EXHIBIT 99.5

                          CENDANT TO DELAY 10-K FILING
                          ----------------------------

  - Restatement of Financial Statements to Eliminate Irregularities Complete -


PARSIPPANY, NJ, AUGUST 27, 1998 - Cendant Corporation (NYSE:CD) announced today
that it expects to file its restated financial statements to be included in a
Form 10-K/A in late September. Cendant has completed preparation of preliminary
restated financial statements for its 1997, 1996 and 1995 fiscal years. These
financial statements are consistent with the Company's earlier disclosures
regarding the extent and nature of accounting errors and irregularities at
business units of the former CUC International ("CUC").

The Company met with the staff of the Securities and Exchange Commission
("SEC") to discuss its proposed restatement. The staff has requested Cendant
implement further changes in its revenue recognition policy for individual
memberships as part of the SEC's ongoing review of revenue recognition by
companies that sell services with a full refund offer. The changes requested by
the SEC go beyond those believed necessary and appropriate by Deloitte & Touche
and Arthur Andersen to correct accounting irregularities and errors.

"Since we discovered accounting irregularities in the former CUC business units
in April, " stated Michael P. Monaco, Vice Chairman and Chief Financial
Officer, "we have endeavored to maintain open channels of communication with
all regulatory bodies, and in particular with the SEC. The SEC staff has given
us the opportunity to informally discuss our accounting restatements prior to
our formal filing. We believe the policies in our current restatements, the
product of months of work with Deloitte & Touche Supported by the work of
Arthur Andersen, conform with Generally Accepted Accounting Principles.
However, the staff has indicated that these revenue recognition practices,
historically implemented by Cendant and others, differ from the staff's view of
appropriate procedures. While we regret this delay, our investors, creditors
and customers will benefit from the knowledge that our accounting policies
reflect exhaustive efforts by Cendant and its independent accountants, as well
as input from regulators."

"The topics discussed with the SEC," continued Monaco, "do not affect the cash
results of this business. The discussions have not connection to correction of
the accounting irregularities previously disclosed. They revolve solely around
the Company's desire to use this opportunity to implement accounting policies
that best capture the economics of our individual membership business."
Cendant also said it expects the report of the independent investigation by its
Audit Committee into accounting irregularities in the CUC businesses to be
released later today. "Our Audit Committee's report is complete and is not the
subject of this dialogue with the SEC," reported Monaco. Cendant will also
postpone its annual meeting of shareholders as well, pending the filing of its
form 10-K/A.

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 

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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, operates in over 100 countries.

Media Contact:                                              Investor Contact:
- --------------                                              -----------------
Cendant Corporation                                         Cendant Corporation
Elliot Bloom                                                Denise L.  Gillen
973-496-8414 or                                             973-496-7303


Kekst and Company
Jim Fingeroth
Victoria Weld
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