EXHIBIT 99.1

[GRAPHIC OMITTED]

news
release

                       CENDANT ARRANGES NEW $3.25 BILLION
                            TERM LOAN CREDIT FACILITY

    Increased From $2.0 Billion Due To Strong Reception by Banking Syndicate

         Reflects Company's Strong Capital Base and Access to Liquidity
                             Through Varied Sources


     Parsippany,  NJ and  Stamford,  CT,  May 29,  1998 --  Cendant  Corporation
(NYSE:CD) today announced that it has entered into a new $3.25 billion term loan
credit  facility  with The  Chase  Manhattan  Bank and a  syndicate  of 20 other
lenders including Bank of America, Barclays Capital, Bank of Nova Scotia, Credit
Lyonnais,  and  Nationsbank.  Due  to a very  strong  reception  by the  banking
syndicate,  the Company  increased  the facility to $3.25  billion from the $2.0
billion commitment previously announced.
The loan is repayable on May 28, 1999.

     Accordingly  to the Company's  Vice Chairman and Chief  Financial  Officer,
Michael  P.  Monaco,  completion  of this  transaction  provide  Cendant  with a
combination  of  cash  and  committed   undrawn   revolving  credit   facilities
significantly  in excess of the amount of cash necessary to close the previously
announced  pending  acquisitions  of RAC Motoring  Services,  Providian  Auto an
American Bankers.

     "We are delighted with the overwhelming  support the banking  syndicate has
shown the Company," Monaco said. "This  extraordinarily  successful  syndication
reflects the  Company's  strong  capital  base and access to  liquidity  through
varied sources. It further demonstrates the Company's  significant credit ratios
and our  ability  to  generate  capital  for  strategic  acquisitions  and other
purposes.

     Cendant (NYSE: CD) is the world's premier provider of consumer and business
services.  Cendant  operates in three principal  segments:  Alliance  Marketing,
Travel and Real Estate Services. In Alliance Marketing,  Cendant provides access
to travel,  shopping,  auto,  dining,  and other services  worldwide.  In Travel
Services,  Cendant is the leading  franchisor  of hotels and rental car agencies
worldwide,  the premier provider of vacation exchange services,  a leading fleet
management company through PHH, and the U.K.'s largest private car park operator
through NPC. In Real Estate Services,  Cendant is the world's premier franchisor
of  residential  real estate  brokerage  offices,  a major  provider of mortgage
services to  consumers  and a global  leader in corporate  employee  relocation.
Headquartered in Stamford, CT and Parsippany,  NJ, the company has nearly 40,000
employees,  operates  in over 100  countries  and makes  more  than 100  million
customer contacts annually.