EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES<F1>
Three Months Ended Six Months Ended
March 31, March 31,
------------------ ------------------
1996 1995 1996 1995
---- ---- ---- ----
(Dollars in Millions)
Consolidated income
before income taxes.......... $ 60 $ 75 $128 $148
---- ---- ---- ----
Fixed charges:
Interest..................... 196 175 389 336
Portion of rent expense
representative of the
interest factor
(deemed to be
one-third)................ 1 1 2 2
---- ---- ---- ----
Total fixed charges............. 197 176 391 338
---- ---- ---- ----
Earnings available
for fixed charges............ $257 $251 $519 $486
==== ==== ==== ====
Ratio of earnings to
fixed charges<F2>............ 1.30 1.43 1.33 1.44
==== ==== ==== ====
<FN>
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<F1> TMCC did not receive any financial support from TMS during the three
months or six months ended March 31, 1996 and 1995.
<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 March 31, 1996,
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>