from 10-Q
1 page
<page> 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, 1999 1998 1999 1998 (Dollars in Millions) <s> <c> <c> <c> <c> Consolidated Income Before Income Taxes....................... $ 68 $ 55 $176 $171 Fixed Charges: Interest.................................. 230 249 690 722 Portion of Rent Expense Representative of the Interest Factor (Deemed to Be One-Third)....................... 1 1 4 4 Total Fixed Charges.......................... 231 250 694 726 Earnings Available for Fixed Charges......................... $299 $305 $870 $897 ==== ==== ==== ==== Ratio of Earnings to Fixed Charges<f1>......................... 1.29 1.22 1.25 1.24 ==== ==== ==== ==== <fn> - <f1> as of June 30, 1999 Tmcc Has Guaranteed Payments of Principal and Interest on $128 Million Principal Amount of Bonds Issued in Connection With the Manufacturing Facilities of Certain of Its Affiliates. in Addition, as of July 31, 1999, Tmcc Has Guaranteed $30 Million of Tca's Debt. as of June 30, 1999, 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>
