EXHIBIT 12.1
PACCAR Financial Corp.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PURSUANT TO SEC REPORTING REQUIREMENTS
(Thousands of Dollars)
Three Months Ended
March 31
1998 1997
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FIXED CHARGES
Interest expense $ 25,949 $ 24,608
Portion of rentals deemed interest 76 59
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TOTAL FIXED CHARGES $ 26,025 $ 24,667
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EARNINGS
Income before taxes $ 11,791 $ 12,744
Fixed charges 26,025 24,667
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EARNINGS AS DEFINED $ 37,816 $ 37,411
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RATIO OF EARNINGS TO FIXED CHARGES 1.45x 1.52x
The method of computing the ratio of earnings to fixed charges shown above
complies with SEC reporting requirements but differs from the method called
for in the Support Agreement between the Company and PACCAR Inc. See Exhibit
12.2.
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