**Exhibit 12**

 

**John Deere Capital Corporation and Subsidiaries**

**Computation of Ratio of Earnings to Fixed Charges**

**(millions of dollars)**

 
|                                                                   |       | **Three Months  Ended  January 31,** |       | **For the Years Ended October 31,** |       |
|------------------------------------------------------------------------|------------|------------------------------------------------|------------|--------------------------------------------------------------|------------|
| ** **                                                             | ** ** | **2009**                                       | ** ** | **2008**                                                     | ** ** | **2008** | ** ** | **2007** | ** ** | **2006** | ** ** | **2005** | ** ** | **2004** | ** ** |
|                                                                   |       |                                           |       |                                                         |       |   |   |   |   |   |   |   |   |   |   |
| Earnings:                                                              |       |                                           |       |                                                         |       |   |   |   |   |   |   |   |   |   |   |
| Income of  consolidated group before income taxes                      |       | $                                              | 48.5       |                                                         | $          | 114.2 |   | $ | 437.1 |   | $ | 479.6 |   | $ | 442.7 |   | $ | 424.8 |   | $ | 410.6 |   |
| Fixed charges  excluding capitalized interest                          |       | 208.5                                          |       | 224.6                                                        |       | 843.4 |   | 882.0 |   | 732.2 |   | 480.1 |   | 334.5 |   |
| Total earnings                                                         |       | $                                              | 257.0      |                                                         | $          | 338.8 |   | $ | 1,280.5 |   | $ | 1,361.6 |   | $ | 1,174.9 |   | $ | 904.9 |   | $ | 745.1 |   |
|                                                                   |       |                                           |       |                                                         |       |   |   |   |   |   |   |   |   |   |   |
| Fixed charges:                                                         |       |                                           |       |                                                         |       |   |   |   |   |   |   |   |   |   |   |
| Interest expense  of consolidated group including capitalized interest |       | $                                              | 207.5      |                                                         | $          | 223.6 |   | $ | 839.1 |   | $ | 877.9 |   | $ | 726.9 |   | $ | 473.2 |   | $ | 327.4 |   |
| Rent expense                                                           |       | 1.2                                            |       | 1.0                                                          |       | 4.8 |   | 4.1 |   | 5.3 |   | 6.9 |   | 7.1 |   |
| Total fixed  charges                                                   |       | $                                              | 208.7      |                                                         | $          | 224.6 |   | $ | 843.9 |   | $ | 882.0 |   | $ | 732.2 |   | $ | 480.1 |   | $ | 334.5 |   |
|                                                                   |       |                                           |       |                                                         |       |   |   |   |   |   |   |   |   |   |   |
| Ratio of  earnings to fixed charges*                                   | ** ** | **1.23**                                       | ** ** | **1.51**                                                     | ** ** | **1.52** | ** ** | **1.54** | ** ** | **1.60** | ** ** | **1.88** | ** ** | **2.23** | ** ** |

 
| “Earnings” consist of  income before income taxes, the cumulative effect of changes in accounting  and fixed charges excluding capitalized interest. “Fixed charges” consist of  interest on indebtedness, amortization of debt discount and expense, interest  related to uncertain tax positions, 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, and capitalized interest. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| *  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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