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      <div>&#160;</div>
      <div>
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      </div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>UNITED
        STATES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>WASHINGTON,
        DC 20549</strong></font></div>
      <div style="DISPLAY: block; 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></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>FORM
        8-K</strong></font></div>
      <div style="DISPLAY: block; 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></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>CURRENT
        REPORT</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Securities
        Exchange Act of 1934</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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):&#160;&#160;<strong><u>December 23,
        2008 (December 22, 2008)</u></strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; 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></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 25pt; FONT-FAMILY: Times New Roman;"><strong>Avis
        Budget Group, Inc.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Exact
        Name of Registrant as Specified in its Charter)</font></div>
      <div style="DISPLAY: block; 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></div>
      <div><br>
        <div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Delaware</strong></font></div>
                </td>
                <td valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>1-10308</strong></font></div>
                </td>
                <td valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>06-0918165</strong></font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="16%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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: 0pt; TEXT-INDENT: 0pt; 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 valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                <td valign="top" width="16%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>(Commission
                    File</em></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>Number)</em></font></div>
                </td>
                <td valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                <td valign="top" width="16%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>(IRS
                    Employer</em></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>Identification
                    No.)</em></font></div>
                </td>
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        <div><br></div>
        <div><br></div>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">
  
              <tr>
                <td valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>6
                    Sylvan Way</strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Parsippany,
                    NJ</strong></font></div>
                </td>
                <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                <td valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>07054</strong></font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="27%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>(Address
                    of Principal Executive Offices)</em></font></div>
                </td>
                <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                <td valign="top" width="27%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>(Zip
                    Code)</em></font></div>
                </td>
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        </div>
      </div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>&#160;(973)
        496-4700</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>(Registrant's
        telephone number, including area code)</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>N/A</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>(Former
        name or former address if changed since last report)</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><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><br></div>
      <div>
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              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[&#160;&#160;]</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Written
                  communications pursuant to Rule 425 under the Securities Act (17
                  CFR
                  230.425)</font></div>
              </td>
            </tr>
  
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      </div>
      <div><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[&#160;&#160;]</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Soliciting
                  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                  240.14a-12)</font></div>
              </td>
            </tr>
  
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      </div>
      <div><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[&#160;&#160;]</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pre-commencement
                  communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                  CFR
                  240.14d-2(b))</font></div>
              </td>
            </tr>
  
        </table>
      </div>
      <div><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[&#160;&#160;]</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pre-commencement
                  communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                  CFR
                  240.13e-4(c))</font></div>
              </td>
            </tr>
  
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div><br></div>
      </div>
      <div>&#160;</div>
      <div>
        <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
        <hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
      </div>
      <div>&#160;</div>
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          </div>
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            <hr style="COLOR: black" noshade size="2">
          </div>
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      <div>&#160;</div>
      <div><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
  
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              <td align="left" valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Item
                  1.01</strong></font></div>
              </td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>&#160;</strong></font></td>
              <td align="left" valign="top" width="75%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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>
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      </div>
      <div>&#160;</div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
            December 22, 2008, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary
            received commitments to renew our $1.45 billion principal asset-backed
            conduit
            facility (known as the Series 2002-2 Notes) and our $1 billion seasonal
            conduit
            facility (known as the Series 2008-1 Notes).</font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
            commitments provide for a reallocation of $100 million from the principal
            conduit facility to the seasonal conduit facility and are subject to customary
            conditions, principally satisfactory documentation, resulting in a $1.35
            billion
            principal facility and a $1.1 billion seasonal facility.&#160;&#160;The
            commitments provide that the principal conduit facility will be extended
            for one
            year from the date of closing, and the seasonal conduit facility will have
            a
            final maturity in November 2009 following 25% reductions in borrowing capacity
            in each of September and October 2009.&#160;&#160;We will be required to apply
            75% of the proceeds from the issuance of rental car asset-backed term notes
            of
            up to $1 billion in aggregate principal amount toward the reduction of
            the
            facilities.&#160;&#160;We expect that the renewal of the conduit facilities will
            become effective on or before December 26, 2008.</font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
            initial borrowing spreads for these facilities are unchanged from the levels
            established in connection with the extension of the principal conduit facility
            in October 2008, however, the commitments contemplate an increase to such
            spreads of (1) 1% for the period of May 31, 2009 through maturity, (2)
            an
            additional 1% for the period of August 31, 2009 through maturity and (3)
            an
            additional 1% for the period of September 30, 2009 through maturity, in
            each
            case if we fail to reduce commitments and borrowings under the facilities
            by an
            aggregate amount of approximately $187.5 million<strong>&#160;</strong>on a pro
            rata basis<strong>&#160;</strong>during each such period.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;&#160;</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Certain
            of the conduit purchasers of the Series 2002-2 Notes and the Series 2008-1
            Notes, 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; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        </div>
        <div><br></div>
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="100%">
  
