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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2002 2001 2002 2001
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(Dollars in Millions)
Consolidated (loss)/income
Before income taxes $ 6 $ 31 $ (45) $ 118
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Fixed charges:
Interest............................... 215 268 432 564
Portion of rent expense
representative of the
interest factor (deemed
to be one-third).................... 2 2 4 3
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Total fixed charges....................... 217 270 436 567
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Earnings available
for fixed charges...................... $ 223 $ 301 $ 391 $ 685
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Ratio of earnings to
fixed charges<F1>...................... 1.03 1.11 -* 1.21
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* TMCC's ratio of earnings to fixed charges was less than 1.00 for the six
months ended September 30, 2002. The deficiency in the ratio for the six months
ended September 30, 2002 was primarily due to a decrease in net income from
financing operations due to unfavorable fair value adjustments related to the
application of SFAS 133/138, which is reported as SFAS 133 and 138 fair value
adjustments in the Consolidated Statement of Income. The Company would require
an additional $45 million in net income to attain a ratio of 1.00.
<FN>
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<F1> TMCC has guaranteed certain obligations of affiliates and subsidiaries as
discussed in Note 9 - Commitments and Contingent Liabilities of the Consolidated
Financial Statements. As of September 30, 2002, 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>