Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  SALERNO F ROBERT
 2. Date of Event Requiring Statement (Month/Day/Year)
08/23/2006		 3. Issuer Name and Ticker or Trading Symbol
CENDANT CORP [CD]
(Last)
(First)
(Middle)
6 SYLVAN WAY		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President & COO
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

PARSIPPANY, NJ 07054		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 28,311 (1)
D
 
Common Stock 36,475
I
Held by NQ Deferred Compensation Plan (Deferred LTIP Shares)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy) 10/17/1996 10/17/2006 Common Stock 375,781 $ 4.595 D  
Stock Option (right to buy) 12/17/1996 12/17/2006 Common Stock 125,260 $ 3.427 D  
Stock Option (right to buy) 03/01/2001 03/01/2011 Common Stock 182,435 $ 1.884 D  
Stock Option (right to buy) 01/22/2002 01/22/2012 Common Stock 364,871 $ 2.74 D  
Restricted Stock Units 05/02/2007(2)   (3) Common Stock 1,229,508 $ 0 (4) D  
Restricted Stock Units 07/31/2009(5)   (3) Common Stock 409,836 $ 0 (4) D  
Stock Settled Stock Appreciation Right 07/31/2009(6) 08/01/2013 Common Stock 1,086,957 $ 2.44 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
SALERNO F ROBERT
6 SYLVAN WAY
PARSIPPANY, NJ 07054		       President & COO  

Signatures

Jean M. Sera, by Power of Attorney for F. Robert Salerno 08/29/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The numbers of shares and options referenced in this Form 3 do not give effect to adjustments that will occur when our anticipated one-for-ten reverse stock split is completed on September 5, 2006.
(2) Grant vests in four equal installments on May 2, 2007, 2008, 2009 and 2010.
(3) Expiration date not applicable.
(4) Units convert to Common Stock on a one-to-one basis upon vesting.
(5) Vests subject to the Company?s attainment of pre-established financial performance goals.
(6) The SSARs vest subject to the reporting person's continued employment, and confer upon the reporting person the right to receive an amount, in common stock, equal to the excess of the fair market value of a share of common stock on the date of exercise over the exercise price of the SSAR.

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