EXHIBIT 18

September 28, 1998


Cendant Corporation
6 Sylvan Way
Parsippany, New Jersey 07054


Dear Sirs/Madams:


     We have audited the financial statements of Cendant Corporation as of
December 31, 1997 and 1996 and for each of the three years in the period ended
December 31, 1997, included in your Annual Report on Form 10-K/A to the
Securities and Exchange Commission and have issued our report thereon dated
September 28, 1998. Note 2 to such financial statements contains a description
of your adoption during the year ended December 31, 1997 of a change in revenue
and expense recognition policies in accounting for your membership business
activities. In our judgment, such change is to an alternative accounting
principle that is preferable under the circumstances.


Yours truly,


Deloitte & Touche LLP