreements hereinafter set forth, the parties hereto agree as follows:

            1.        REGISTRATION RIGHTS.

            (a)       DEFINITIONS.

                      (i)       1933 ACT. The term "1933 ACT" means the
     Securities Act of 1933, as amended.

                      (ii)      1934 ACT. The term "1934 ACT" means the
     Securities Exchange Act of 1934, as amended.

                      (iii)     AFFILIATE. The term "AFFILIATE" means a Person
     that directly, or indirectly through one or more intermediaries, controls,
     is controlled by, or is under common control with a specified Person.

                      (iv)      FORM S-3. The term "FORM S-3" means such form
     under the 1933 Act as is in effect on the date hereof or any successor
     registration form under the 1933 Act subsequently adopted by the SEC that
     permits inclusion or incorporation of substantial information by reference
     to other documents filed by LBI with the SEC.

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                      (v)       IMMEDIATE FAMILY. The term "IMMEDIATE FAMILY"
     means, with respect to a natural Person, the spouse, parents, children,
     grandchildren, siblings, mother- and father-in-law, sons- and
     daughters-in-law, and brothers- and sisters-in-law of such Person.

                      (vi)      PERMITTED TRANSFEREE. The term "PERMITTED
     TRANSFEREE" means, with respect to a USAuto Holder, (A) any member of such
     USAuto Holder's Immediate Family, (B) any Affiliate of such USAuto Holder,
     (C) such USAuto Holder's executor, administrator, trustee, or personal
     representative to whom such Registrable Securities are transferred at death
     or involuntarily by operation of law, (D) any trust established by such
     USAuto Holder for the benefit of such holder's Immediate Family, or (E) any
     family limited partnership established by such USAuto Holder for estate
     planning purposes, the limited partners of which are such USAuto Holder's
     Immediate Family.

                      (vii)     PERSON. The term "PERSON" means any human being,
     organization, general partnership, limited partnership, corporation,
     limited liability company, joint venture, trust, business trust,
     association, governmental entity or other legal entity.

                      (viii)    REGISTRATION. The terms "REGISTER," "REGISTERED"
     and "REGISTRATION" refer to a registration effected by preparing and filing
     a registration statement in compliance with the 1933 Act, and the
     declaration or ordering of effectiveness of such registration statement.

                      (ix)      REGISTRABLE SECURITIES. The term "REGISTRABLE
     SECURITIES" means: (A) any shares of LBI Common Stock issued to a USAuto
     Holder pursuant to Section 1.7 of the Merger Agreement (the "MERGER
     SHARES"); and (B) any securities issued or issuable with respect to the
     Merger Shares by way of stock dividend or stock split or in connection with
     a combination of shares, recapitalization, merger, consolidation or other
     reorganization or otherwise. For purposes of this Agreement, any
     Registrable Securities shall cease to be Registrable Securities when (x) a
     registration statement covering such Registrable Securities has been
     declared effective and such Registrable Securities have been disposed of
     pursuant to such effective registration statement, or (y) such Registrable
     Securities are transferred in a transaction that is exempt from
     registration pursuant to Rule 144 under the 1933 Act or a transaction in
     which the USAuto Holders' rights under this Agreement are not assigned. In
     addition, the Registrable Securities held by any holder of Registrable
     Securities shall cease to be Registrable Securities on such date on which
     all of the Registrable Securities held by such holder can be sold pursuant
     to Rule 144(k) under the 1933 Act (or any similar provision then in force).

                      (x)       SEC. The term "SEC" or "COMMISSION" means the
     United States Securities and Exchange Commission.

            (b)       PIGGYBACK REGISTRATIONS. LBI shall notify all holders of
Registrable Securities in writing at least 30 days prior to filing any
registration statement under the 1933 Act for purposes of effecting a public
offering of securities of LBI (including, but not limited to, registration
statements relating to secondary offerings of securities of LBI, but excluding
registration statements relating to any registration under SECTION 1(c) of this
Agreement or any

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employee benefit plan or a corporate reorganization) and will afford each such
holder of Registrable Securities an opportunity to include in such registration
all or any part of the Registrable Securities then held by such holder. Each
holder of Registrable Securities desiring to include in any such registration
all or any part of their Registrable Securities shall, within 20 days after
receipt of the above-described notice from LBI, so notify LBI in writing, and in
such notice shall inform LBI of the number of Registrable Securities such holder
wishes to include in such registration. Notwithstanding any other provision of
this Agreement, if LBI determines in good faith that a limitation of the number
of shares to be registered is required, then LBI may exclude shares (including
Registrable Securities) from the registration, and the number of shares that may
be included in the registration shall be allocated, (x) in the case of a primary
public offering of securities by LBI, first, to LBI, second, to the holders of
Registrable Securities requesting inclusion of their Registrable Securities in
such registration and, third, to the other holders of securities of LBI
requesting inclusion of their securities in such registration and, (y) in the
case of a secondary public offering of LBI securities, first, to the holders of
securities of LBI requesting registration of their securities and, second, to
the holders of Registrable Securities requesting inclusion of their Registrable
Securities in such registration. If LBI excludes shares from the registration as
described in the preceding sentence, then with respect to the Registrable
Securities then held by any holders of Registrable Securities, the number of
Registrable Securities to be included in the registration shall be in such
proportion as the number of Registrable Securities then held by such holder of
Registrable Securities bears to the total number of Registrable Securities then
held by all holders of Registrable Securities participating in the registration.
If a holder of Registrable Securities does not include all of its Registrable
Securities in any registration by LBI, such holder shall nevertheless continue
to have the right to include any Registrable Securities in any subsequent
registration or registrations by LBI with respect to offerings of its
securities, all upon the terms and conditions set forth herein.

                      (i)       UNDERWRITING. If a registration statement under
     which LBI gives notice under this SECTION 1(b) is for an underwritten
     offering, then LBI shall so advise the holders of Registrable Securities as
     a part of the notice referred to in this SECTION 1(b). In such event, the
     right of any such holder of Registrable Securities to be included in a
     registration pursuant to this SECTION 1(b) shall be conditioned upon such
     holder's participation in such underwriting and the inclusion of such
     holder's Registrable Securities in the underwriting to the extent provided
     herein. All holders of Registrable Securities proposing to distribute their
     Registrable Securities through such underwriting shall enter into an
     underwriting agreement in customary form with the managing underwriter or
     underwriter(s) selected for such underwriting. Notwithstanding any other
     provision of this Agreement, if LBI or the managing underwriter(s)
     determines in good faith that a limitation of the number of shares to be
     underwritten is required, then LBI or the managing underwriter(s) may
     exclude shares (including Registrable Securities) from the registration and
     the underwriting, and the number of shares that may be included in the
     registration and the underwriting shall be allocated, (x) in the case of a
     primary public offering of securities by LBI, first, to LBI, second, to the
     holders of Registrable Securities requesting inclusion of their Registrable
     Securities in such registration and, third, to the other holders of
     securities of LBI requesting inclusion of their securities in such
     registration and, (y) in the case of a secondary public offering of LBI
     securities, first, to the holders of securities of LBI requesting
     registration of their securities and, second, to the holders of Registrable
     Securities requesting inclusion of their Registrable Securities

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     in such registration. If any holder of Registrable Securities requesting
     inclusion of its Registrable Securities disapproves of the terms of any
     such underwriting, such holder may elect to withdraw therefrom by written
     notice to LBI and the managing underwriter(s), delivered at least ten
     business days prior to the effective date of the registration statement.
     Any Registrable Securities excluded or withdrawn from such underwriting
     shall be excluded and withdrawn from the registration.

