EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended Nine Months Ended
December 31, December 31,
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2002 2001 2002 2001
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(Dollars in Millions)
Consolidated income
before income taxes $ 158 $ 104 $ 113 $ 222
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Fixed charges:
Interest............................... 212 244 644 808
Portion of rent expense
representative of the
interest factor (deemed
to be one-third).................... 2 2 6 5
Interest associated with TCA's
off-shore debt repaid by TMCC <F1>.. 1 - 1 -
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Total fixed charges....................... 215 246 651 813
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Earnings available
for fixed charges...................... $ 373 $ 350 $ 764 $1,035
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Ratio of earnings to
fixed charges.......................... 1.73 1.42 1.17 1.27
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<FN>
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<F1> The Company has guaranteed certain obligations of affiliates and
subsidiaries as discussed in Note 9 - Commitments and Contingent Liabilities
of the Consolidated Financial Statements. During the three months ended
December 31, 2002, TMCC performed under its guarantee of TCA's outstanding
off-shore debt and repaid $36 million of the outstanding balance and
accrued interest thereon.
</FN>