EXHIBIT 12
ASSOCIATES FIRST CAPITAL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar Amounts in Millions)
<TABLE>
<CAPTION>
Nine Months Ended
September 30
2000 1999
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<S> <C> <C>
Fixed Charges (a)
Interest expense $3,061.4 $2,917.8
Implicit interest in rent 22.6 26.5
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Total fixed charges $3,084.0 $2,944.3
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Earnings (b)
Earnings before provision for income
taxes $1,798.8 $1,730.5
Fixed charges 3,084.0 2,944.3
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Earnings, as defined $4,882.8 $4,674.8
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Ratio of Earnings to Fixed Charges 1.58 1.59
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(a) For purposes of such computation, the term "fixed charges" represents
interest expense and a portion of rentals representative of an
implicit interest factor for such rentals.
(b) For purposes of such computation, the term "earnings" represents
earnings before provision for income taxes, plus fixed charges.
</TABLE>