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  Cendant Corporation Form 8-K dated May 3, 2005
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  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>UNITED
  STATES</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>SECURITIES
  AND EXCHANGE COMMISSION</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>WASHINGTON,
  D.C. 20549</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Form
  8-K</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
  REPORT </FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PURSUANT
  TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
  Report (Date of earliest event reported)</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>&nbsp;</STRONG></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>May
  3, 2005 (April 29, 2005)</U></STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><STRONG>Cendant
  Corporation </STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>(Exact
  name of Registrant as specified in its charter)</EM></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV align=left>
  <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR>
      <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
      width="23%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Delaware</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>(State
        or other jurisdiction</EM></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>of
        incorporation)</EM></FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
      width="28%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>1-10308</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>(Commission
        File No.)</EM></FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
      width="24%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>06-0918165</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>(I.R.S.
        Employer</EM></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Identification
        Number)</EM></FONT></DIV></TD></TR>
    <TR>
      <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
      width="23%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>9
        West 57</STRONG></FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><SUP><STRONG>th</STRONG></SUP></FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>
        Street</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>New
        York, NY</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>(Address
        of principal </EM></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>executive
        office)</EM></FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
      width="28%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
      width="24%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>10019</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>(Zip
        Code)</EM></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant's
  telephone number, including area code </FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>&nbsp;</STRONG></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>(212)
  413-1800</U></STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>None</STRONG></FONT></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=middle width="46%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
        name or former address if changed since last
  report)</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=center align=left width="86%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
        the appropriate box below if the Form 8-K filing is intended to
        simultaneously satisfy the filing obligation of the registrant under any
        of the following provisions:</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT size=2></FONT>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&nbsp;&nbsp;]
        Written communications pursuant to Rule 425 under the Securities Act (17
        CFR 230.425)</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&nbsp;&nbsp;]
        Soliciting material pursuant to Rule 14a-12 under the Securities Act (17
        CFR 240.14a-12)</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&nbsp;&nbsp;]
        Pre-commencement communications pursuant to Rule 14d-2(b) under the
        Exchange Act (17 CFR 240.14d-2(b))</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&nbsp;&nbsp;]
        Pre-commencement communications pursuant to Rule 13e-4(c) under the
        Exchange Act (17 CFR 240.13e-4(c))</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify>&nbsp;</DIV></TD></TR></TABLE></DIV>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV>
  <HR align=left width="100%" color=#808080 noShade SIZE=1>
  </DIV>
  <DIV>
  <HR align=left width="100%" color=#808080 noShade SIZE=2>
  </DIV></DIV>
  <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&nbsp;</DIV>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
  <DIV id=PN style="PAGE-BREAK-AFTER: always">
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center">
  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt"
  align=justify><BR></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=left width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item
        1.01 </STRONG></FONT></DIV></TD>
      <TD vAlign=top align=left width="69%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Entry
        into a Material Definitive
  Agreement.</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><EM><U>Vehicle
  Rental Program Asset-Backed Note Issuance</U></EM></STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On April
  29, 2005, our Cendant Rental Car Funding (AESOP) LLC subsidiary (&#8220;Issuer&#8221;)
  entered into a seasonal funding conduit facility (&#8220;Facility&#8221;) pursuant to which
  it issued its secured Series 2005-3 Variable Funding Rental Car Asset-Backed
  Notes (&#8220;Notes&#8221;) in an aggregate principal amount not to exceed $750,000,000
  under the Series 2005-3 Supplement (&#8220;Indenture Supplement&#8221;), dated as of April
  29, 2005, among the Issuer, Deutsche Bank AG, New York Branch, as administrative
  agent, certain commercial paper conduit purchasers, certain funding agents,
  certain APA banks, Cendant Car Rental Group, Inc., as administrator, and The
  Bank of New York, as trustee and Series 2005-3 Agent, to the Second Amended and
  Restated Base Indenture (&#8220;Indenture&#8221;), dated as of June 3, 2004, between the
  Issuer and The Bank of New York, as trustee. The Facility is available on a
  revolving basis. The Notes are secured under the Indenture primarily by
  vehicles, the majority of which are subject to manufacturer repurchase
  obligations, and other related assets. The Notes bear interest at variable
  rates. The commitment to lend under the Facility is expected to terminate on
  December 20, 2005, and the outstanding principal balance of the Notes is
  expected to be repaid in full on or prior to December 20, 2005. A copy of the
  Indenture Supplement is attached hereto as </FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Exhibit
  10.1</U></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> and is
  incorporated by reference herein.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
  of the purchasers that are parties to the Indenture Supplement, the
  administrative agent and the trustee, and their respective affiliates, have
  performed and may in the future perform, various commercial banking, investment
  banking and other financial advisory services for us and our subsidiaries for
  which they have received, and will receive, customary fees and
  expenses.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=left width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item
        2.03</STRONG></FONT></DIV></TD>
      <TD vAlign=top width="69%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Creation
        of a Direct Financial Obligation or an Obligation under an Off-Balance
        Sheet Arrangement of a Registrant.
