o Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

(Print or Type Responses)
Washington, D.C. 20549


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
OMB Number:        3235-0287
Expires: January 31, 2005
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1.   Name and Address of Reporting Person*   2.   Issuer Name and Ticker or Trading Symbol   6.   Relationship of Reporting Person(s) to Issuer
(Check all applicable)
    Nelson,   Ronald   L.       Cendant Corporation (CD)         X   Director            10% Owner

    (Last)   (First)   (Middle)   3.   I.R.S. Identification Number of Reporting Person, if an entity (voluntary)   4.   Statement for
      X    Officer (give
        title below)
        (specify below)
    9 West 57th Street               04/25/2003       Senior Executive Vice President, Finance

(Street)           5.   If Amendment, Date of Original (Month/Day/Year)   7.   Individual or Joint/Group Filing
(Check Applicable Line)
    X     Form filed by One Reporting Person
             Form filed by More than One
    New York,   NY   10019                                   Reporting Person

    (City)   (State)   (Zip)                            
Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.   Title of Security
(Instr. 3)
  2.   Transaction Date   2A.   Deemed Execution Date, if any   3.   Transaction Code
(Instr. 8)
  4.   Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
  5.   Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
  6.   Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
  7.   Nature of Indirect Beneficial Ownership
(Instr. 4)
            (Month/Day/Year)   (Month/Day/Year)  
                            Code   V       Amount   (A) or (D)   Price                        

Common Stock (series designated CD stock)   04/25/2003               P           75,000   A   $13.43       75,000       D(1)        







Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned
e.g., puts, calls, warrants, options, convertible securities)

1.   Title of Derivative Security
(Instr. 3)
  2.   Conversion or Exercise Price of Derivative Security   3.   Transaction Date
  3A.   Deemed Execution Date, if any
  4.   Transaction Code
(Instr. 8)
  5.   Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
  6.   Date Exercisable and Expiration Date (Month/Day/Year)
                                    Code   V       (A)   (D)       Date
  Expiration Date











7.   Title and Amount of Underlying Securities
(Instr. 3 and 4)
  8.   Price of Derivative Security
(Instr. 5)
  9.   Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
  10.   Ownership Form of Derivative Securities: Direct (D) or Indirect (I) (Instr. 4)   11.   Nature of Indirect Beneficial Ownership
(Instr. 4)
    Title   Amount or Number of Shares                                











Explanation of Responses:

(1) Held jointly with spouse

/s/ Jean Marie Sera   04/28/2003

**Signature of Reporting Person
Attorney-in-fact on behalf of Ronald L. Nelson



Report on a separate line for each class of securities beneficially owned directly or indirectly.



If the form is filed by more than one reporting person,
see Instruction 4(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).



File three copies of this Form, one of which must be manually signed. If space is insufficient,
see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.