SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                    FORM 8-K



                                 CURRENT REPORT
                         Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934



         Date of Report (Date of earliest event reported): July 19, 2002





                            UGLY DUCKLING CORPORATION
             (Exact Name of Registrant as Specified in its Charter)




         Delaware                        000-20841                86-0721358
(State or other jurisdiction of   (Commission File Number)     (I.R.S Employer
incorporation or organization)                               Identification No.)


                           4020 E. Indian School Road
                             Phoenix, Arizona 85018
               (Address of Principal Executive Offices) (Zip Code)



                                 (602) 852-6600
              (Registrant's Telephone Number, Including Area Code)






ITEM 5.  OTHER EVENTS

Ugly Duckling  Corporation  ("Company") reported the closing on July 19, 2002 of
the renewal of a $45 million senior secured loan facility with certain  lenders.
Interest is payable at 30 day LIBOR plus 5%, with a minimum LIBOR of 2.125%, and
has a term of approximately 30 months.  The facility is secured by the Company's
retained interests in the residuals from its securitization transactions.

The Company previously  reported in its Annual Report on Form 10K for the period
ending December 31, 2001 and in its Quarterly  Report on Form 10Q for the period
ending March 31, 2002 that four of its  securitizations  had reached Termination
Events (as defined in the securitizations)  triggering an acceleration of rights
for  the   insurer   under  the   Insurance   Agreements   for  the   respective
securitizations. As a result, all cash flow from these securitizations otherwise
distributable  to the Company  was  deposited  into a reserve  account for these
securitizations.  Revised  calculations  indicated that no Termination Events in
fact had been  triggered  for these  securitizations  and the  trapped  cash was
released and distributed to the Company in June of 2002.







                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                               UGLY DUCKLING CORPORATION


Date: July 24, 2002                            By: ____________________________
                                               Jon D. Ehlinger
                                               General Counsel and Secretary