  </STRONG></FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
  information described above under &#8220;Item&nbsp;1.01. Entry into a Material
  Definitive Agreement&#8221; is hereby incorporated herein by reference. </FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=left width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item
        9.01 </STRONG></FONT></DIV></TD>
      <TD vAlign=top align=left width="69%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Financial
        Statements and Exhibits.</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top width="8%"><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></TD>
      <TD vAlign=top width="2%"><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;(c)</FONT></TD>
      <TD vAlign=top width="69%"><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits</FONT></TD></TR>
    <TR>
      <TD vAlign=top align=middle width="8%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</FONT></DIV></TD>
      <TD vAlign=top width="2%">&nbsp;</TD>
      <TD vAlign=top width="69%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Series
        2005-3 Supplement dated as of April 29, 2005 to Second Amended and
        Restated Base Indenture dated as of June 3, 2004 among Cendant Rental Car
        Funding (AESOP) LLC, as Issuer, Cendant Car Rental Group, Inc., as
        Administrator, Deutsche Bank AG, New York Branch, as Administrative Agent,
        Certain CP Conduit Purchasers, Certain Funding Agents, Certain APA Banks
        and The Bank of New York, as Trustee and Series 2005-3
      Agent</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left>&nbsp;</DIV>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
  <DIV id=PN style="PAGE-BREAK-AFTER: always">
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center">
  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
  <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV>
  <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>SIGNATURE</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
  to the requirements of the Securities Exchange Act of 1934, as amended, the
  registrant has duly caused this report to be signed on its behalf by the
  undersigned hereunto duly authorized.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top width="40%">&nbsp;</TD>
      <TD vAlign=top width="40%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CENDANT
        CORPORATION</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT id=TAB1 style="MARGIN-LEFT: 27pt"></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=right width="40%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=top width="40%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
        Eric J. Bock</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top width="40%">&nbsp;</TD>
      <TD vAlign=top width="40%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Eric
        J. Bock</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
        Vice President, Law </FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
        Corporate Secretary</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><FONT id=TAB1 style="MARGIN-LEFT: 288pt"></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date: May
  3, 2005</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 279pt">&nbsp;</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
  <DIV id=PN style="PAGE-BREAK-AFTER: always">
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center">
  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CENDANT
  CORPORATION</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CURRENT
  REPORT ON FORM 8-K</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Report
  Dated May 3, 2005 (April 29, 2005)</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>EXHIBIT
  INDEX</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=top width="13%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Exhibit
        No. </STRONG></FONT></DIV></TD>
      <TD vAlign=top width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=top width="69%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Description</STRONG></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=middle width="13%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</FONT></DIV></TD>
      <TD vAlign=top width="2%">&nbsp;</TD>
      <TD vAlign=top width="69%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Series
        2005-3 Supplement dated as of April 29, 2005 to Second Amended and
        Restated Base Indenture dated as of June 3, 2004 among Cendant Rental Car
        Funding (AESOP) LLC, as Issuer, Cendant Car Rental Group, Inc., as
        Administrator, Deutsche Bank AG, New York Branch, as Administrative Agent,
        Certain CP Conduit Purchasers, Certain Funding Agents, Certain APA Banks
        and The Bank of New York, as Trustee and Series 2005-3
      Agent</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV></DIV></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV></DIV></DIV></BODY></HTML>
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metadata_filer: {"company-data": {"conformed-name": "CENDANT CORP", "cik": "0000723612", "assigned-sic": "6531", "irs-number": "060918165", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10308", "film-number": "05795780"}, "business-address": {"street1": "9 WEST 57TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10019", "phone": "2124131800"}, "mail-address": {"street1": "9 WEST 57TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10019"}, "former-company": [{"former-conformed-name": "CUC INTERNATIONAL INC /DE/", "date-changed": "19920703"}, {"former-conformed-name": "COMP U CARD INTERNATIONAL INC", "date-changed": "19870914"}]}
text: Cendant Corporation Form 8-K dated May 3, 2005
  UNITED
  STATES
  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)
  May
  3, 2005 (April 29, 2005)
  Cendant
  Corporation
  (Exact
  name of Registrant as specified in its charter)
  Delaware
  (State
        or other jurisdiction
  of
        incorporation)
  1-10308
  (Commission
        File No.)
  06-0918165
  (I.R.S.
