EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended Six Months Ended
March 31, March 31,
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2000 1999 2000 1999
---- ---- ---- ----
(Dollars in Millions)
Consolidated income
before income taxes....................... $ 31 $ 49 $ 86 $108
---- ---- ---- ----
Fixed charges:
Interest.................................. 317 220 594 460
Portion of rent expense
representative of the
interest factor (deemed
to be one-third)....................... 1 1 3 3
---- ---- ---- ----
Total fixed charges.......................... 318 221 597 463
---- ---- ---- ----
Earnings available
for fixed charges......................... $349 $270 $683 $571
==== ==== ==== ====
Ratio of earnings to
fixed charges<F1>......................... 1.10 1.22 1.14 1.23
==== ==== ==== ====
<FN>
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<F1> As of April 30, 2000 TMCC has guaranteed payments of principal and interest
on $186 million principal amount of bonds issued in connection with the
manufacturing facilities of certain of its affiliates. In addition, as of
April 30, 2000, TMCC has guaranteed $40.0 million of TCA's debt. As of
March 31, 2000, TMCC has not incurred any fixed charges in connection with
such guarantees and no amount is included in any ratio of earnings to fixed
charges.
</FN>