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Exhibit 12

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

	Three Months Ended March 31,
	2003		2002
Earnings before fixed charges:
Income before income taxes and minority interest	$	470	$	481
Plus: Fixed charges		236		208
Less: Equity loss in unconsolidated affiliates		—		(1	)
Minority interest		9		3
Earnings available to cover fixed charges	$	697	$	687
Fixed charges(a):
Interest, including amortization of deferred financing costs	$	193	$	183
Minority interest		9		3
Interest portion of rental payment		34		22
Total fixed charges	$	236	$	208
Ratio of earnings to fixed charges		2.95x		3.30x

^(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:

	March 31,
	2003		2002
Incurred by the Company's PHH subsidiary	$	48	$	43
Related to the Company's stockholder litigation settlement liability		—		15
Related to the debt under management and mortgage programs incurred     by the Company's vehicle rental subsidiary		59		51
All other		86		74

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