                      (ii)      EXPENSES. All expenses incurred in connection
     with registrations pursuant to this SECTION 1(b) (excluding underwriters'
     and brokers' discounts and commissions and fees and expenses of counsel to
     any holder of Registrable Securities including Registrable Securities in
     any such registration), including, without limitation, all federal and
     "blue sky" registration and qualification fees, printers' and accounting
     fees, and fees and disbursements of counsel for LBI, shall be borne by LBI.

            (c)       FORM S-3 REGISTRATION. If at any time after the third
anniversary of the date of this Agreement, LBI receives from any holder of
Registrable Securities or group of holders of Registrable Securities holding at
least 25% of all Registrable Securities then outstanding a written request or
requests that LBI effect a registration on Form S-3 and any related
qualification or compliance, then LBI will:

                      (i)       NOTICE. Promptly give written notice of the
     proposed registration and the holder's or holders' of Registrable
     Securities request therefor, and any related qualification or compliance,
     to all other holders of Registrable Securities. Each holder of Registrable
     Securities desiring to include in any such registration all or any part of
     the Registrable Securities held by such holder shall, within 20 days after
     receipt of the above-described notice from LBI, so notify LBI in writing
     and, in such notice, shall inform LBI of the maximum number of Registrable
     Securities such holder wishes to include in such registration.

                      (ii)      REGISTRATION. As soon as practicable, effect
     such registration and all such qualifications and compliances as may be so
     requested and as would permit or facilitate the sale and distribution of up
     to all of the Registrable Securities then outstanding. The number of
     Registrable Securities of each holder included in such registration shall
     be allocated on a pro rata basis based on the total number of Registrable
     Securities requested to be included in such registration by the requesting
     holders and the holders of Registrable Securities joining in such request
     as specified in a written request given within 20 days after receipt of
     such written notice from LBI; provided, however, that LBI shall not be
     obligated to effect any such registration, qualification or compliance
     pursuant to this SECTION 1(c):

                      (A)       if Form S-3 is not available for such offering
        by the holders of Registrable Securities;

                      (B)       if the holders of Registrable Securities propose
        to sell Registrable Securities at an aggregate price to the public of
        less than $2,000,000;

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                      (C)       if LBI shall furnish to the holders of
            Registrable Securities a certificate signed by the Chairman of LBI
            stating that in the good faith judgment of the Board of Directors of
            LBI, it would be materially detrimental to LBI or its business for
            such Form S-3 registration to be effected at such time or, if such
            Form S-3 registration has already been effected, for resales of
            Registrable Securities to be made pursuant to such Form S-3
            registration statement, in which event LBI shall have the right to
            defer the filing of the Form S-3 registration statement no more than
            once during any 12-month period for a period of not more than 180
            days after receipt of the request of the holder or holders of
            Registrable Securities under this SECTION 1(c) and the use of the
            Form S-3 registration statement and the prospectus related thereto
            will be deferred or suspended and will not recommence until (x) the
            holders of Registrable Securities requesting inclusion of their
            Registrable Securities in such Form S-3 registration receive from
            LBI copies of the supplemented or amended prospectus related to the
            registration statement or (y) the holders of Registrable Securities
            requesting inclusion of their Registrable Securities in such Form
            S-3 registration are advised in writing by LBI that the prospectus
            related to the registration statement may be used, as applicable;
            provided, however, that if LBI shall so delay the filing of a
            registration statement, it shall promptly notify the applicable
            holders of Registrable Securities of such determination, and such
            holders of Registrable Securities shall have the right to withdraw
            the relevant request for registration, in which case such
            registration shall not count towards the limit set forth in SECTION
            1(c)(ii)(D);

                      (D)       if LBI has already effected a registration on
            Form S-3 for the holders of Registrable Securities pursuant to this
            SECTION 1(c) within the twelve (12)-month period immediately
            preceding receipt of the written request for such registration;

                      (E)       if the SEC refuses to declare such registration
            statement effective due to the participation of any particular
            holder of Registrable Securities in such registration (unless such
            holder of Registrable Securities withdraws all such holder's
            Registrable Securities from such registration) or if the manner in
            which any Registrable Securities are disposed of pursuant to the
            Form S-3 registration statement is not included within the plan of
            distribution set forth in the prospectus for the Form S-3
            registration statement; or

                      (F)       in any particular jurisdiction in which LBI
            would be required to qualify to do business or to execute a general
            consent to service of process in effecting such registration,
            qualification or compliance.

     Subject to the foregoing, LBI shall file a Form S-3 registration statement
     covering the Registrable Securities and other securities so requested to be
     registered pursuant to this SECTION 1(c) as soon as practicable, and in any
     event no later than 90 days, after receipt of the request or requests of
     the holders of Registrable Securities for such registration.

                      (iii)     EXPENSES. LBI shall pay all expenses incurred in
     connection with the registration requested pursuant to this SECTION 1(c)
     (excluding underwriters' or brokers' discounts and commissions), including,
     without limitation, all filing, registration

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     and qualification, printers' and accounting fees and the reasonable fees
     and disbursements of one (1) counsel for the selling holder or holders of
     Registrable Securities and counsel for LBI. Each holder of Registrable
     Securities participating in such registration shall bear such holder's
     proportionate share (based on the number of shares sold by such holder over
     the total number of shares included in such registration at the time it
     goes effective) of all discounts, commissions or other amounts payable to
     underwriters or brokers in connection with such offering.

                      (iv)      MANNER OF SALES. Any sale of Registrable
     Securities pursuant to a registration effected pursuant to this
     SECTION 1(c) may only be made in accordance with the method or methods of
     distribution of such Registrable Securities that are described in the
     registration statement for the registration and permitted by such form of
     registration statement. No sale of Registrable Securities pursuant to any
     registration effected pursuant to this SECTION 1(c) may be effected
     pursuant to any underwritten offering without LBI's prior written consent,
     which consent will not be unreasonably withheld.

     Notwithstanding anything to the contrary contained herein, in the event of
     the death of either USAuto Holder prior to the third anniversary of the
     date hereof, such USAuto Holder's executor, administrator, trustee, or
     personal representative to whom such USAuto Holder's Registrable Securities
     are transferred upon such death shall be entitled to request the
     registration of such Registrable Securities pursuant to the terms of this
     SECTION 1(c) at any time thereafter, provided that any such request and
     registration shall be subject to all of the other limitations specified
     herein.

