EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
December 31,
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1997 1996
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(Dollars in Millions)
Consolidated income
before income taxes................................. $ 63 $ 64
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Fixed charges:
Interest............................................ 234 227
Portion of rent expense
representative of the
interest factor (deemed
to be one-third)................................. 1 1
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Total fixed charges.................................... 235 228
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Earnings available
for fixed charges................................... $298 $292
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Ratio of earnings to
fixed charges<F1>................................... 1.27 1.28
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<FN>
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<F1> 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,
1997, 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>