Toyota Motor Credit (TM/28) 10-Q 2006 Q2 Quarterly report

EXHIBIT 12.1

TOYOTA MOTOR CREDIT CORPORATION

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Three Months Ended September 30,		Six Months Ended September 30,
	2005	2004	2005	2004
	(Dollars in millions)
Consolidated income before provision for income taxes	$260	$280	$506		$606
Fixed charges:
Interest1	301	200	652		316
Portion of rent expense representative of the interest factor (deemed to be one-third)	1	1	3		3
Total fixed charges	302	201	655		319
Earnings available for fixed charges	$562	$481	$1,161		$925
Ratio of earnings to fixed charges	1.86	2.39	1.77		2.90

1 Components of interest expense are discussed in the “Results of Operations – Interest Expense” section of Item 2., “Management’s Discussion and Analysis”.