EX-12.1 2 exhibit_12-1.htm EXHIBIT 12.1 - RATIO OF EARNINGS TO FIXED CHARGES exhibit_12-1.htm

EXHIBIT 12.1


TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
   
Three Months Ended
   
June 30,
2007
  
June 30,
2006
     
Consolidated income before provision for income taxes
  
$331
  
$245
Fixed charges:
        
Interest 1
  
624
  
500
Portion of rent expense representative of the interest factor (deemed to be one-third)
  
2
  
2
Total fixed charges
  
626
  
502
Earnings available for fixed charges
  
$957
  
$747
Ratio of earnings to fixed charges
  
1.53
  
1.49


1 Components of interest expense are discussed in the “Interest Expense” section of “Item 2., Management’s Discussion and
  Analysis”.