        Employer
  Identification
        Number)
  9
        West 57
  th
  Street
  New
        York, NY
  (Address
        of principal
  executive
        office)
  10019
  (Zip
        Code)
  Registrant's
  telephone number, including area code
  (212)
  413-1800
  None
  (Former
        name or former address if changed since last
  report)
  Check
        the appropriate box below if the Form 8-K filing is intended to
        simultaneously satisfy the filing obligation of the registrant under any
        of the following provisions:
  [  ]
        Written communications pursuant to Rule 425 under the Securities Act (17
        CFR 230.425)
  [  ]
        Soliciting material pursuant to Rule 14a-12 under the Securities Act (17
        CFR 240.14a-12)
  [  ]
        Pre-commencement communications pursuant to Rule 14d-2(b) under the
        Exchange Act (17 CFR 240.14d-2(b))
  [  ]
        Pre-commencement communications pursuant to Rule 13e-4(c) under the
        Exchange Act (17 CFR 240.13e-4(c))
  Item
        1.01
  Entry
        into a Material Definitive
  Agreement.
  Vehicle
  Rental Program Asset-Backed Note Issuance
  On April
  29, 2005, our Cendant Rental Car Funding (AESOP) LLC subsidiary ("Issuer")
  entered into a seasonal funding conduit facility ("Facility") pursuant to which
  it issued its secured Series 2005-3 Variable Funding Rental Car Asset-Backed
  Notes ("Notes") in an aggregate principal amount not to exceed $750,000,000
  under the Series 2005-3 Supplement ("Indenture Supplement"), dated as of April
  29, 2005, among the Issuer, Deutsche Bank AG, New York Branch, as administrative
  agent, certain commercial paper conduit purchasers, certain funding agents,
  certain APA banks, Cendant Car Rental Group, Inc., as administrator, and The
  Bank of New York, as trustee and Series 2005-3 Agent, to the Second Amended and
  Restated Base Indenture ("Indenture"), dated as of June 3, 2004, between the
  Issuer and The Bank of New York, as trustee. The Facility is available on a
  revolving basis. The Notes are secured under the Indenture primarily by
  vehicles, the majority of which are subject to manufacturer repurchase
  obligations, and other related assets. The Notes bear interest at variable
  rates. The commitment to lend under the Facility is expected to terminate on
  December 20, 2005, and the outstanding principal balance of the Notes is
  expected to be repaid in full on or prior to December 20, 2005. A copy of the
  Indenture Supplement is attached hereto as
  Exhibit
  10.1
  and is
  incorporated by reference herein.
  Certain
  of the purchasers that are parties to the Indenture Supplement, the
  administrative agent and the trustee, and their respective affiliates, have
  performed and may in the future perform, various commercial banking, investment
  banking and other financial advisory services for us and our subsidiaries for
  which they have received, and will receive, customary fees and
  expenses.
  Item
        2.03
  Creation
        of a Direct Financial Obligation or an Obligation under an Off-Balance
        Sheet Arrangement of a Registrant.
  The
  information described above under "Item 1.01. Entry into a Material
  Definitive Agreement" is hereby incorporated herein by reference.
  Item
        9.01
  Financial
        Statements and Exhibits.
  (c)
  Exhibits
  10.1
  Series
        2005-3 Supplement dated as of April 29, 2005 to Second Amended and
        Restated Base Indenture dated as of June 3, 2004 among Cendant Rental Car
        Funding (AESOP) LLC, as Issuer, Cendant Car Rental Group, Inc., as
        Administrator, Deutsche Bank AG, New York Branch, as Administrative Agent,
        Certain CP Conduit Purchasers, Certain Funding Agents, Certain APA Banks
        and The Bank of New York, as Trustee and Series 2005-3
      Agent
  SIGNATURE
  Pursuant
  to the requirements of the Securities Exchange Act of 1934, as amended, the
  registrant has duly caused this report to be signed on its behalf by the
  undersigned hereunto duly authorized.
  CENDANT
        CORPORATION
  By:
  /s/
        Eric J. Bock
  Eric
        J. Bock
  Executive
        Vice President, Law
  and
        Corporate Secretary
  Date: May
  3, 2005
  CENDANT
  CORPORATION
  CURRENT
  REPORT ON FORM 8-K
  Report
  Dated May 3, 2005 (April 29, 2005)
  EXHIBIT
  INDEX
  Exhibit
        No.
  Description
  10.1
  Series
        2005-3 Supplement dated as of April 29, 2005 to Second Amended and
        Restated Base Indenture dated as of June 3, 2004 among Cendant Rental Car
        Funding (AESOP) LLC, as Issuer, Cendant Car Rental Group, Inc., as
        Administrator, Deutsche Bank AG, New York Branch, as Administrative Agent,
        Certain CP Conduit Purchasers, Certain Funding Agents, Certain APA Banks
        and The Bank of New York, as Trustee and Series 2005-3
      Agent