            (d)       OBLIGATIONS OF LBI. Whenever required to effect the
registration of any Registrable Securities under this Agreement, LBI shall, as
expeditiously as reasonably practicable:

                      (i)       prepare and file with the SEC a registration
     statement relating to the applicable registration on the appropriate form
     under the 1933 Act, which form shall be available for the sale of the
     Registrable Securities in accordance with the intended method or methods of
     distribution thereof and shall include all financial statements of LBI, and
     use commercially reasonable efforts to cause such registration statement to
     become effective; provided that before filing a registration statement or
     prospectus or any amendments or supplements thereto, including documents
     incorporated by reference after the filing of the registration statement,
     LBI will furnish one counsel selected by the holders of a majority of the
     shares of Registrable Securities covered by such registration statement,
     copies of all such documents proposed to be filed, which documents, subject
     to compliance with applicable securities laws, will be subject to the
     review of such counsel, and LBI will not file any registration statement or
     amendment thereto or any prospectus or any supplement thereto (excluding
     any documents incorporated by reference) to which such counsel shall
     reasonably object;

                      (ii)      prepare and file with the SEC such amendments
     and post-effective amendments to the registration statement as may be
     necessary to keep the registration statement effective for the applicable
     period specified (but in no event shall LBI be required to keep such
     registration statement effective for more than 12 months), or such

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     shorter period which will terminate when all Registrable Securities covered
     by such registration statement have been sold; cause the prospectus to be
     supplemented by any required prospectus supplement, and as so supplemented
     to be filed pursuant to Rule 424 under the 1933 Act; and comply with the
     provisions of the 1933 Act with respect to disposition of all securities
     covered by such registration statement during the applicable period in
     accordance with the intended method or methods of distribution by the
     sellers thereof set forth in such registration statement or supplement to
     the prospectus; LBI shall not be deemed to have used commercially
     reasonable efforts to keep a registration statement effective during the
     applicable period if it voluntarily takes any action that would result in
     selling holders of the Registrable Securities covered thereby not being
     able to sell such Registrable Securities during that period unless such
     action is required under applicable law; provided that the foregoing shall
     not apply to actions taken by LBI in good faith and for valid business
     reasons, including without limitation, merger, acquisition or divesture of
     assets or other material transaction, so long as LBI promptly thereafter
     complies with the requirements of SECTION 2(d)(ix) hereof, if applicable;

                      (iii)     notify the selling holders of Registrable
     Securities promptly, and (if requested by any such Person) confirm such
     notification in writing, (A) when the prospectus or any prospectus
     supplement or post-effective amendment has been filed, and with respect to
     the registration statement or any post-effective amendment, when the same
     has become effective, (B) of any request by the SEC for amendments or
     supplements to the registration statement or the prospectus or for
     additional information, (C) of the issuance by the SEC of any stop order
     suspending the effectiveness of the registration statement or the
     initiation of any proceedings for that purpose, (D) of the receipt by LBI
     of any notification with respect to the suspension of the qualification of
     the Registrable Securities for sale in any jurisdiction or the initiation
     or threatening of any proceeding for such purpose and (E) of the happening
     of any event which makes any statement made in the registration statement,
     the prospectus or any document incorporated therein by reference untrue or
     which requires the making of any changes in the registration statement, the
     prospectus or any document incorporated therein by reference in order to
     make the statements therein not misleading;

                      (iv)      use commercially reasonable efforts to obtain
     the withdrawal of any order suspending the effectiveness of the
     registration statement at the earliest possible moment;

                      (v)       furnish to each selling holder of Registrable
     Securities, without charge, at least one signed copy of the registration
     statement and any post-effective amendment thereto, including financial
     statements and schedules, all documents incorporated therein by reference
     and all exhibits (including those incorporated by reference);

                      (vi)      deliver to each selling holder of Registrable
     Securities, without charge, as many copies of the prospectus (including
     each preliminary prospectus) and any amendment or supplement thereto (in
     each case including all exhibits) as such Persons may reasonably request in
     order to facilitate the disposition of the Registrable Securities owned by
     such Person; LBI consents to the use of the prospectus or any amendment or

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     supplement thereto by each of the selling holders of Registrable Securities
     in connection with the offering and sale of the Registrable Securities
     covered by the prospectus or any amendment or supplement thereto;

                      (vii)     prior to any public offering of Registrable
     Securities, use commercially reasonable efforts to register or qualify or
     cooperate with the selling holders of Registrable Securities and their
     respective counsel in connection with the registration or qualification of
     such Registrable Securities for offer and sale under the securities or blue
     sky laws of such jurisdictions as any seller reasonably requests in writing
     and do any and all other acts or things reasonably necessary or advisable
     to enable the disposition in such jurisdictions of the Registrable
     Securities covered by the registration statement; provided, however, that
     LBI shall not be required in connection therewith or as a condition thereto
     to qualify to do business or to file a general consent to service of
     process in any such states or jurisdictions;

                      (viii)    cooperate with the selling holders of
     Registrable Securities to facilitate the timely preparation and delivery of
     certificates representing Registrable Securities to be sold and not bearing
     any restrictive legends except as required by the Certificate of
     Incorporation of LBI; and enable such Registrable Securities to be in such
     denominations and registered in such names as the holders of such
     Registrable Securities may request at least two business days prior to any
     sale of Registrable Securities;

                      (ix)      upon the occurrence of any event contemplated by
     SECTION 2(d)(iii)(E) above, subject to LBI's ability to postpone the
     preparation of such supplement or amendment pending the public announcement
     of a material event such as a merger or acquisition or divestiture of
     assets, prepare a supplement or post-effective amendment to the
     registration statement or the related prospectus or any document
     incorporated therein by reference or file any other required document so
     that, as thereafter delivered to the purchasers of the Registrable
     Securities, the prospectus will not contain an untrue statement of a
     material fact or omit to state any material fact necessary to make the
     statements therein not misleading;

                      (x)       cause all shares owned by the holders of
     Registrable Securities covered by the registration statement to be listed
     on each securities exchange on which similar securities issued by LBI are
     then listed; and

                      (xi)      make available for inspection by representatives
     of the holders of the Registrable Securities and any attorney or accountant
     retained by the sellers, all financial and other records, pertinent
     corporate documents and properties of LBI and cause LBI's officers,
     directors and employees to supply all information reasonably requested by
     any such representative, attorney or accountant in connection with such
     registration; provided that any records, information or documents that are
     designated by LBI in writing as confidential shall be kept confidential by
     such Persons unless disclosure of such records, information or documents is
     required by court or administrative order.

     Each holder of Registrable Securities agrees by acquisition of such
     Registrable Securities that, upon receipt of any notice from LBI of the
     happening of any event of the kind

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     described in SECTION 2(d)(ix) hereof, such holder will forthwith
     discontinue disposition of Registrable Securities until such holder's
     receipt of the copies of the supplemented or amended prospectus
     contemplated by SECTION 2(d)(ix) hereof, or until it is advised in writing
     (the "ADVICE") by LBI that the use of the prospectus may be resumed, and
     has received copies of any additional or supplemental filings which are
     incorporated by reference in the prospectus, and, if so directed by LBI
     such holder will deliver to LBI (at LBI's expense), all copies, other than
     permanent file copies then in such holder's possession, of the prospectus
     covering such Registrable Securities current at the time of receipt of such
     notice.

            (e)       FURNISH INFORMATION. It shall be a condition precedent to
the obligations of LBI to take any action pursuant to SECTION 1(b) or 1(c) that
the selling holders of Registrable Securities shall furnish to LBI such
information regarding themselves and the Registrable Securities held by them,
and the intended method of disposition of such securities, as shall be
reasonably required to timely effect the registration of their Registrable
Securities.

            (f)       INDEMNIFICATION. In the event any Registrable Securities
are included in a registration statement under SECTION 1(b) or (c).

