EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended Six Months Ended
September 30, September 30,
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2001 2000 2001 2000
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(Dollars in Millions)
Consolidated income before income taxes and
equity in net loss of subsidiary.......... $ 31 $ 49 $ 118 $ 84
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Fixed charges:
Interest.................................. 268 348 564 695
Portion of rent expense
representative of the
interest factor (deemed
to be one-third)....................... 2 2 3 3
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Total fixed charges.......................... 270 350 567 698
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Earnings available
for fixed charges......................... $ 301 $ 399 $ 685 $ 782
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Ratio of earnings to
fixed charges<F1>......................... 1.11 1.14 1.21 1.12
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<FN>
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<F1> TMCC has guaranteed certain obligations of affiliates and subsidiaries as
discussed in Note 8 - Commitments and Contingent Liabilities of the
Consolidated Financial Statements. As of September 30, 2001, 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>