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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G


                    Under the Securities Exchange Act of 1934



                             Team Rental Group, Inc.
                                (Name of Issuer)


                     Common Stock, par value $.01 per share
                         (Title of Class of Securities)

                                    878156108
                                 (CUSIP Number)



*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



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                              SCHEDULE 13G

CUSIP No.         878156108

1.       NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                  New York Life Insurance Company
                  13-5582869

2.       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                           (a) [ ]
                                                           (b) [ ]

3.       SEC USE ONLY

4.       CITIZENSHIP OR PLACE OF ORGANIZATION

                  New York

                           5.     SOLE VOTING POWER       996,512

NUMBER OF                  6.     SHARED VOTING POWER           0
SHARES
BENEFICIALLY
OWNED BY
EACH                       7.     SOLE DISPOSITIVE POWER  996,512
REPORTING
PERSON                     8.     SHARED DISPOSITIVE POWER      0
WITH


9.       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  996,512

10.      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
         CERTAIN SHARES* [ ]

11.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9      8.14%

12.      TYPE OF REPORTING PERSON*

                  IC

                      *SEE INSTRUCTIONS BEFORE FILLING OUT



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                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549
                                  Schedule 13G
                    Under the Securities Exchange Act of 1934

Date: 01/23/97

Item 1 (a)        Name of issuer:         Team Rental Group, Inc.
Item 1 (b)        Address of issuer's principal executive offices:

                         125 Basin Street, Suite 210
                         Daytona Beach, FL 32114

Item 2 (a)        Name of person filing:

                         New York Life Insurance Company

Item 2 (b)        Address of principal business office:

                         51 Madison Avenue, Room 206
                         New York, NY  10010

Item 2 (c)        Citizenship:      New York

Item 2 (d)        Title of class of securities: Common Stock, par value
                                                $.01 per share

Item 2 (e)        Cusip No.:        878156108

Item 3            Type of Person:   Insurance company as defined in
                                    Section 3(a)(19) of the Act

Item 4 (a)        Amount beneficially owned:    996,512

Item 4 (b)        Percent of class:     8.14%

Item 4 (c)        (i)    sole power to vote:         996,512
                   (ii)    shared power to vote:           0
                   (iii)   sole power to dispose:    996,512
                   (iv)    shared power to dispose:        0

Item 5            Ownership of 5 percent or less of a class:    Not Applicable

Item 6            Ownership of more than 5 percent on behalf of another person:
                   Not Applicable

Item 7            Identification and classification of subsidiary:
                  Not Applicable

Item 8            Identification and classification of members of the group:
                  Not Applicable

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Item 9            Notice of dissolution of the group:      Not Applicable

Item 10  Certification:

                  By signing below I certify that, to the best of my knowledge
                  and belief, the securities referred to above were acquired in
                  the ordinary course of business and were not acquired for the
                  purpose of and do not have the effect of changing or
                  influencing the control of the issuer of such securities and
                  were not acquired in connection with or as a participant in
                  any transaction having such purpose or effect.

                  After reasonable inquiry and to the best of my knowledge and
                  belief, I certify that the information set forth in this
                  statement is true, complete, and correct.



                                                   /s/ Steven M. Benevento
                                                       Steven M. Benevento
                                                       Assistant Vice President