EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
June 30, June 30,
------------------ -------------------
2000 1999 2000 1999
---- ---- ------ ----
(Dollars in Millions)
<S> <C> <C> <C> <C>
Consolidated income
before income taxes....................... $ 35 $ 68 $ 121 $176
---- ---- ------ ----
Fixed charges:
Interest.................................. 347 230 941 690
Portion of rent expense
representative of the
interest factor (deemed
to be one-third)....................... 2 1 5 4
---- ---- ------ ----
Total fixed charges.......................... 349 231 946 694
---- ---- ------ ----
Earnings available
for fixed charges......................... $384 $299 $1,067 $870
==== ==== ====== ====
Ratio of earnings to
fixed charges<F1>......................... 1.10 1.29 1.13 1.25
==== ==== ====== ====
<FN>
-----------------
<F1> As of July 31, 2000 TMCC has guaranteed payments of principal and interest
on $186 million principal amount of bonds issued in connection with the
manufacturing facilities of certain of its affiliates. In addition, as of
July 31, 2000, TMCC has guaranteed $50 million of TCA's debt. 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>
</TABLE>
