Exhibit 12

John Deere Capital Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(thousands of dollars)

			Nine Months Ended July 31,				For the Years Ended October 31,
			2003		2002		2002		2001		2000		1999		1998
Earnings:
	Income before income taxes and    changes in accounting		$	321,835	$	277,820	$	370,972	$	245,662	$	216,712	$	235,760	$	233,534
	Fixed charges		279,971		282,510		382,547		459,348		447,169		366,102		373,237
		Total earnings	$	601,806	$	560,330	$	753,519	$	705,010	$	663,881	$	601,862	$	606,771
Fixed charges:
	Interest expense		$	274,731	$	278,894	$	374,883	$	452,032	$	440,220	$	360,925	$	368,381
	Rent Expense		5,240		3,616		7,664		7,316		6,949		5,177		4,856
		Total fixed charges	$	279,971	$	282,510	$	382,547	$	459,348	$	447,169	$	366,102	$	373,237
Ratio of earnings to fixed charges*			2.15		1.98		1.97		1.53		1.48		1.64		1.63

"Earnings" consist of income before income taxes, the cumulative effect of changes in accounting and fixed charges. "Fixed charges" consist of interest on indebtedness, amortization of debt discount and expense, an estimated amount of rental expense under capitalized leases that is deemed to be representative of the interest factor and rental expense under operating leases.

* The Company has not issued preferred stock. Therefore, the ratios of earnings to combined fixed charges and preferred stock dividends are the same as the ratios presented above.

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