EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended Nine Months Ended
December 31, December 31,
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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.......... $ 154 $ 31 $ 272 $ 115
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Fixed charges:
Interest.................................. 244 383 808 1,078
Portion of rent expense
representative of the
interest factor (deemed
to be one-third)....................... 2 2 5 5
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Total fixed charges.......................... 246 385 813 1,083
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Earnings available
for fixed charges......................... $ 400 $ 416 $1,085 $1,198
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Ratio of earnings to
fixed charges<F1>......................... 1.63 1.08 1.33 1.11
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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
December 31, 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>