EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES<F1>
Three Months Ended
December 31,
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1995 1994
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(Dollars in Millions)
Consolidated income
before income taxes...................... $ 68 $ 73
---- ----
Fixed charges:
Interest................................. 193 161
Portion of rent expense
representative of the
interest factor
(deemed to be
one-third)............................ 1 1
---- ----
Total fixed charges......................... 194 162
---- ----
Earnings available
for fixed charges........................ $262 $235
==== ====
Ratio of earnings to
fixed charges<F2>........................ 1.35 1.45
==== ====
<FN>
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<F1> TMCC did not receive any financial support from TMS during the three
months ended December 31, 1995 and 1994.
<F2> 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
December 31, 1995, 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.
</FN>