EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)
Three Months Ended Six Months Ended
March 31, March 31,
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1994 1993 1994 1993
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(Dollars in Millions)
Consolidated income
before income taxes.................... $ 75 $ 60 $151 $117
---- ---- ---- ----
Fixed charges:
Interest............................... 112 111 222 225
Portion of rent expense
representative of the
interest factor
(deemed to be
one-third)........................... 1 1 2 1
---- ---- ---- ----
Total fixed charges...................... 113 112 224 226
---- ---- ---- ----
Earnings available
for fixed charges...................... $188 $172 $375 $343
==== ==== ==== ====
Ratio of earnings to
fixed charges(2)....................... 1.66 1.54 1.67 1.52
==== ==== ==== ====
<FN>
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(1) TMCC did not receive any financial support from TMS during the three months or six months
ended March 31, 1994 and 1993.
(2) In March 1987, TMCC guaranteed payments of principal and interest on $58 million principal
amount of bonds issued in connection with the Kentucky manufacturing facility of an
affiliate. As of March 31, 1994, TMCC has not incurred any fixed charges in connection
with such guarantee and no amount is included in any ratio of earnings to fixed charges.
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