                      (i)       BY LBI. To the extent permitted by law, LBI will
     indemnify and hold harmless each holder of Registrable Securities that has
     included Registrable Securities in such registration statement, any
     underwriter (as defined in the 1933 Act) for such holders, each of their
     respective representatives and agents and such holders' of Registrable
     Securities legal counsel and independent accountants, and each person, if
     any, who controls such holder of Registrable Securities or underwriter
     within the meaning of the 1933 Act or the 1934 Act, against any and all
     losses, claims, damages or liabilities to which they may become subject
     under the 1933 Act, the l934 Act or other federal or state law, insofar as
     such losses, claims, damages or liabilities (or actions in respect thereof)
     arise out of or are based upon any of the following statements, omissions
     or violations (each of the following being a "VIOLATION"):

                      (A)       any untrue statement or alleged untrue statement
        of a material fact contained in such registration statement, including
        any preliminary prospectus or final prospectus contained therein,
        offering circular, or other document or any amendments or supplements
        thereto incident to any such registration, qualification or compliance;

                      (B)       the omission or alleged omission to state
        therein a material fact required to be stated therein, or necessary to
        make the statements therein not misleading, or

                      (C)       any violation or alleged violation by LBI of the
        1933 Act, the 1934 Act, any federal or state securities law or any rule
        or regulation promulgated under the 1933 Act, the 1934 Act or any
        federal or state securities law in connection with any action or
        inaction by LBI in connection with the offering covered by such
        registration statement;

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     and LBI will reimburse each such holder of Registrable Securities, each of
     their respective representatives and agents and such holder's legal counsel
     and independent accountants, underwriter or controlling person if any, for
     any legal or other expenses reasonably incurred by them, as incurred, in
     connection with investigating, preparing or defending any such loss, claim,
     damage, liability or action; provided however, that the indemnity agreement
     contained in this SUBSECTION 1(g)(i) shall not apply to amounts paid in
     settlement of any such loss, claim, damage, liability or action if such
     settlement is effected without the consent of LBI (which consent shall not
     be unreasonably withheld or delayed), nor shall LBI be liable in any such
     case for any such loss, claim, damage, liability or action to the extent
     that it arises out of or is based upon a Violation which occurs in reliance
     upon and in conformity with information furnished in writing for use in
     connection with such registration by such holder of Registrable Securities,
     representative, agent, legal counsel, independent accountant, underwriter
     or controlling person, if any, of such holder of Registrable Securities.

                      (ii)      BY SELLING HOLDERS OF REGISTRABLE SECURITIES. To
     the extent permitted by law, each selling holder of Registrable Securities,
     severally but not jointly, if Registrable Securities held by such holder of
     Registrable Securities are included in the securities as to which such
     registration, qualification or compliance is being effected, will indemnify
     and hold harmless LBI, each of its directors, each of its officers who have
     signed the registration statement, each person, if any, who controls LBI
     within the meaning of the 1933 Act, any underwriter and any other holder of
     Registrable Securities selling securities under such registration
     statement, each of their respective representatives and agents and such
     holder's legal counsel and independent accountants, or any person who
     controls such holder within the meaning of the 1933 Act or the 1934 Act,
     against any and all losses, claims, damages or liabilities (joint or
     several) to which they may become subject under the 1933 Act, the 1934 Act
     or other federal or state law, insofar as such losses, claims, damages or
     liabilities (or actions in respect thereof) arise out of or are based upon
     any Violation under SUBSECTION 1(g)(i)(A) or (B), in each case to the
     extent (and only to the extent) that such Violation under SUBSECTION
     1(g)(i)(A) or (B) occurs in reliance upon and in conformity with written
     information furnished by such holder of Registrable Securities for use in
     connection with such registration; and each such holder of Registrable
     Securities will reimburse any legal or other expenses reasonably incurred
     by LBI or any such director, officer, controlling person, underwriter or
     other holder of Registrable Securities, representative, agent, legal
     counsel, independent accountant or controlling person of such other holder
     of Registrable Securities in connection with investigating, preparing or
     defending any such loss, claim, damage, liability or action; provided,
     however, that the indemnity agreement contained in this SUBSECTION 1(g)(ii)
     shall not apply to amounts paid in settlement of any such loss, claim,
     damage, liability or action if such settlement is effected without the
     consent of the applicable holder of Registrable Securities (which consent
     shall not be unreasonably withheld); and provided further, that the total
     amounts payable in indemnity by a holder of Registrable Securities under
     this SECTION 1(g)(ii) in respect of any Violation under SUBSECTION
     1(g)(i)(A) or (B) shall not exceed the net proceeds received by such holder
     of Registrable Securities in the registered offering out of which such
     Violation under SUBSECTION 1(g)(i)(A) or (B) arises.

                                       10
<Page>

                      (iii)     CONDUCT OF INDEMNIFICATION PROCEEDINGS. Any
     Person entitled to indemnification hereunder will (A) give prompt notice to
     the indemnifying party of any claim with respect to which it seeks
     indemnification and (B) permit such indemnifying party to assume the
     defense of such claim with counsel reasonably satisfactory to the
     indemnified party; provided, however, that any Person entitled to
     indemnification hereunder shall have the right to employ separate counsel
     and to participate in the defense of such claim, but the fees and expenses
     of such counsel shall be at the expense of such Person unless (x) the
     indemnifying party has agreed to pay such fees or expenses, (y) the
     indemnifying party shall have failed to assume the defense of such claim
     and employ counsel reasonably satisfactory to such Person or (z) based upon
     advice of counsel of such Person, a conflict of interest may exist between
     such Person and the indemnifying party with respect to such claims (in
     which case, if the Person notifies the indemnifying party in writing that
     such Person elects to employ separate counsel at the expense of the
     indemnifying party, the indemnifying party shall not be permitted to assume
     the defense of such claim on behalf of such Person), in each of which
     events the fees and expenses of such counsel shall be at the expense of the
     indemnifying party. The indemnifying party will not be subject to any
     liability for any settlement made without its consent (but such consent
     will not be unreasonably withheld), but if settled with its written
     consent, or if there be a final judgment for the plaintiff in any such
     action or proceeding, the indemnifying party shall indemnify and hold
     harmless the indemnified parties from and against any loss or liability (to
     the extent stated above) by reason of such settlement or judgment. No
     indemnified party will be required to consent to entry of any judgment or
     enter into any settlement which does not include as an unconditional term
     thereof the giving by the claimant or plaintiff to such indemnified party
     of a release from all liability in respect to such claim or litigation.

                      (iv)      DEFECT ELIMINATED IN FINAL PROSPECTUS. The
     foregoing indemnity agreements of LBI and the holders of Registrable
     Securities are subject to the condition that, insofar as they relate to any
     Violation made in a preliminary prospectus but eliminated or remedied in
     the amended prospectus on file with the SEC at the time the registration
     statement in question becomes effective or the amended prospectus filed
     with the SEC pursuant to SEC Rule 424(b) (the "FINAL PROSPECTUS"), such
     indemnity agreement shall not inure to the benefit of any person or entity
     if a copy of the Final Prospectus was furnished to the indemnified party
     and was not furnished to the person or entity asserting the loss, claim,
     damage or liability at or prior to the time such action is required by the
     1933 Act.

