EXHIBIT 99.1

                                                           FOR IMMEDIATE RELEASE


               CENDANT CORPORATION TERMINATES AGREEMENT TO ACQUIRE
                          PROVIDIAN INSURANCE COMPANIES



PARSIPPANY, NJ, October 5, 1998 -- Cendant Corporation (NYSE:CD) today announced
it has  terminated  its agreement to acquire  Providian  Auto and Home Insurance
Company and its subsidiaries from an Aegon N.V. subsidiary. The termination date
in Cendant's  agreement to acquire the Providian companies had previously passed
on September 30, 1998. Cendant noted that several  representations and covenants
in the  acquisition  agreement  had not been  fulfilled  and the  conditions  to
closing had not been met.  Cendant stated that it did not pursue an extension of
the termination date of the agreement because the Providian  companies no longer
met Cendant's acquisition criteria.

Cendant  (NYSE:CD)  is the world's  premier  provider of consumer  and  business
services.  The Company  operates in three principal  segments:  Travel Services,
Real Estate Services and Alliance Marketing. In Travel Services,  Cendant is the
leading  franchisor  of hotels and rental car  agencies  worldwide;  the largest
provider of vacation exchange services;  a leading fleet management company, the
UK's largest private car park operator,  and a leading motorist assistance group
in the UK. In Real Estate Services, Cendant is the world's largest franchisor of
residential real estate brokerage offices, a major provider of mortgage services
to consumers and a global leader in corporate employee  relocation.  In Alliance
Marketing,  Cendant provides access to insurance,  travel,  shopping,  auto, and
other services,  primarily through direct marketing to customers of its affinity
partners.  Headquartered  in  Parsippany,  NJ, the  company has more than 40,000
employees and operates in over 100 countries.



Media Contact:                                       Investor Contact:
Elliot Bloom                                         Dennis L. Gillen
VP, Corporate Communications                         VP, Investor Relations
973-496-8414                                         973-496-7303