Pricing Supplement No.  3                           Dated  09/23/03

Rule 424(b)(3)

(To Prospectus dated September 15, 1998 and Prospectus Supplement dated October 4, 2002)		File No. 333-63049 CUSIP No. 78355H JD2

$200,000,000

RYDER SYSTEM, INC.

Medium-Term Notes, Series 17
(Registered Notes-Fixed Rate)
Due Nine Months or More from Date of Issue

Principal Amount:		$50,000,000
Issue Price:		100.00%
Issue Date:		09/26/03
Maturity Date:		09/26/08
Interest Rate:		4.000%
Day Count:		30/360

Interest Payment Dates:		Semi-annually on April 1 and October 1 of each year, commencing April 1, 2004 and at Maturity.
Record Dates:		March 17 and September 16.

Form:				x   Book Entry		o   Certificated

Redemption:				x   The Notes cannot be redeemed prior to maturity.
				o   The Notes may be redeemed prior to maturity.

Terms of Redemption:    —

Repayment at option of holder:				x   The holder has no option to elect repayment of the Notes prior to maturity. o   The Notes are repayable prior to maturity at the option of holder.

Terms of Repayment:    —

Discount note:		o   Yes				x   No

Total Amount of OID:              —
Yield to Maturity:                     —
Initial Accrual Period OID:      —

Name of Agent and Agent’s Discount or Commission:
RBC Dominion Securities Corporation J.P. Morgan Securities Inc. Wachovia Securities, Inc.		$150,000.00 $  50,000.00 $  50,000.00