** **

**Exhibit 12**

** **

**John Deere Capital Corporationand Subsidiaries**

**Computation of Ratio of Earningsto Fixed Charges**

**(thousands of dollars)**

 
| ** **                                           | ** ** | **Three  Months Ended**

**January  31,** | ** ** | **For the  Years Ended October 31,** | ** ** |
|------------------------------------------------------|------------|-------------------------------------------|------------|--------------------------------------|------------|
| ** **                                           | ** ** | **2005**                                  | ** ** | **2004**                             | ** ** | **2004** | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** | **2000** | ** ** |
| Earnings:                                            |       |                                      |       |                                 |       |   |   |   |   |   |   |   |   |   |   |
| Income before income taxes and changes in accounting |       | $                                         | 104,686    |                                 | $          | 106,022 |   | $ | 410,621 |   | $ | 427,940 |   | $ | 370,972 |   | $ | 245,662 |   | $ | 216,712 |   |
| Fixed charges                                        |       | 94,290                                    |       | 83,520                               |       | 334,521 |   | 367,223 |   | 382,547 |   | 459,348 |   | 447,169 |   |
| Total earnings                                       |       | $                                         | 198,976    |                                 | $          | 189,542 |   | $ | 745,142 |   | $ | 795,163 |   | $ | 753,519 |   | $ | 705,010 |   | $ | 663,881 |   |
|                                                 |       |                                      |       |                                 |       |   |   |   |   |   |   |   |   |   |   |
| Fixed charges:                                       |       |                                      |       |                                 |       |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                     |       | $                                         | 92,583     |                                 | $          | 81,737 |   | $ | 327,451 |   | $ | 360,127 |   | $ | 374,883 |   | $ | 452,032 |   | $ | 440,220 |   |
| Rent Expense                                         |       | 1,707                                     |       | 1,783                                |       | 7,070 |   | 7,096 |   | 7,664 |   | 7,316 |   | 6,949 |   |
| Total fixed charges                                  |       | $                                         | 94,290     |                                 | $          | 83,520 |   | $ | 334,521 |   | $ | 367,223 |   | $ | 382,547 |   | $ | 459,348 |   | $ | 447,169 |   |
|                                                 |       |                                      |       |                                 |       |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges*                  | ** ** | **2.11**                                  | ** ** | **2.27**                             | ** ** | **2.23** | ** ** | **2.17** | ** ** | **1.97** | ** ** | **1.53** | ** ** | **1.48** | ** ** |

----

“Earnings” consist of incomebefore income taxes, the cumulative effect of changes in accounting and fixedcharges. “Fixed charges” consist of interest on indebtedness, amortization ofdebt discount and expense, an estimated amount of rental expense undercapitalized leases that is deemed to be representative of the interest factorand rental expense under operating leases.

 

*  The Company hasnot issued preferred stock. Therefore, the ratios of earnings to combined fixedcharges and preferred stock dividends are the same as the ratios presentedabove.

19

----