EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
| | | Three Months Ended September 30, | | Six Months Ended September 30, |
| | | 2006 | | 2005 | | 2006 | | 2005 |
| Consolidated income before provision for income taxes | | $57 | | $260 | | $302 | | $506 |
| Fixed charges: | | | | | | | | |
Interest1 | | 760 | | 301 | | 1,260 | | 652 |
| Portion of rent expense representative of the interest factor (deemed to be one-third) | | 2 | | 1 | | 4 | | 3 |
| Total fixed charges | | 762 | | 302 | | 1,264 | | 655 |
| Earnings available for fixed charges | | $819 | | $562 | | $1,566 | | $1,161 |
| Ratio of earnings to fixed charges | | 1.07 | | 1.86 | | 1.24 | | 1.77 |
1 Components of interest expense are discussed in the “Results of Operations - Interest Expense” section of “Item 2., Management’s Discussion and Analysis”.
