EXHIBIT 99.1


                       CENDANT SETS EARNINGS RELEASE DATE


PARSIPPANY,  NEW JERSEY,  August 4, 1998 - Cendant  Corporation  (NYSE:CD)  said
today it would announce second quarter earnings on Thursday,  August 13. At that
time,  Cendant will also release  financial  results for the first six months of
1998 plus summary restated financial results for the four quarters and full year
of 1997. In addition,  on August 13, Cendant will release its final estimates of
the aggregate  impact on 1996 and 1995 net income of  accounting  irregularities
and accounting errors.

Cendant expects to file an amended report on Form 10-K/A containing full audited
restated financial statements for 1995, 1996 and 1997 later in August.

The second  quarter and first half of 1998  results to be announced on August 13
will not be subject to further  revisions  based on the results of the company's
investigation of accounting irregularities and errors at CUC.

Cendant  also  announced  today  its  notice   requirements  for  submission  of
shareholder   proposals  for   consideration  at  its  1998  annual  meeting  of
shareholders which was rescheduled for October 1, 1998. In order for shareholder
proposals to be considered for inclusion in Cendant's proxy  statement  relating
to the annual meeting under Rule 14a-8 of the  Securities  Exchange Act of 1934,
such  proposals  must be received by Cendant no later than the close of business
on August 14, 1998. In order for shareholder  proposals  submitted  outside Rule
14a-8  (which  includes  proposals  that the  regulations  under the  Securities
Exchange Act of 1934  generally  do not require to be included in the  Company's
definitive  proxy  statement  for its annual  meeting)  to be timely  within the
meaning  of Rule  14a-4(c)  under the  Securities  Exchange  Act of 1934 and for
purposes of Cendant's  by-laws,  such  proposals  must be received by Cendant no
later than the close of business on August 7, 1998.

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.

CONTACTS:

Roanne Kulakoff
Thomas Davies
Kekst and Company
(212) 521-4800