                      (v)       CONTRIBUTION. In order to provide for just and
     equitable contribution to joint liability under the 1933 Act in any case in
     which either (A) any holder of Registrable Securities exercising rights
     under this Agreement, or any controlling person of any such holder of
     Registrable Securities, makes a claim for indemnification pursuant to this
     SECTION 1(g) but it is judicially determined (by the entry of a final
     judgment or decree by a court of competent jurisdiction and the expiration
     of time to appeal or the denial of the last right of appeal) that such
     indemnification may not be enforced in such case notwithstanding the fact
     that this SECTION 1(g) provides for indemnification in such case, or (B)
     contribution may be required on the part of LBI and any such selling holder
     of Registrable Securities or any such controlling person in circumstances
     for which

                                       11
<Page>

     indemnification is provided under this SECTION 1(g); then, and in each such
     case, such indemnifying party will contribute to the aggregate losses,
     claims, damages or liabilities to which they may be subject (after
     contribution from others) (x) in such proportion so that such holder of
     Registrable Securities is responsible for the portion represented by the
     percentage that the public offering price of its Registrable Securities
     offered by and sold under the registration bears to the public offering
     price of all securities offered by and sold under such registration, and
     LBI and other selling holders of Registrable Securities are responsible for
     the remaining portion or (y) if the allocation provided by clause (x) above
     is not permitted by applicable law, in such proportion as is appropriate to
     reflect not only the relative benefits referred to in clause (x) above but
     also the relative fault of LBI and the holders of Registrable Securities in
     connection with the statements or omissions that resulted in such losses,
     claims, damages or liabilities, as well as any other relevant equitable
     considerations. The relative fault of LBI and of the holders of Registrable
     Securities shall be determined by reference to, among other things, whether
     the untrue or alleged untrue statement of a material fact or the omission
     or alleged omission to state a material fact relates to information
     supplied by LBI or by the holders of Registrable Securities and the
     parties' relative intent, knowledge, access to information and opportunity
     to correct or prevent such statement or omission. The holders' of
     Registrable Securities respective obligations to contribute pursuant to
     this SECTION 1(g)(v) are several in proportion to the respective number of
     Registrable Securities they sell in the offering as to which such Violation
     relates, and not joint. No such holder of Registrable Securities will be
     required to contribute any amount in excess of the public offering price of
     all such Registrable Securities offered and sold by such holder of
     Registrable Securities pursuant to such registration statement; and no
     person or entity guilty of fraudulent misrepresentation (within the meaning
     of Section 11(f) of the 1933 Act) will be entitled to contribution from any
     person or entity who was not guilty of such fraudulent misrepresentation.

                      (vi)      SURVIVAL. The obligations of LBI and the holders
     of Registrable Securities under this SECTION 1(g) shall survive the
     completion of any offering of Registrable Securities in a registration
     statement, and otherwise.

            (g)       RULE 144. LBI hereby agrees that it will file the reports
required to be filed by it under the 1933 Act and the 1934 Act and the rules and
regulations adopted by the SEC thereunder, and it will take such further action
as any holder of Registrable Securities may reasonably request, all to the
extent required from time to time to enable such holder to sell Registrable
Securities without registration under the 1933 Act within the limitation of the
exemptions provided by (i) Rule 144 under the 1933 Act, as such Rule may be
amended from time to time, or (ii) any similar rule or regulation hereafter
adopted by the SEC. Upon the request of any holder of Registrable Securities,
LBI will deliver to such holder a written statement as to whether it has
complied with such information and requirements.

            2.        HOLD-BACK AGREEMENTS. Each holder of Registrable
Securities agrees that, in connection with an underwritten public offering of
LBI equity securities, upon the request of LBI or the principal underwriter
managing such public offering, no shares of LBI equity securities held by such
holder may be sold, offered for sale or otherwise disposed of without the prior
written consent of LBI or such underwriter, as the case may be, for up to one
hundred

                                       12
<Page>

eighty (180) days after the effectiveness of the registration statement filed in
connection with such offering, if all of LBI's directors and officers agree to
be similarly bound, and releases from any and all lock-up agreements in
connection with such offering are granted on a pro-rata basis. This SECTION 2
shall no longer apply six (6) months after the holder ceases to be an officer,
director or 5% or more stockholder of LBI, as the case may be.

            3.        ASSIGNMENT AND AMENDMENT.

            (a)       ASSIGNMENT. Notwithstanding anything herein to the
contrary:

                      (i)       REGISTRATION RIGHTS; REFUSAL RIGHTS. The
     registration rights of a holder of Registrable Securities under SECTION 1
     hereof may be assigned only to a Permitted Transferee or a party who
     acquires at least 940,000 shares of Registrable Securities (as such number
     shall be adjusted for stock splits, dividends, combinations and similar
     transactions); provided, however, that no party may be assigned any of the
     foregoing rights unless LBI is given written notice by the assigning party
     at the time of such assignment stating the name and address of the assignee
     and identifying the securities of LBI as to which the rights in question
     are being assigned; and provided further that any such assignee shall
     receive such assigned rights subject to all the terms and conditions of
     this Agreement, including, without limitation, the provisions of this
     SECTION 3.

                      (ii)      AGGREGATION. Shares of LBI Common Stock owned by
     holders of Registrable Securities which are partnerships, limited liability
     companies, corporations and other entities having substantially common
     ownership interests or managed by the same principals or investment
     advisors or owned by individual investors affiliated with one another
     ("AFFILIATED INVESTORS") shall be aggregated for the purposes of this
     Agreement, and, notwithstanding anything to the contrary contained in this
     Agreement, all rights granted to the holders of Registrable Securities
     pursuant to this Agreement may be assigned between Affiliated Investors.

            (b)       AMENDMENT OF RIGHTS. Any provision of this Agreement may
be amended and the observance thereof may be waived (either generally or in a
particular instance and either retroactively or prospectively) only with the
written consent of LBI and holders of Registrable Securities (and/or any of
their permitted successors or assigns) holding shares of LBI Common Stock
representing a majority of all the Registrable Securities. Any amendment or
waiver effected in accordance with this SECTION 3(b) shall be binding upon each
holder of Registrable Securities and/or any of their permitted successors or
assigns and LBI.

            4.        LIMITATIONS ON SUBSEQUENT REGISTRATION RIGHTS; NO EXISTING
REGISTRATION RIGHTS. From and after the date of this Agreement, LBI shall not,
without the prior written consent of the Persons owning in the aggregate at
least a majority of the Registrable Securities then issued and outstanding enter
into any agreement with any holder or prospective holder of any securities of
LBI which would allow such holder or prospective holder to include such
securities in any registration filed under Section 1(c) of this Agreement,
unless under the terms of such agreement, such holder or prospective holder may
include such securities in any such registration only to the extent that the
inclusion of such holder's securities will not reduce the

                                       13
<Page>

amount of the Registrable Securities of the USAuto Holders and their permitted
successors and assigns which is included. LBI represents and warrants to the
USAuto Holders that other than (i) that certain Registration Rights Agreement,
dated as of July 1, 2002, between LBI and Donald J. Edwards and (ii) that
certain Registration Rights Agreement, dated as of August 16, 1996, between LBI
and Hunter's Glen/Ford, Ltd., a Texas limited partnership, there are no
"registration rights" relating to securities of LBI that exist on the date
hereof other than those provided herein.

