Exhibit 12

              JOHN DEERE CAPITAL CORPORATION AND SUBSIDIARIES
             COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                         (IN THOUSANDS OF DOLLARS)

                         Three Months Ended 31 January

                         1994           1993
Earnings:

 Income before income
   taxes and changes
   in accounting         $35,276        $41,439
Fixed charges             36,520         44,212
     Total earnings      $71,796        $85,651

Fixed charges:

Interest expense         $35,901        $43,583
Rent expense                 619            629
  Total fixed charges    $36,520        $44,212

Ratio of earnings to
 fixed charges*             1.97           1.94

                         Year Ended 31 October

Earnings:                 1993       1992      1991    

Income before income
  taxes and changes
  in accounting          $169,339  $142,920  $110,820
Fixed charges             170,226   191,930  $230,901
 Total earnings          $339,565  $334,850  $341,721

Fixed charges:

Interest expense         $167,787  $189,288  $228,308
Rent expense                2,439     2,642     2,593
Total fixed charges      $170,226  $191,930  $230,901

Ratio of earnings to
  fixed charges*             1.99      1.74      1.48

                         Year Ended 31 October

Earnings:                1990           1989

Income before income
  taxes and changes
  in accounting          $ 99,366       $ 99,971
Fixed charges             216,985        214,038
Total earnings           $316,351       $314,009

Fixed charges:

Interest expense         $214,707       $212,144
Rent expense                2,278          1,894
Total fixed charges      $216,985       $214,038

Ratio of earnings to
  fixed charges*             1.46           1.47

_____
"Earnings" consist of income before income taxes, changes in
accounting and fixed charges.  "Fixed charges" consist of
interest
on indebtedness, amortization of debt discount and expense, an
estimated amount of rental expense under capitalized leases which
is deemed to be representative of the interest factor and rental
expense under operating leases.

*    The Company has not issued preferred stock, therefore, the
     ratios of earnings to combined fixed charges and preferred
     stock dividends are the same as the ratios presented above.