EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
December 31,
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1998 1997
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(Dollars in Millions)
Consolidated income
before income taxes................................. $ 59 $ 63
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Fixed charges:
Interest............................................ 243 234
Portion of rent expense
representative of the
interest factor (deemed
to be one-third)................................. 1 1
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Total fixed charges.................................... 244 235
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Earnings available
for fixed charges................................... $303 $298
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Ratio of earnings to
fixed charges<F1>................................... 1.24 1.27
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<FN>
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<F1> As of December 31, 1998, TMCC has guaranteed payments of principal and interest
on $118 million principal amount of bonds issued in connection with the
manufacturing facilities of certain of its affiliates.
As of December 31, 1998, 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>