            5.        MISCELLANEOUS.

            (a)       NOTICES. Any and all notices required or permitted to be
given to a party pursuant to the provisions of this Agreement shall be in
writing and shall be effective and deemed to provide such party sufficient
notice under this Agreement on the earliest of the following: (i) at the time of
personal delivery, if delivery is in person; (ii) one business day after deposit
with an express overnight courier for United States deliveries, or three
business days after such deposit for deliveries outside of the United States,
with proof of delivery from the courier requested; or (iii) three business days
after deposit in the United States mail by certified mail (return receipt
requested) for United States deliveries. All notices for delivery outside the
United States will be sent by express courier. All notices not delivered
personally will be sent with postage and/or other charges prepaid and properly
addressed to the party to be notified at the address as follows, or at such
other address as such other party may designate by one of the indicated means of
notice herein to the other parties hereto as follows:

                      (i)       if to a USAuto Holder, at such USAuto Holder's
     respective address as set forth on Exhibit A hereto;

                      (ii)      if to any other holder of Registrable
     Securities, at such address and to the attention of such person as such
     holder of Registrable Securities has specified by prior written notice to
     LBI; and

                      (iii)     if to LBI, marked "Attention: President", at
     3813 Green Hills Village Drive, Nashville, Tennessee 37215.

     Any party may change its address or the designation of the intended
recipient of notice provided that it notifies the other party(ies) in accordance
with the terms of this Section 5(a).

            (b)       ENTIRE AGREEMENT. This Agreement, together with all the
Exhibits hereto, and the Merger Agreement and each of the other agreements and
documents referred to therein, constitute and contain the entire agreement and
understanding of the parties with respect to the subject matter hereof and
supersede any and all prior negotiations, correspondence, agreements,
understandings, duties or obligations between the parties respecting the subject
matter hereof.

            (c)       GOVERNING LAW. This Agreement shall be governed by and
construed exclusively in accordance with the internal laws of the State of
Delaware, without giving effect to any choice of law or conflict of law
provision (whether of the State of Delaware or any other jurisdiction) that
would cause the application of the laws of any jurisdiction other than the State
of Delaware. All disputes arising out of this Agreement or the obligations of
the parties hereunder, including disputes that may arise following termination
of this Agreement, shall be subject to the exclusive jurisdiction of the
Chancery or other courts of the State of Delaware.

                                       14
<Page>

            (d)       SEVERABILITY. If any covenant or provision hereof is
determined to be void or unenforceable in whole or in part, it shall not be
deemed to affect or impair the invalidity of any other covenant or provision,
each of which is hereby declared to be separate and distinct. If any provision
of this Agreement is so broad as to be unenforceable, such provision shall be
interpreted to be only so broad as is enforceable. If any provision of this
Agreement is declared invalid or unenforceable for any reason other than
overbreadth, the offending provision will be modified so as to maintain the
essential benefits of the bargain among the parties hereto to the maximum extent
possible, consistent with law and public policy.

            (e)       THIRD PARTIES. Nothing in this Agreement, express or
implied, is intended to confer upon any person or entity, other than the parties
hereto and their permitted successors and assigns, any rights or remedies under
or by reason of this Agreement.

            (f)       SUCCESSORS AND ASSIGNS. Subject to the provisions of
SECTION 3(a), the provisions of this Agreement shall inure to the benefit of,
and shall be binding upon, the successors and permitted assigns of the parties
hereto including, without limitation and without the need for an express
assignment, subsequent holders of Registrable Securities.

            (g)       CAPTIONS. The captions to sections of this Agreement have
been inserted for identification and reference purposes only and shall not be
used to construe or interpret this Agreement.

            (h)       COUNTERPARTS. This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

            (i)       COSTS AND ATTORNEYS' FEES. In the event that any action,
suit or other proceeding is instituted concerning or arising out of this
Agreement or any transaction contemplated hereunder, the prevailing party shall
recover all of such party's costs and attorneys' fees incurred in each such
action, suit or other proceeding, including any and all appeals or petitions
therefrom.

            (j)       ADJUSTMENTS FOR STOCK SPLITS, ETC.. Wherever in this
Agreement there is a reference to a specific number of shares of LBI Common
Stock, then, upon the occurrence of any subdivision, combination or stock
dividend of such stock occurring after the date of this Agreement, the specific
number of shares so referenced in this Agreement shall automatically be
proportionally adjusted to reflect the affect on the outstanding shares of such
stock by such subdivision, combination or stock dividend.

                  [Remainder of Page Intentionally Left Blank]

                                       15
<Page>

     In Witness Whereof, the parties hereto have executed this Agreement as of
the date first above written.

                                LIBERTE INVESTORS INC.

                                By:
                                   -----------------------------------------

                                Name: Donald J. Edwards
                                Title: Chief Executive Officer and President

                                ------------------------------------------
                                Stephen J. Harrison

                                ------------------------------------------
                                Thomas M. Harrison

                [Signature Page to Registration Rights Agreement]

                                       16
<Page>

                                    EXHIBIT A

                           SCHEDULE OF USAUTO HOLDERS

Stephen J. Harrison
[ADDRESS FOR NOTICE]

Thomas M. Harrison
[ADDRESS FOR NOTICE]

                                       17<Page>

                                                                   Exhibit 10.20

                                VOTING AGREEMENT

     THIS VOTING AGREEMENT (this "AGREEMENT"), dated as of December __, 2003, is
entered into by and among LIBERTE INVESTORS INC., a Delaware corporation
("LBI"), USAUTO HOLDINGS, INC., a Delaware corporation ("USAUTO"), Hunter's
Glen/Ford, Ltd., a Texas limited partnership ("HUNTER'S GLEN"), and Turtle Creek
Revocable Trust ("TURTLE CREEK"). Hunter's Glen and Turtle Creek are referred to
herein individually as a "STOCKHOLDER" and collectively as the "STOCKHOLDERS."

                                   WITNESSETH:

     WHEREAS, each Stockholder beneficially owns the shares of common stock, par
value $.01 per share, of LBI (the "LBI COMMON STOCK") set forth opposite such
Stockholder's name on EXHIBIT A hereto;

     WHEREAS, LBI and USAuto are parties to that certain Agreement and Plan of
Merger, dated December [__], 2003 (the "MERGER AGREEMENT"), by and among LBI,
USAH Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of LBI
("MERGER SUB"), USAuto and the stockholders of USAuto (the "USAUTO
STOCKHOLDERS"), pursuant to which USAuto will merge with and into Merger Sub
(the "MERGER");

     WHEREAS, as a condition to the willingness of USAuto to enter into the
Merger Agreement, USAuto has requested that each Stockholder agree, and in order
to induce USAuto to enter into the Merger Agreement, each Stockholder has
agreed, among other things, (i) with respect to certain questions put to
stockholders of LBI for a vote, to vote all shares of LBI Common Stock owned,
whether beneficially, of record or both, by such Stockholder on the date hereof
and all other shares of LBI Common Stock or voting capital stock of LBI or
rights with respect thereto acquired (either beneficially, of record or both) by
such Stockholder after the date hereof whether upon the exercise of options or
warrants or conversion of convertible securities or otherwise (collectively the
"LBI VOTING SHARES"), in each case in accordance with the terms and conditions
of this Agreement, and (ii) in the event a Stockholder should fail to vote its
LBI Voting Shares in accordance with this Agreement, to appoint USAuto as such
Stockholder's proxy to vote all of the LBI Voting Shares of such Stockholder in
accordance with this Agreement.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein and other good and valuable consideration, the adequacy of
which is hereby acknowledged, and intending to be legally bound hereby, the
parties hereto agree as follows:

