Exhibit 12

Cendant Corporation and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)

		Six Months Ended
		June 30,
		2004		2003
Earnings before fixed charges:
Income before income taxes and minority interest		$	1,148	$	969
Plus:	Fixed charges		541		471
Less:	Minority interest (pre-tax) in mandatorily redeemable preferred interest in a subsidiary		–		6
	Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges		6		12
Earnings available to cover fixed charges		$	1,683	$	1,422
Fixed charges  (a):
Interest, including amortization of deferred financing costs		$	465	$	399
Minority interest (pre-tax) in mandatorily redeemable preferred interest in a subsidiary			–		6
Interest portion of rental payment			76		66
Total fixed charges		$	541	$	471
Ratio of earnings to fixed charges			3.11x		3.02x

^(a) Consists of interest expense on all indebtedness (including amortization of deferred financing costs and capitalized interest) and the portion of operating lease rental expense that is representative of the interest factor. Interest expense on all indebtedness is detailed as follows:

	June 30,
	2004		2003
Incurred by the Company’s PHH subsidiary	$	148	$	98
Related to the debt under management and mortgage programs incurred by the Company’s vehicle rental subsidiary		131		127
All other		186		174

The 2004 amounts are not comparable to the 2003 amounts due to the adoption of FASB Interpretation No. 46, “Consolidation of Variable Interest Entities,” on July 1, 2003.

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