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        Cendant Corporation 8-K dated March 15, 2006
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        STATES</strong></font></div>
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        AND EXCHANGE COMMISSION</strong></font></div>
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        D.C. 20549</strong></font></div>
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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: 12pt; FONT-FAMILY: Times New Roman">____________</font></div>
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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: 20pt; FONT-FAMILY: Times New Roman"><strong>Form
        8-K</strong></font></div>
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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: 12pt; 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: 12pt; 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="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: 12pt; 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: 12pt; FONT-FAMILY: Times New Roman">Date
        of
        Report (Date of earliest event reported)<strong>&#160;</strong><strong><u>March
        15, 2006 (March 15, 2006)</u></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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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: 30pt; 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: 12pt; FONT-FAMILY: Times New Roman"><em>(Exact
        name of Registrant as specified in its charter)</em></font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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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"><em>(State
                  or other jurisdiction</em></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>of
                  incorporation)</em></font></div>
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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"><em>(Commission
                  File No.)</em></font></div>
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              <td valign="top" width="22%" style="border-bottom: white thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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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"><em>(I.R.S.
                  Employer</em></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>Identification
                  Number)</em></font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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                  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: 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>New
                  York, NY</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>(Address
                  of principal</em></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>executive
                  office)</em></font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="22%" style="border-bottom: white thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</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>10019</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>(Zip
                  Code)</em></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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      <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>&#160;</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="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>None</strong></font></div>
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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">(Former
                  name or former address if changed since last
                  report)</font></div>
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                <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: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;]
                  Written communications pursuant to Rule 425 under the Securities
                  Act (17
                  CFR 230.425)</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;]
                  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
                  (17 CFR
                  240.14a-12)</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;]
                  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: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;]
                  Pre-commencement communications pursuant to Rule 13e-4(c) under the
                  Exchange Act (17 CFR 240.13e-4(c))</font></div>
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      <div>&#160;</div><a name="id_0_6"/>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><strong>Item
                    7.01</strong></div>
                </td>
                <td align="left" valign="top" width="62%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><strong>Regulation
                    FD
                    Disclosure.</strong></div>
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        <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">&#160;</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: 12pt; FONT-FAMILY: Times New Roman">Cendant
          Corporation anticipates that it will disclose to prospective lenders in
          connection with previously disclosed planned financings that the parent company
          of its vehicle rental business, Cendant Car Rental Group, LLC (&#8220;CCRG&#8221;), which is
          expected to change its name to Avis Budget Car Rental, LLC, had an intercompany
          receivable from Cendant Corporation of approximately $800 million and
          stockholder&#8217;s equity of approximately $2.9 billion at December 31, 2005. In
          addition, Cendant plans to disclose that it currently estimates that the
          replacement of general corporate overhead charges from Cendant with public
          company costs will not have a material effect on the post-separation results
          of
          CCRG following Cendant's previously announced plan to separate into four
          independent, publicly traded, pure-play companies &#8212; one each for Cendant&#8217;s real
          estate, travel distribution, hospitality and vehicle rental businesses. Cendant
          further anticipates the expected absence of intercompany interest income
          (which
          totaled approximately $20 million in 2005) from Cendant, however, to reduce
          CCRG&#8217;s pretax income in future periods. Cendant also expects CCRG&#8217;s planned
          borrowings of $1.875 billion, and the use of proceeds therefrom, to reduce
          CCRG&#8217;s vehicle-backed interest expense, but to increase CCRG&#8217;s
          non-vehicle-backed interest expense. The net increase in interest expense
          will
          depend on the rates at which the financings are effected, as well as future
          market interest rates.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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: 12pt; FONT-FAMILY: Times New Roman"><strong>Forward-Looking
          Statements </strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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: 12pt; FONT-FAMILY: Times New Roman">Certain
          statements in this report constitute &#8220;forward-looking statements&#8221; within the
          meaning of the Private Securities Litigation Reform Act of 1995. Such
          forward-looking statements involve known and unknown risks, uncertainties
          and
          other factors which may cause the actual results, performance or achievements
          of
          the Company to be materially different from any future results, performance
          or
          achievements expressed or implied by such forward-looking statements. Statements
          preceded by, followed by or that otherwise include the words &#8220;believes&#8221;,
  &#8220;expects&#8221;, &#8220;anticipates&#8221;, &#8220;intends&#8221;, &#8220;projects&#8221;, &#8220;estimates&#8221;, &#8220;plans&#8221;, &#8220;may
          increase&#8221;, &#8220;may fluctuate&#8221; and similar expressions or future or conditional
          verbs such as &#8220;will&#8221;, &#8220;should&#8221;, &#8220;would&#8221;, &#8220;may&#8221; and &#8220;could&#8221; are generally
          forward-looking in nature and not historical facts. Any statements that refer
          to
          expectations or other characterizations of future events, circumstances or
          results are forward-looking statements. The Company cannot provide any
          assurances that the separation or any of the proposed transactions related
          thereto will be completed, nor can it give assurances as to the terms on
          which
          such transactions will be consummated. The separation transactions are subject
          to certain conditions precedent, including final approval by the Board of
          Directors of Cendant. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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: 12pt; FONT-FAMILY: Times New Roman">Various
          risks that could cause future results to differ from those expressed by the
          forward-looking statements included in this report include, but are not limited
          to: risks inherent in the contemplated separation and related transactions,
          including risks related to borrowings and costs related to the proposed
          transactions; increased demands on Cendant&#8217;s management teams as a result of the
          proposed transactions; changes in business, political and economic conditions
          in
          the U.S. and in other countries in which Cendant and its companies currently
          do
          business; changes in governmental regulations and policies and actions of
          regulatory bodies; changes in operating performance; and access to capital
          markets and changes in credit ratings, including those that may result from
          the
          proposed transactions. Other unknown or unpredictable factors also could
          have
          material adverse effects on Cendant&#8217;s and its companies&#8217; performance or
          achievements. In light of these risks, uncertainties, assumptions and factors,
          the forward-looking events discussed in this report may not occur. You are
          cautioned not to place undue reliance on these forward-looking statements,
          which
          speak only as of the date stated, or if no date is stated, as of the date
          of
          this report. Important assumptions and other important factors that could
          cause
          actual results to differ materially from those in the forward looking statements
          are specified in Cendant&#8217;s 10-K for the year ended December 31, 2005, including
          under headings such as &#8220;Forward-Looking Statements&#8221;, &#8220;Risk Factors&#8221; and
  &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of
          Operations.&#8221; Except for the Company&#8217;s ongoing obligations to disclose material
          information under the federal securities laws, the Company undertakes no
          obligation to release any revisions to any forward-looking statements, to
          report
          events or to report the occurrence of unanticipated events unless required
          by
          law.</font></div>
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        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>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><strong>CENDANT
                  CORPORATION</strong></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">/s/
                  David B. Wyshner</div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">David
                  B. Wyshner</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">Executive
                  Vice President and
                  Treasurer</div>
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        March 15, 2006</font></div>
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text: Cendant Corporation 8-K dated March 15, 2006
  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)
  March
        15, 2006 (March 15, 2006)
  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 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
                    7.01
  Regulation
                    FD
                    Disclosure.