            1.        REPRESENTATIONS AND WARRANTIES OF STOCKHOLDERS. Each
Stockholder hereby represents and warrants to LBI and USAuto as follows:

            (a)       TITLE TO THE SHARES. Such Stockholder is the beneficial
owner of the number of shares of LBI Common Stock set forth opposite such
Stockholder's name on EXHIBIT A of this Agreement and has exclusive power to
vote such shares on all matters submitted to holders of shares of LBI Common
Stock. Such Stockholder does not have any rights of any

<Page>

nature to acquire any additional shares of LBI Common Stock except as set forth
opposite such Stockholder's name on EXHIBIT B of this Agreement. Each
Stockholder owns all of such shares of LBI Common Stock free and clear of all
security interests, liens, claims, pledges, options, rights of first refusal,
agreements, limitations on such Stockholder's voting rights, charges and other
encumbrances of any nature whatsoever, and, except as provided or described in
this Agreement, such Stockholder has not appointed or granted any proxy, which
appointment or grant is still effective, with respect to any of such shares.

            (b)       AUTHORITY RELATIVE TO THIS AGREEMENT. Such Stockholder has
all necessary power and authority to execute and deliver this Agreement, to
perform its obligations hereunder and to consummate the transactions
contemplated hereby. The execution and delivery of this Agreement by such
Stockholder and the consummation by such Stockholder of the transactions
contemplated hereby have been duly and validly authorized by all necessary
action on the part of such Stockholder. This Agreement has been duly and validly
executed and delivered by such Stockholder and, assuming the due authorization,
execution and delivery by USAuto, constitutes a legal, valid and binding
obligation of such Stockholder, enforceable against such Stockholder in
accordance with its terms (i) except as such enforcement may be limited by
bankruptcy, insolvency, moratorium or other similar laws affecting or relating
to enforcement of creditors' rights generally and (ii) subject to general
principles of equity.

            (c)       NO CONFLICT. The execution and delivery of this Agreement
by such Stockholder does not, and the performance of this Agreement by such
Stockholder will not, (i) require any consent, approval, authorization or permit
of, or filing with or notification to, any governmental or regulatory authority,
domestic or foreign by such Stockholder or (ii) conflict with or violate any
law, rule, regulation, order, judgment or decree applicable to such Stockholder.

            2.        COVENANTS OF STOCKHOLDERS. Each Stockholder hereby
covenants and agrees that, during the time this Agreement is in effect, except
as otherwise specifically contemplated by this Agreement, such Stockholder shall
not, and shall not offer or agree to, sell, transfer, tender, assign,
hypothecate or otherwise dispose of, or create or permit to exist any security
interest, lien, claim, pledge, option, right of first refusal, agreement,
limitation on such Stockholder's voting rights, charge or other encumbrance of
any nature whatsoever with respect to the Voting Shares, except in each case,
unless the transferee agrees in writing to be bound by the terms and conditions
of this Agreement to the same extent as the transferor.

            3.        VOTING AGREEMENT; PROXY OF STOCKHOLDERS.

            (a)       VOTING AGREEMENT.

                      (i)       Each Stockholder hereby agrees that, during the
     time this Agreement is in effect, at any meeting of the stockholders of
     LBI, however called, and in any action by written consent of the
     stockholders of LBI, such Stockholder shall: (i) vote such Stockholder's
     LBI Voting Shares in favor of the following matters which are to be
     submitted to the stockholders of LBI in connection with the transactions
     contemplated by the Merger Agreement: (A) the issuance of up to 14,000,000
     shares of LBI Common Stock as partial consideration under the Merger
     Agreement (as amended from time to

                                        2
<Page>

     time), (B) the proposed amendment and restatement of LBI's certificate of
     incorporation, (C) the proposed amendment to LBI's 2002 Long Term Incentive
     Plan to increase the number of shares reserved for issuance thereunder, and
     (D) the election of two persons to LBI's Board of Directors; and (ii) vote
     the LBI Voting Shares against any action or agreement that would result in
     a breach in any material respect of any covenant, representation or
     warranty or any other obligation of LBI under the Merger Agreement or which
     is reasonably likely to result in any conditions to LBI's obligations under
     the Merger Agreement not being fulfilled. Each of the Stockholders may vote
     on all issues other than those specified in this SECTION 3(a) that may come
     before a meeting of the stockholders of LBI in such Stockholder's sole
     discretion, provided that such vote is not inconsistent with the purposes
     of this Agreement.

                      (ii)      Notwithstanding SUBSECTION 3(a)(i) above: (A)
     the Stockholders shall not be required to comply with any of the provisions
     of such SUBSECTION 3(a)(i) if (1) USAuto is in material breach of the
     Merger Agreement, (2) in satisfaction of its fiduciary duties, the Board of
     Directors of LBI withdraws its recommendation that the stockholders of LBI
     approve the Merger and/or the Rights Offering, or (3) LBI is in breach of
     any of the provisions of SUBSECTION 3(a)(ii)(B); and (B) LBI shall not (1)
     waive any material breach of the Merger Agreement, (2) waive any material
     term or condition of the Merger Agreement or (3) enter into any material
     amendment to the Merger Agreement, in each case without the prior written
     consent of each Stockholder (which consent shall not be unreasonably
     withheld).

            (b)       IRREVOCABLE PROXY. Each Stockholder agrees that, in the
event such Stockholder shall fail to comply with the provisions of SECTION 3(a)
hereof, such failure shall result, without any further action by such
Stockholder, in the irrevocable appointment of USAuto as the attorney-in-fact
and proxy of such Stockholder pursuant to the provisions of Delaware law, with
full power of substitution, to vote, and otherwise act (by written consent or
otherwise) with respect to, the LBI Voting Shares that such Stockholder is
entitled to vote at any meeting of stockholders of LBI (whether annual or
special and whether or not an adjourned or postponed meeting) or consent in lieu
of any such meeting or otherwise, solely on the matters and in the manner
specified in SECTION 3(a) hereof. THIS PROXY AND POWER OF ATTORNEY IS
IRREVOCABLE AND COUPLED WITH AN INTEREST. Such Stockholder hereby revokes,
effective upon the execution and delivery of the Merger Agreement by the parties
thereto, all other proxies and powers of attorney with respect to such
Stockholder's LBI Voting Shares that such Stockholder may have heretofore
appointed or granted and no subsequent proxy or power of attorney directly
relating to the issues specified in SECTION 3(a) (except in furtherance of such
Stockholder's obligations under SECTION 3(a) hereof) shall be given or written
consent executed (and if given or executed, shall not be effective) by such
Stockholder with respect thereto so long as this Agreement remains in effect.

            (c)       TERMINATION. This Agreement shall terminate on the date
(the "TERMINATION DATE") that is the earlier of (a) the Closing Date and (b) the
date on which the Merger Agreement is terminated in accordance with its terms.

            4.        MISCELLANEOUS.

                                        3
<Page>

            (a)       EXPENSES. All costs and expenses incurred in connection
with the transactions contemplated by this Agreement shall be paid by the party
incurring such costs and expenses.

