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Exhibit 12

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

	Nine Months Ended September 30,
	2003			2002
Earnings before fixed charges:
Income before income taxes and minority interest	$	1,790		$	1,234
Plus: Fixed charges		824			614
Less: Minority interest (pretax) in mandatorily redeemable preferred interest in a subsidiary		6			10
Minority interest in pretax income of subsidiaries that have not incurred fixed charges		18			14
Earnings available to cover fixed charges	$	2,590		$	1,824
Fixed charges(*):
Interest, including amortization of deferred financing costs	$	716		$	538
Minority interest (pretax) in mandatorily redeemable preferred interest in a subsidiary		6			10
Interest portion of rental payment		102			66
Total fixed charges	$	824		$	614
Ratio of earnings to fixed charges	$	3.14	x	$	2.97	x

^(*)

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:

	September 30,
	2003		2002
Incurred by the Company's PHH subsidiary	$	256	$	148
Related to the debt under management and mortgage programs incurred by the Company's vehicle rental subsidiaries		201		158
All other		259		232

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