  Cendant
          Corporation anticipates that it will disclose to prospective lenders in
          connection with previously disclosed planned financings that the parent company
          of its vehicle rental business, Cendant Car Rental Group, LLC ("CCRG"), which is
          expected to change its name to Avis Budget Car Rental, LLC, had an intercompany
          receivable from Cendant Corporation of approximately $800 million and
          stockholder's equity of approximately $2.9 billion at December 31, 2005. In
          addition, Cendant plans to disclose that it currently estimates that the
          replacement of general corporate overhead charges from Cendant with public
          company costs will not have a material effect on the post-separation results
          of
          CCRG following Cendant's previously announced plan to separate into four
          independent, publicly traded, pure-play companies — one each for Cendant's real
          estate, travel distribution, hospitality and vehicle rental businesses. Cendant
          further anticipates the expected absence of intercompany interest income
          (which
          totaled approximately $20 million in 2005) from Cendant, however, to reduce
          CCRG's pretax income in future periods. Cendant also expects CCRG's planned
          borrowings of $1.875 billion, and the use of proceeds therefrom, to reduce
          CCRG's vehicle-backed interest expense, but to increase CCRG's
          non-vehicle-backed interest expense. The net increase in interest expense
          will
          depend on the rates at which the financings are effected, as well as future
          market interest rates.
  Forward-Looking
          Statements
  Certain
          statements in this report constitute "forward-looking statements" within the
          meaning of the Private Securities Litigation Reform Act of 1995. Such
          forward-looking statements involve known and unknown risks, uncertainties
          and
          other factors which may cause the actual results, performance or achievements
          of
          the Company to be materially different from any future results, performance
          or
          achievements expressed or implied by such forward-looking statements. Statements
          preceded by, followed by or that otherwise include the words "believes",
  "expects", "anticipates", "intends", "projects", "estimates", "plans", "may
          increase", "may fluctuate" and similar expressions or future or conditional
          verbs such as "will", "should", "would", "may" and "could" are generally
          forward-looking in nature and not historical facts. Any statements that refer
          to
          expectations or other characterizations of future events, circumstances or
          results are forward-looking statements. The Company cannot provide any
          assurances that the separation or any of the proposed transactions related
          thereto will be completed, nor can it give assurances as to the terms on
          which
          such transactions will be consummated. The separation transactions are subject
          to certain conditions precedent, including final approval by the Board of
          Directors of Cendant.
  Various
          risks that could cause future results to differ from those expressed by the
          forward-looking statements included in this report include, but are not limited
          to: risks inherent in the contemplated separation and related transactions,
          including risks related to borrowings and costs related to the proposed
          transactions; increased demands on Cendant's management teams as a result of the
          proposed transactions; changes in business, political and economic conditions
          in
          the U.S. and in other countries in which Cendant and its companies currently
          do
          business; changes in governmental regulations and policies and actions of
          regulatory bodies; changes in operating performance; and access to capital
          markets and changes in credit ratings, including those that may result from
          the
          proposed transactions. Other unknown or unpredictable factors also could
          have
          material adverse effects on Cendant's and its companies' performance or
          achievements. In light of these risks, uncertainties, assumptions and factors,
          the forward-looking events discussed in this report may not occur. You are
          cautioned not to place undue reliance on these forward-looking statements,
          which
          speak only as of the date stated, or if no date is stated, as of the date
          of
          this report. Important assumptions and other important factors that could
          cause
          actual results to differ materially from those in the forward looking statements
          are specified in Cendant's 10-K for the year ended December 31, 2005, including
          under headings such as "Forward-Looking Statements", "Risk Factors" and
  "Management's Discussion and Analysis of Financial Condition and Results of
          Operations." Except for the Company's ongoing obligations to disclose material
          information under the federal securities laws, the Company undertakes no
          obligation to release any revisions to any forward-looking statements, to
          report
          events or to report the occurrence of unanticipated events unless required
          by
          law.
  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/
                  David B. Wyshner
  David
                  B. Wyshner
  Executive
                  Vice President and
                  Treasurer
  Date:
        March 15, 2006