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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001104659-04-012504.txt : 20040504
<SEC-HEADER>0001104659-04-012504.hdr.sgml : 20040504
<ACCEPTANCE-DATETIME>20040504200909
ACCESSION NUMBER:		0001104659-04-012504
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040430
FILED AS OF DATE:		20040504

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Harrison Thomas Marshall Jr
		CENTRAL INDEX KEY:			0001289186

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12117
		FILM NUMBER:		04779329

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		615-844-2901

	MAIL ADDRESS:	
		STREET 1:		3813 GREEN HILLS VILLAGE DRIVE
		CITY:			NASHVILLE
		STATE:			TN
		ZIP:			37215

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIBERTE INVESTORS INC
		CENTRAL INDEX KEY:			0001017907
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				751328153
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		200 CRESCENT COURT
		STREET 2:		SUITE 1365
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
		BUSINESS PHONE:		2148715935

	MAIL ADDRESS:	
		STREET 1:		200 CRESCENT COURT
		STREET 2:		SUITE 1365
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>a4.xml
<DESCRIPTION>4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-04-30</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001017907</issuerCik>
        <issuerName>LIBERTE INVESTORS INC</issuerName>
        <issuerTradingSymbol>FAC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001289186</rptOwnerCik>
            <rptOwnerName>Harrison Thomas Marshall Jr</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3813 GREEN HILLS VILLAGE DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NASHVILLE</rptOwnerCity>
            <rptOwnerState>TN</rptOwnerState>
            <rptOwnerZipCode>37215</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Exec. VP &amp; Secretary</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-04-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>6624999</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6624999</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Nonqualified Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>6.64</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-04-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>100000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2014-04-29</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>100000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>100000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Received in exchange for 18,750 shares of USAuto Holdings, Inc. common stock in connection with the merger of USAuto Holdings, Inc. into USAH Merger Sub, Inc., a wholly owned subsidiary of First Acceptance Corporation (f/k/a Libert? Investors Inc.).  Exchange ratio was determined by negotiation between the parties.  First Acceptance Corporation common stock had a value of $6.55 per share on the date of the merger.  The reporting person may receive up to 375,000 additional shares of First Acceptance Corporation common stock pursuant to the merger if certain performance targets relating to First Acceptance Corporation's business are achieved.</footnote>
        <footnote id="F2">The option vests 20% on April 30, 2005 and 1-2/3% on the last day of each month thereafter.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Thomas M. Harrison, Jr.</signatureName>
        <signatureDate>2004-05-04</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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