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                <td align="left" valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Item
                    7.01</strong></font></div>
                </td>
                <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>&#160;</strong></font></td>
                <td align="left" valign="top" width="75%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Regulation
                    FD.</strong></font></div>
                </td>
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        </div>
        <div>&#160;</div>
        <div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">On
            December 23, 2008, we disclosed that
            we launched an amendment to our senior credit facilities to replace the
            leverage
            and interest coverage ratios with a minimum EBITDA covenant. The amendment
            also
            provides for a reduction to the revolving credit facility from $1.5 billion
            to
            $1.15 billion and an increase in the cost of borrowings and letters of
            credit of
            2.5%. Based on feedback from&#160;&#160;several of the&#160;&#160;lenders under
            such facilities, we expect the amendment to become effective before December
            31,
            2008.</font>&#160;</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">A
            copy of
            the press release announcing that we launched an amendment to the senior
            credit
            facilities and a copy of the form of amendment are attached hereto as Exhibit
            99.1 and 99.2, respectively, and are incorporated by reference
            herein.</font></div><br>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
  
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Item
                  9.01</strong></font></div>
              </td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="75%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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>
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        Exhibits.</font></div>
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        following exhibits are filed as part of this report:</font></div>
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            <tr>
              <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Exhibit
                  No.</font></div>
              </td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="bottom" width="75%" style="BORDER-BOTTOM: black 2px solid">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Description</font></div>
              </td>
            </tr>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">99.1</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              </td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="75%"><font size="2">Press Release
                Dated
                December 23, 2008.&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="10%">
                <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;">&#160;99.2</font></div>
              </td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="75%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Form
                of First Amendment Dated December [__], 2008 to the Credit Agreement
                dated
                as of April 19, 2006 among Avis Budget Holdings, LLC, Avis Budget Car
                Rental, LLC, the subsidiary borrowers from time to time parties thereto,
                the several lenders from time to time parties thereto, Bank of America,
                N.A., Calyon New York Branch and Citicorp USA, Inc., as documentation
                agents, Wachovia Bank, National Association, as co-documentation agent,
                Deutsche Bank Securities Inc. as syndication agent and JPMorgan Chase
                Bank, N.A., as administrative agent.</font></font></td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="75%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
  
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
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              <hr style="COLOR: black" noshade size="2">
            </div>
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            </div>
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      <div style="DISPLAY: block; 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; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">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 hereunto
        duly authorized.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 252pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">
  
              <tr>
                <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>&#160;</strong></font></td>
                <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>&#160;</strong></font></td>
                <td align="left" valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>AVIS
                    BUDGET GROUP, INC.</strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">/s/
                    Jean M. Sera</font></div>
                </td>
                <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              </tr>
              <tr>
                <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                <td align="right" valign="top" width="20%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">By:</font></div>
                </td>
                <td align="left" valign="top" width="20%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Jean
                    M. Sera</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Senior
                    Vice President and Secretary</font></div>
                  <div>&#160;</div>
                </td>
                <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              </tr>
  
          </table>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Date:&#160;&#160;December
        23, 2008</font></div>
      <div><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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; MARGIN-RIGHT: 0pt" align="justify">
        <div><br></div>
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="100%">
  
              <tr>
                <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                  <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Exhibit
                    No.</font></div>
                </td>
                <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                <td align="left" valign="bottom" width="75%" style="BORDER-BOTTOM: black 2px solid">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Description</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">99.1</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                </td>
                <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                <td align="left" valign="top" width="75%"><font size="2">Press Release
                  Dated
                  December 23, 2008.&#160;</font></td>
              </tr>
              <tr>
                <td valign="top" width="10%">
                  <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;">&#160;99.2</font></div>
                </td>
                <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                <td align="left" valign="top" width="75%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Form
                  of First Amendment Dated December [__], 2008 to the Credit Agreement
                  dated
                  as of April 19, 2006 among Avis Budget Holdings, LLC, Avis Budget
                  Car
                  Rental, LLC, the subsidiary borrowers from time to time parties thereto,
                  the several lenders from time to time parties thereto, Bank of America,
                  N.A., Calyon New York Branch and Citicorp USA, Inc., as documentation
                  agents, Wachovia Bank, National Association, as co-documentation
                  agent,
                  Deutsche Bank Securities Inc. as syndication agent and JPMorgan Chase
                  Bank, N.A., as administrative
                  agent.</font></font></td>
              </tr>
  
