Toyota Motor Credit (TM/28) 10-Q 2013 Q3 Quarterly report

EXHIBIT 12.1

TOYOTA MOTOR CREDIT CORPORATION

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

		Three Months Ended				Nine Months Ended
		December 31,				December 31,
(Dollars in millions)		2012		2011		2012		2011
Consolidated income before provision for income
	taxes	$	439	$	698	$	1,721	$	2,176
Fixed charges:
Interest1		$	284	$	163	$	625	$	769
Portion of rent expense representative of the interest
	factor (deemed to be one-third)		2		2		6		6
Total fixed charges		$	286	$	165	$	631	$	775
Earnings available for fixed charges		$	725	$	863	$	2,352	$	2,951
Ratio of earnings to fixed charges			2.53		5.23		3.73		3.81
1   Components of interest expense are discussed under “Item 2. Management’s Discussion and Analysis of Financial Condition     and Results of Operations, Interest Expense.”

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