32 Exhibit 12 AMERICAN GENERAL FINANCE CORPORATION AND SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges (Unaudited) Six Months Ended June 30, 2004 2003 (dollars in thousands) Earnings: Income before provision for income taxes $324,626 $289,841 Interest expense 280,353 276,444 Implicit interest in rents 9,249 9,277 Total earnings $614,228 $575,562 Fixed charges: Interest expense $280,353 $276,444 Implicit interest in rents 9,249 9,277 Total fixed charges $289,602 $285,721 Ratio of earnings to fixed charges 2.12 2.01