          </table>
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text: avisbudgetgroup8k.htm
  UNITED
        STATES
  SECURITIES
        AND EXCHANGE COMMISSION
  WASHINGTON,
        DC 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):
  December 23,
        2008 (December 22, 2008)
  _________________
  Avis
        Budget Group, Inc.
  (Exact
        Name of Registrant as Specified in its Charter)
  _________________
  Delaware
  1-10308
  06-0918165
  (State
                    or Other Jurisdiction
  of
                    Incorporation)
  (Commission
                    File
  Number)
  (IRS
                    Employer
  Identification
                    No.)
  6
                    Sylvan Way
  Parsippany,
                    NJ
  07054
  (Address
                    of Principal Executive Offices)
  (Zip
                    Code)
  (973)
        496-4700
  (Registrant's
        telephone number, including area code)
  N/A
  (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 Exchange 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.
  On
            December 22, 2008, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary
            received commitments to renew our $1.45 billion principal asset-backed
            conduit
            facility (known as the Series 2002-2 Notes) and our $1 billion seasonal
            conduit
            facility (known as the Series 2008-1 Notes).
  The
            commitments provide for a reallocation of $100 million from the principal
            conduit facility to the seasonal conduit facility and are subject to customary
            conditions, principally satisfactory documentation, resulting in a $1.35
            billion
            principal facility and a $1.1 billion seasonal facility.  The
            commitments provide that the principal conduit facility will be extended
            for one
            year from the date of closing, and the seasonal conduit facility will have
            a
            final maturity in November 2009 following 25% reductions in borrowing capacity
            in each of September and October 2009.  We will be required to apply
            75% of the proceeds from the issuance of rental car asset-backed term notes
            of
            up to $1 billion in aggregate principal amount toward the reduction of
            the
            facilities.  We expect that the renewal of the conduit facilities will
            become effective on or before December 26, 2008.
  The
            initial borrowing spreads for these facilities are unchanged from the levels
            established in connection with the extension of the principal conduit facility
            in October 2008, however, the commitments contemplate an increase to such
            spreads of (1) 1% for the period of May 31, 2009 through maturity, (2)
            an
            additional 1% for the period of August 31, 2009 through maturity and (3)
            an
            additional 1% for the period of September 30, 2009 through maturity, in
            each
            case if we fail to reduce commitments and borrowings under the facilities
            by an
            aggregate amount of approximately $187.5 million
  on a pro
            rata basis
  during each such period.
  Certain
            of the conduit purchasers of the Series 2002-2 Notes and the Series 2008-1
            Notes, 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
                    7.01
  Regulation
                    FD.
  On
            December 23, 2008, we disclosed that
            we launched an amendment to our senior credit facilities to replace the
            leverage
            and interest coverage ratios with a minimum EBITDA covenant. The amendment
            also
            provides for a reduction to the revolving credit facility from $1.5 billion
            to
            $1.15 billion and an increase in the cost of borrowings and letters of
            credit of
            2.5%. Based on feedback from  several of the  lenders under
            such facilities, we expect the amendment to become effective before December
            31,
            2008.
  A
            copy of
            the press release announcing that we launched an amendment to the senior
            credit
            facilities and a copy of the form of amendment are attached hereto as Exhibit
            99.1 and 99.2, respectively, and are incorporated by reference
            herein.
  Item
                  9.01
  Financial
                  Statements and Exhibits.
  (d)
        Exhibits.
  The
        following exhibits are filed as part of this report:
  Exhibit
                  No.
  Description
  99.1
  Press Release
                Dated
                December 23, 2008.
  99.2
  Form
                of First Amendment Dated December [__], 2008 to the Credit Agreement
                dated
                as of April 19, 2006 among Avis Budget Holdings, LLC, Avis Budget Car
                Rental, LLC, the subsidiary borrowers from time to time parties thereto,
                the several lenders from time to time parties thereto, Bank of America,
                N.A., Calyon New York Branch and Citicorp USA, Inc., as documentation
                agents, Wachovia Bank, National Association, as co-documentation agent,
                Deutsche Bank Securities Inc. as syndication agent and JPMorgan Chase
                Bank, N.A., as administrative agent.
  SIGNATURE
  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 hereunto
        duly authorized.
  AVIS
                    BUDGET GROUP, INC.
  /s/
                    Jean M. Sera
  By:
  Jean
                    M. Sera
  Senior
                    Vice President and Secretary
  Date:  December
        23, 2008
  EXHIBIT
        INDEX
  Exhibit
                    No.
  Description
  99.1
  Press Release
                  Dated
                  December 23, 2008.
  99.2
  Form
                  of First Amendment Dated December [__], 2008 to the Credit Agreement
                  dated
                  as of April 19, 2006 among Avis Budget Holdings, LLC, Avis Budget
                  Car
                  Rental, LLC, the subsidiary borrowers from time to time parties thereto,
                  the several lenders from time to time parties thereto, Bank of America,
                  N.A., Calyon New York Branch and Citicorp USA, Inc., as documentation
                  agents, Wachovia Bank, National Association, as co-documentation
                  agent,
                  Deutsche Bank Securities Inc. as syndication agent and JPMorgan Chase
                  Bank, N.A., as administrative
                  agent.