EXHIBIT 99.1

                                                           FOR IMMEDIATE RELEASE


               CENDANT PROVIDES ADDITIONAL INFORMATION RELATING TO
                         RESTATEMENTS FOR 1996 AND 1995


Parsippany,  NJ and Stamford,  CT, July 14, 1998C Cendant Corporation  (NYSE:CD)
today  supplied  supplemental  information in connection  with its  announcement
earlier today  regarding the  investigation  of  accounting  irregularities  and
accounting errors at the former CUC International.

Cendant  said that 1996 and 1995 will be impacted by many of the same items that
affected 1997. These items include the improper use of merger reserves, improper
revenue  recognition  and delayed  recognition of membership  cancellations.  In
addition,  Cendant said, CUC also overstated its quarterly  results by recording
fictitious revenues.

The amounts that are expected to be restated from accounting irregularities are,
on a pre-tax  basis,  approximately  $150  million for 1996 and $100 million for
1995.  The Company noted there may also be  accounting  errors found in 1996 and
1995, but that information is not yet available.

Certain matters discussed in the news release are forward-looking statements, as
defined  in  the  Private  Securities   Litigation  Reform  Act  of  1995.  Such
forward-looking  statements  are subject to a number of known and unknown  risks
and  uncertainties  including,  but not  limited  to,  the  outcome of the Audit
Committee's investigation; uncertainty as to the Company's future profitability;
the Company's ability to develop and implement operational and financial systems
to manage rapidly growing operations;  competition in the Company's existing and
potential  future  lines of business;  the  Company's  ability to integrate  and
operate  successfully  acquired  businesses and the risks  associated  with such
businesses;  the Company's  ability to obtain  financing on acceptable  terms to
finance the Company's  growth strategy and for the Company to operate within the
limitations  imposed by  financing  arrangements;  uncertainty  as to the future
profitability  of acquired  businesses;  and other  factors.  Other  factors and
assumptions  not identified  above were also involved in the derivation of these
forwardlooking  statements,  and the  failure  of such other  assumptions  to be
realized  as well as other  factors  may also  cause  actual  results  to differ
materially  from those  projected.  The Company  assumes no obligation to update
these  forward-looking   statements  to  reflect  actual  results,   changes  in
assumptions  or  changes  in  other  factors   affecting  such   forward-looking
statements.








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.  Headquartered in Stamford,  CT and Parsippany,
NJ, the company has more than 40,000  employees,  operates in over 100 countries
and makes approximately 100 million customer contacts annually.

Media Contacts:
Elliot Bloom                                         Jim Fingeroth/Thomas Davies
(973) 496-8414                                       Kekst and Company
                                                     (212) 521-4800

Investor Contact:
David M.  Johnson
(973) 496-7909