Exhibit 12

Cendant Corporation and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

		Three Months Ended March 31,
		2006		2005
Earnings before fixed charges:
Income before income taxes and minority interest		$	192	$	179
Plus:	Fixed charges		250		197
	Amortization of capitalized interest		1		1
Less:	Capitalized interest		3		1
Earnings available to cover fixed charges		$	440	$	376
Fixed charges (a):
Interest, including amortization of deferred financing costs (b)		$	208	$	160
Interest portion of rental payment			42		37
Total fixed charges		$	250	$	197
Ratio of earnings to fixed charges			1.76x		1.91x

^(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:

	Three Months Ended
	March 31,
	2006		2005
Related to the debt under management programs incurred by the Company’s vehicle rental business	$	97	$	63
All other		111		97

^(b) Does not include interest expense from discontinued operations of $11 million for the three months ended March 31, 2005.

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