Exhibit 10.3

Avis Budget Rental Car Funding (AESOP) LLC

48 Wall Street

New York, NY 10005

October 7, 2010

To the Persons Listed

On Schedule I Attached Hereto

Ladies and Gentlemen:

Reference is made to the Amended and Restated Series 2008-1 Supplement, dated as of October 29, 2009 (as amended to date, the “Series 2008-1 Supplement”), among Avis Budget Rental Car Funding (AESOP) LLC (“ABRCF”), as Issuer, Avis Budget Car Rental, LLC (“ABCR”), as Administrator, the CP Conduit Purchasers, the APA Banks and the Funding Agents named therein, JPMorgan Chase Bank, N.A., as Administrative Agent, and The Bank of New York Mellon Trust Company, N.A., as Trustee (in such capacity, the “Trustee”) and as Series 2008-1 Agent, to the Second Amended and Restated Base Indenture, dated as of June 3, 2004 (as amended to date, the “Base Indenture”), between ABRCF and the Trustee.  Capitalized terms used herein, unless otherwise defined herein, shall have the respective meanings set forth in the Base Indenture or the Series 2008-1 Supplement, as applicable.

ABCR, Avis Budget Holdings, LLC, JPMorgan Chase Bank, N.A., as Administrative Agent, and the Lenders party thereto have entered into the Fourth Amendment, dated as of the date hereof and attached as Schedule II hereto, to the Credit Agreement (the “Credit Agreement Amendment”).

Pursuant to the definition of “Credit Agreement” in the Series 2008-1 Supplement, references to the Credit Agreement in the Series 2008-1 Supplement do not give effect to any amendment thereto (subsequent to the Second Amendment thereto dated as of March 10, 2010) unless such amendment has been approved in writing by the Requisite Noteholders.

Pursuant to this approval letter (this “Approval”), ABRCF is requesting the approval of each of the persons identified on Schedule I attached hereto of the Credit Agreement Amendment.

By executing the appropriate signature block below, each of the Purchaser Groups approves the Credit Agreement Amendment for purposes of the definition of “Credit Agreement” in the Series 2008-1 Supplement.  Upon the receipt by ABRCF (or its agent) of such approvals from the Purchaser Groups comprising the Requisite Noteholders, references to the Credit Agreement in the Series 2008-1 Supplement shall be deemed to be references to the Credit Agreement as further amended by the Credit Agreement Amendment.

If you agree to the foregoing, please sign and return a copy of this Approval by facsimile or email to Kate Barrington (fax no.: (212) 354-8113; email: kbarrington@whitecase.com).  Please also send ten (10) executed originals to Kate Barrington at White & Case LLP, 1155 Avenue of the Americas, New York, New York 10036.

This Approval may be executed in any number of counterparts, and by the different parties hereto on separate counterparts, each of which when executed and delivered, shall be an original, but all of which shall together constitute one and the same instrument.  Execution and delivery of this Approval by delivery of facsimile signatures shall have the same force and effect as delivery of manual signatures hereon.

THIS APPROVAL AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

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	Very truly yours, AVIS BUDGET RENTAL CAR FUNDING (AESOP) LLC
By:	/s/ Rochelle Tarlowe
	Name:           Rochelle Tarlowe
	Title:           Vice President and Treasurer

AGREED, ACKNOWLEDGED AND APPROVED:

	LIBERTY STREET FUNDING LLC, as a CP Conduit Purchaser under the Series 2008-1 Supplement
By:	/s/ Frank B. Bilotta
	Name:        Frank B. Bilotta
	Title:          President

	THE BANK OF NOVA SCOTIA, as a Funding Agent and an APA Bank under the Series 2008-1 Supplement
By:	/s/ Darren Ward
	Name:        Darren Ward
	Title:          Director

	FALCON ASSET SECURITIZATION COMPANY LLC, as a CP Conduit Purchaser under the Series 2008-1 Supplement
By:	/s/ Catherine V. Frank
	Name:         Catherine V. Frank
	Title:           Managing Director

	JPMORGAN CHASE BANK, N.A. as a Funding Agent under the Series 2008-1 Supplement
By:	/s/ Catherine V. Frank
	Name:         Catherine V. Frank
	Title:           Managing Director

	JPMORGAN CHASE BANK, N.A. as an APA Bank under the Series 2008-1 Supplement
By:	/s/ Catherine V. Frank
	Name:         Catherine V. Frank
	Title:           Managing Director

	ATLANTIC ASSET SECURITIZATION LLC,      as a CP Conduit Purchaser under the Series      2008-1 Supplement
By:	/s/ Sam Pilcer
	Name:         Sam Pilcer
	Title:           Managing Director
By:	/s/ Kostantina Kourmpetis
	Name:         Kostantina Kourmpetis
	Title:           Managing Director

	CREDIT AGRICOLE CORPORATE & INVESTMENT BANK NEW YORK BRANCH,      as a Funding Agent and an APA Bank under the      Series 2008-1 Supplement
By:	/s/ Sam Pilcer
	Name:         Sam Pilcer
	Title:           Managing Director
By:	/s/ Kostantina Kourmpetis
	Name:         Kostantina Kourmpetis
	Title:           Managing Director

	AMSTERDAM FUNDING CORPORATION,      as a CP Conduit Purchaser under the Series 2008-1 Supplement
By:	/s/ Bernard J. Angelo
	Name:         Bernard J. Angelo
	Title:           Vice President

	THE ROYAL BANK OF SCOTLAND PLC, as an APA Bank under the Series 2008-1 Supplement by:  RBS Securities Inc., as agent
By:	/s/ David Viney
	Name:         David Viney
	Title:           Managing Director

	THE ROYAL BANK OF SCOTLAND PLC, as a Funding Agent under the Series 2008-1 Supplement by: RBS Securities Inc., as agent
By:	/s/ David Viney
	Name:         David Viney
	Title:           Managing Director

ACKNOWLEDGED BY:

	AVIS BUDGET CAR RENTAL, LLC,      as Administrator
By:	/s/ Rochelle Tarlowe
	Name:         Rochelle Tarlowe
	Title:           Vice President and Treasurer

	JPMORGAN CHASE BANK, N.A., as Administrative Agent
By:	/s/ Catherine V. Frank
	Name:           Catherine V. Frank
	Title:           Managing Director