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

                         1995           1994
Earnings:

 Income before income
   taxes and changes
   in accounting         $ 42,148       $ 35,276

Fixed charges              55,689         36,520

     Total earnings      $ 97,837       $ 71,796

Fixed charges:

Interest expense         $ 55,058       $ 35,901

Rent expense                  631            619

  Total fixed charges    $ 55,689       $ 36,520

Ratio of earnings to
 fixed charges*             1.76           1.97


                         Year Ended October 31

Earnings:                 1994     1993       1992     

Income before income
  taxes and changes
  in accounting          $161,809  $169,339  $142,920  

Fixed charges             168,507   170,226   191,930  

 Total earnings          $330,316  $339,565  $334,850  

Fixed charges:

Interest expense         $166,591  $167,787  $189,288  

Rent expense                1,916     2,439     2,642  

Total fixed charges      $168,507  $170,226  $191,930

Ratio of earnings to
  fixed charges*             1.96      1.99      1.74


                         Year Ended 31 October

Earnings:                1991           1990 

Income before income     
  taxes and changes
  in accounting          $110,820       $ 99,366  

Fixed charges             230,901        216,985  

Total earnings           $341,721       $316,351  

Fixed charges:

Interest expense         $228,308       $214,707       

Rent expense                2,593          2,278    

Total fixed charges      $230,901       $216,985       

Ratio of earnings to
  fixed charges*             1.48           1.46       

_____
"Earnings" consist of income before income taxes, the cumulative
effect of 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.