EXHIBIT 12
 
                    CASE CREDIT CORPORATION AND SUBSIDIARIES
 
               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
                             (DOLLARS IN MILLIONS)
 


                                                        SIX MONTHS                             
                                                           ENDED    YEARS ENDED DECEMBER 31,        
                                                          JUNE 30,  ------------------------        
                                                           1997     1996  1995   1994  1993  1992                  
                                                       -----------  ----  ----   ----  ----  ----                  
                                                                                              
Net Income..........................................       $ 39     $ 85  $ 94   $ 81  $111  $130                  
Add:                                                                                                               
  Interest expense..................................         44       72    42     88   227   353                  
  Amortization of capitalized debt expense..........         --        2     2      1     1     2                  
  Portion of rentals representative                                                                                
   of interest factor...............................         --       --    --     --    --    --                  
  Income tax expense and other taxes on income......         18       45    53     55    75    85                  
  Cumulative effect of change in                                                                                   
   accounting principles............................         --       --    --     --    --     6                   
  Fixed charges of unconsolidated                                                                                  
   subsidiaries.....................................         --       --    --     --    --    --                   
  Extraordinary loss................................         --        3    --      4    --    --                   
                                                           ----     ----  ----   ----  ----  ----                  
    Earnings as defined.............................       $101     $207  $191   $229  $414  $576                  
                                                           ====     ====  ====   ====  ====  ====                  

Interest expense....................................       $ 44     $ 72  $ 42   $ 88  $227  $353                  
Amortization of capitalized debt                                                                                   
 expense............................................         --        2     2      1     1     2                   
Portion of rentals representative                                                                                  
 of interest factor.................................         --       --    --     --    --    --                   
Fixed charges of unconsolidated subsidiaries........         --       --    --     --    --    --                   
                                                           ----     ----  ----   ----  ----  ----                  
    Fixed charges as defined........................       $ 44     $ 74  $ 44   $ 89  $228  $355                  
                                                           ====     ====  ====   ====  ====  ====                  
Ratio of earnings to fixed charges..................       2.30x    2.80x 4.34x  2.57x 1.82x 1.62x                 
                                                           ====     ====  ====   ====  ====  ====