            (b)       FURTHER ASSURANCES. Each Stockholder, LBI and USAuto will
execute and deliver all such further documents and instruments and take all such
further action as may be necessary in order to consummate the transactions
contemplated hereby.

            (c)       SPECIFIC PERFORMANCE. The parties hereto agree that
irreparable damage would occur in the event any provision of this Agreement is
not performed in accordance with the terms hereof and that the parties shall be
entitled to specific performance of the terms hereof, in addition to any other
remedy at law or in equity.

            (d)       ENTIRE AGREEMENT. This Agreement constitutes the entire
agreement among the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and understandings, both written and oral, among
such parties with respect to the subject matter hereof.

            (e)       ASSIGNMENT. This Agreement shall not be assigned by
operation of law or otherwise.

            (f)       PARTIES IN INTEREST. This Agreement shall be binding upon,
inure solely to the benefit of, and be enforceable by, the parties hereto and
their successors and permitted assigns. Nothing in this Agreement, express or
implied, is intended to or shall confer upon any other person any right, benefit
or remedy of any nature whatsoever under or by reason of this Agreement.

            (g)       AMENDMENT. This Agreement may not be amended except by an
instrument in writing signed by each of the parties hereto.

            (h)       SEVERABILITY. If any term or other provision of this
Agreement is invalid, illegal or incapable of being enforced by any rule of law,
or public policy, all other conditions and provisions of this Agreement shall
nevertheless remain in full force and effect so long as the economic or legal
substance of this Agreement is not affected in any manner materially adverse to
any party. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in a mutually acceptable manner in order that the
terms of this Agreement remain as originally contemplated to the fullest extent
possible.

            (i)       NOTICES. All notices and other communications hereunder
shall be in writing and shall be deemed duly given (i) on the date of delivery
if delivered personally, or upon confirmation of receipt if delivered by
telecopy or facsimile (but only if a copy of such telecopy or facsimile is
delivered to the recipient by a recognized next-day courier service), (ii) on
the first business day following the date of dispatch if delivered by a
recognized next-day courier service or (iii) on the fifth business day following
the date of mailing if delivered by registered or certified mail, return receipt
requested, postage prepaid. All notices hereunder shall

                                        4
<Page>

be delivered as set forth below, or pursuant to such other instructions as have
been previously designated in writing to the party sending such notice by the
party to receive such notice:

            if to LBI:

            Liberte Investors Inc.
            676 North Michigan Avenue, Suite 3300
            Chicago, Illinois 60611
            Fax: (312) 327-4525
            Attention: Donald J. Edwards

            with a copy to

            Kirkland & Ellis LLP
            200 East Randolph Drive
            Chicago, Illinois 60602
            Fax: (312) 861-2200
            Attention: Sanford E. Perl

            if to USAUTO:

            USAuto Holdings, Inc.
            3813 Green Hills Village Drive
            Nashville, Tennessee 37215
            Fax: (615) 844-2898
            Attention: Stephen J. Harrison

            with a copy to

            Covington & Burling
            1201 Pennsylvania Avenue, NW
            Washington, DC  20004
            Fax: (202) 662-6291
            Attention: Ralph C. Voltmer

            if to the STOCKHOLDERS:

            Hunter's Glen/Ford, Ltd. and Turtle Creek Revocable Trust
            200 Crescent Court, Suite 1350
            Dallas, Texas 75201
            Fax: (214) 871-5199
            Attention: Gerald J. Ford

            with a copy to:

            Haynes & Boone, LLP
            901 Main Street, Suite 3100

                                        5
<Page>

            Dallas, Texas 75202
            Fax: (214) 200-0369
            Attention: Michael M. Boone

            (j)       GOVERNING LAW. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Delaware applicable to
contracts executed in and to be performed in Delaware without regard to any
principles of choice of law or conflicts of law of such state.

            (k)       SUBMISSION TO JURISDICTION; WAIVERS. Each of the parties
to this Agreement hereby irrevocably agrees that any legal action or proceeding
with respect to this Agreement or for recognition and enforcement of any
judgment in respect hereof brought by any other party hereto or its successors
or assigns may be brought and determined in the Chancery or other Courts of the
State of Delaware, and each of the parties to this Agreement hereby irrevocably
submits with regard to any such action or proceeding for itself and in respect
to its property, generally and unconditionally, to the nonexclusive jurisdiction
of the aforesaid courts. Each of the parties to this Agreement hereby
irrevocably waives, and agrees not to assert, by way of motion, as a defense,
counterclaim or otherwise, in any action or proceeding with respect to this
Agreement, (i) any claim that it is not personally subject to the jurisdiction
of the above-named courts for any reason other than the failure to lawfully
serve process, (ii) that it or its property is exempt or immune from
jurisdiction of any such court or from any legal process commenced in such
courts (whether through service of notice, attachment prior to judgment,
attachment in aid of execution of judgment, execution of judgment or otherwise)
and (iii) to the fullest extent permitted by applicable law that (x) the suit,
action or proceeding in any such court is brought in an inconvenient forum, (y)
the venue of such suit, action or proceeding is improper and/or (z) this
Agreement, or the subject matter hereof, may not be enforced in or by such
courts.

            (l)       DEFINITIONS. Capitalized terms not otherwise defined
herein shall have the meanings set forth in the Merger Agreement.

            (m)       HEADINGS. The descriptive headings contained in this
Agreement are included for convenience of reference only and shall not affect in
any way the meaning or interpretation of this Agreement.

            (n)       COUNTERPARTS. This Agreement may be executed and delivered
(including by facsimile transmission) in one or more counterparts, and by the
different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original but all of which taken
together shall constitute one and the same agreement.

                                     * * * *

                                        6
<Page>

     IN WITNESS WHEREOF, each of the parties hereto has caused this Voting
Agreement to be duly executed and delivered as of the date first written above.

                                LIBERTE INVESTORS INC.

                                By:
                                   ----------------------------------
                                Name: Donald J. Edwards
                                Title: President and Chief Executive Officer

                                USAUTO HOLDINGS, INC.

                                By:
                                   ----------------------------------
                                Name: Stephen J. Harrison
                                Title: President and Chief Executive Officer

                                HUNTER'S GLEN/FORD, LTD.

                                By:   Ford Diamond Corporation,
                                      general partner

                                      By:
                                           -------------------------------------
                                      Name: Gerald J. Ford
                                      Title: President

                                By:
                                      ------------------------------------------
                                      Name: Gerald J. Ford
                                      Title: General Partner

                                TURTLE CREEK REVOCABLE TRUST

                                By:
                                   -----------------------------------
                                Name: Gerald J. Ford
                                Title: Trustee

<Page>

                                    EXHIBIT A

           Common Stock held by Stockholders on a Fully Diluted Basis

<Table>
<Caption>
                                     Number of Shares       Percentage of Shares
                                     of Common Stock          of Common Stock
            Name                    Beneficially Owned         Outstanding(1)
            ----                    ------------------         --------------
<S>                                      <C>                        <C>
  Hunter's Glen/Ford, Ltd.               8,002,439                  38.9%
Turtle Creek Revocable Trust               763,800                   3.7%
</Table>

----------
(1)  Based on 20,589,430 shares of Common Stock of LBI outstanding at
     September 22, 2003.

<Page>

                                    EXHIBIT B

None.

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