**Exhibit 12**

** **

**John Deere Capital Corporation andSubsidiariesComputation of Ratio of Earnings to Fixed Charges(thousands of dollars)**

 
|                                                       |   | **Nine  Months Ended  July 31,** |    | **For the  Years Ended October 31,** |       |
|------------------------------------------------------------|--------|----------------------------------|---------|--------------------------------------|------------|
|                                                       |   | **2004**                         |    | **2003**                             | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** | **2000** | ** ** | **1999** | ** ** |
| Earnings:                                                  |   |                             |    |                                 |       |   |   |   |   |   |   |   |   |   |   |
| Income before income taxes and  changes in accounting |   | $                                | 306,237 |                                 | $          | 321,835 |   | $ | 427,940 |   | $ | 370,972 |   | $ | 245,662 |   | $ | 216,712 |   | $ | 235,760 |   |
| Fixed charges                                              |   | 247,063                          |    | 279,971                              |       | 367,223 |   | 382,547 |   | 459,348 |   | 447,169 |   | 366,102 |   |
| Total earnings                                             |   | $                                | 553,300 |                                 | $          | 601,806 |   | $ | 795,163 |   | $ | 753,519 |   | $ | 705,010 |   | $ | 663,881 |   | $ | 601,862 |   |
|                                                       |   |                             |    |                                 |       |   |   |   |   |   |   |   |   |   |   |
| Fixed charges:                                             |   |                             |    |                                 |       |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                           |   | $                                | 241,736 |                                 | $          | 274,731 |   | $ | 360,127 |   | $ | 374,883 |   | $ | 452,032 |   | $ | 440,220 |   | $ | 360,925 |   |
| Rent Expense                                               |   | 5,327                            |    | 5,240                                |       | 7,096 |   | 7,664 |   | 7,316 |   | 6,949 |   | 5,177 |   |
| Total fixed charges                                        |   | $                                | 247,063 |                                 | $          | 279,971 |   | $ | 367,223 |   | $ | 382,547 |   | $ | 459,348 |   | $ | 447,169 |   | $ | 366,102 |   |
|                                                       |   |                             |    |                                 |       |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges*                        |   | 2.24                             |    | 2.15                                 |       | 2.17 |   | 1.97 |   | 1.53 |   | 1.48 |   | 1.64 |   |

 

“Earnings”consist of income before income taxes, the cumulative effect of changes inaccounting and fixed charges.  “Fixedcharges” consist of interest on indebtedness, amortization of debt discount andexpense, an estimated amount of rental expense under capitalized leases that isdeemed to be representative of the interest factor and rental expense underoperating leases.

 

*  TheCompany has not issued preferred stock. Therefore, the ratios of earnings tocombined fixed charges and preferred stock dividends are the same as the ratiospresented above.

 

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