EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Six Months Years
Ended Ended Ended
March 31, March 31, September 30,
--------- --------- ---------------------------------------
2002 2001 2000 1999 1998 1997
------ ------ ------ ------ ------ ------
(Dollars in Millions)
Consolidated income
before equity in net loss
of subsidiary, income taxes
and cumulative effect of
change in accounting
principle.................. $ 402 $ 71 $ 170 $ 230 $ 251 $ 283
------ ------ ------ ------ ------ ------
Fixed Charges
Interest................... 1,030 726 1,289 940 994 918
Portion of rent expense
representative of the
interest factor (deemed
to be one-third)........ 7 3 6 6 5 4
------ ------ ------ ------ ------ ------
Total fixed charges........... 1,037 729 1,295 946 999 922
------ ------ ------ ------ ------ ------
Earnings available
for fixed charges.......... 1,439 $ 800 $1,465 $1,176 $1,250 $1,205
====== ====== ====== ====== ====== ======
Ratio of earnings to
fixed charges<F1>.......... 1.39 1.10 1.13 1.24 1.25 1.31
====== ====== ====== ====== ====== ======
<FN>
- -----------------
<F1> TMCC has guaranteed certain obligations of affiliates and subsidiaries
as discussed in Note 17 of the Consolidated Financial Statements. In February
2002, the Argentine government established measures to re-denominate the entire
Argentine economy into pesos and has permitted the peso to float freely against
other global currencies. This re-denomination policy adversely affected TCA's
financial condition and its ability to fully satisfy its offshore dollar loans.
Consequently for the year ended March 31, 2002, TMCC has included a charge
against income of $31 million to write-off its $5 million investment in TCA and
to establish a reserve of $26 million relating to TMCC's $40 million guaranty
of TCA's offshore outstanding debt. TMCC will continue to monitor the
situation.
</FN>