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                                                                    Exhibit 99.1

                 CENDANT EXECUTIVES CERTIFY FINANCIAL STATEMENTS

NEW YORK, NY, AUGUST 14, 2002 - Cendant Corporation (NYSE: CD) today announced
that its Chairman and Chief Executive Officer, Henry R. Silverman, and its Chief
Financial Officer, Kevin M. Sheehan, have executed and filed the statements
required by the U.S. Securities and Exchange Commission (SEC) and the new
Sarbanes - Oxley Act.

Sworn statements signed by Mr. Silverman and Mr. Sheehan certify Cendant's 2001
Annual Report on Form 10-K, its quarterly reports on Form 10-Q for the first and
second quarters of 2002, its Form 10-K/A filed today and the other reports
covered by the SEC order. Messrs. Silverman and Sheehan have also signed the
certifications under the Sarbanes - Oxley Act to certify Cendant's second
quarter 2002 Form 10-Q and its Form 10-K/A.

The Company stated that its CEO and CFO have conducted an extensive review of
the filings it has made, the controls it has in place and the strength of its
financial reporting systems. The CEO, CFO and other members of management
discussed this review with the Company's Audit Committee and representatives of
the Company's auditors, Deloitte & Touche, LLP.

The Form 10-K/A for 2001 filed today reflects the classification of National Car
Parks (NCP), which Cendant sold in May 2002, as a discontinued operation. The
Form 10-K/A also includes certain changes from the Company's initial Form 10-K
filed in April 2002 in response to comments received from the SEC as a result of
the SEC's previously announced policy to review the 2001 Form 10-K's of all
Fortune 500 companies. Other than the effect of reclassifying NCP as a
discontinued operation, there were no changes to the financial results as
previously reported.

In addition to various disclosures requested by the SEC Division of Corporation
Finance, and made by the Company in the Form 10-K/A, on August 2, 2002 the
Company responded to the SEC's initial comments and furnished additional
information to the staff of the SEC. The SEC has indicated that it is in the
process of reviewing and evaluating the Company's responses and has requested
additional information and/or clarification with respect to certain accounting
and disclosure matters, including transactions with affiliates. At this time the
SEC has not requested any material modification to the Company's Form 10-K/A or
Form 10-Q's. The Company believes that the accounting and disclosure in its
filed reports is appropriate.

The Company also noted that, after reviewing all of the SEC comments, Deloitte &
Touche, LLP, has reissued its opinion on the Company's 2001 financial
statements contained in the Form 10-K/A filing, affirming their view that the
Company's financial statements are in compliance with all applicable GAAP and
SEC requirements.

The Company has made available on its website, at www.cendant.com, a marked
version of its Form 10-K/A which denotes the modifications from the original
Form 10-K, as filed.
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Cendant Corporation is primarily a provider of travel and residential real
estate services. With approximately 70,000 employees, New York City-based
Cendant provides these services to businesses and consumers in over 100
countries.

More information about Cendant, its companies, brands and current SEC filings
may be obtained by visiting the Company's Web site at www.cendant.com or by
calling 877-4-INFOCD (877-446-3623).

THIS PRESS RELEASE INCLUDES CERTAIN "FORWARD-LOOKING STATEMENTS" WITHIN THE
MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. THESE
STATEMENTS ARE BASED ON MANAGEMENT'S CURRENT EXPECTATIONS AND ARE SUBJECT TO
UNCERTAINTY AND CHANGES IN CIRCUMSTANCES. THESE STATEMENTS ARE NOT GUARANTEES OF
FUTURE PERFORMANCE AND ARE SUBJECT TO 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. ACTUAL
RESULTS MAY DIFFER MATERIALLY FROM THESE EXPECTATIONS DUE TO (I) THE OUTCOME OF
THE SEC'S REVIEW OF THE COMPANY'S FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2001
AND (II) CHANGES IN GLOBAL ECONOMIC, BUSINESS, COMPETITIVE, MARKET AND
REGULATORY FACTORS. ADDITIONAL FACTORS AND ASSUMPTIONS THAT COULD CAUSE ACTUAL
RESULTS TO DIFFER FROM THESE FORWARD-LOOKING STATEMENTS ARE SPECIFIED IN THE
COMPANY'S FORM 10-K/A FOR THE YEAR ENDED DECEMBER 31, 2001, AND IN THE COMPANY'S
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2002. THE CAUTIONARY STATEMENTS
CONTAINED OR REFERRED TO IN THIS RELEASE SHOULD BE CONSIDERED IN CONNECTION WITH
ANY SUBSEQUENT WRITTEN OR ORAL FORWARD-LOOKING STATEMENTS AND ACCOMPANYING
CAUTIONARY LANGUAGE THAT THE COMPANY OR AUTHORIZED PERSONS ACTING ON ITS BEHALF
MAY DISSEMINATE. THE COMPANY DISCLAIMS ANY INTENT OR OBLIGATION TO UPDATE ANY
FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF CHANGES IN ITS PLANS,
INTENTIONS OR EXPECTATIONS, NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.


MEDIA CONTACT:                            INVESTOR CONTACTS:
Elliot Bloom                              Sam Levenson
212-413-1832                               212-413-1834
                                          Henry A. Diamond
                                           212-413-1920

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