EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
| | | Three Months Ended December 31, | | Nine Months Ended December 31, |
| | | 2006 | | 2005 | | 2006 | | 2005 |
| Consolidated income before provision for income taxes | | $198 | | $221 | | $500 | | $727 |
| Fixed charges: | | | | | | | | |
Interest1 | | 664 | | 438 | | 1,924 | | 1,090 |
| Portion of rent expense representative of the interest factor (deemed to be one-third) | | 2 | | 2 | | 5 | | 5 |
| Total fixed charges | | 666 | | 440 | | 1,929 | | 1,095 |
| Earnings available for fixed charges | | $864 | | $661 | | $2,429 | | $1,822 |
| Ratio of earnings to fixed charges | | 1.30 | | 1.50 | | 1.26 | | 1.66 |
1 Components of interest expense are discussed in the “Interest Expense” section of “Item 2., Management’s Discussion and
Analysis”.
