**Exhibit 12**

 

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

 

 
| ** **                                            | ** ** | **Nine Months Ended  July 31,** | ** ** | **For the Years Ended October 31,** | ** ** |
|-------------------------------------------------------|------------|--------------------------------------|------------|------------------------------------------|------------|
| ** **                                            | ** ** | **2005**                             | ** ** | **2004**                                 | ** ** | **2004** | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** | **2000** | ** ** |
| Earnings:                                             |       |                                 |       |                                     |       |   |   |   |   |   |   |   |   |   |   |
| Income before  income taxes and changes in accounting |       | $                                    | 316,456    |                                     | $          | 306,237 |   | $ | 410,621 |   | $ | 427,940 |   | $ | 370,972 |   | $ | 245,662 |   | $ | 216,712 |   |
| Fixed charges                                         |       | 333,769                              |       | 247,063                                  |       | 334,521 |   | 367,223 |   | 382,547 |   | 459,348 |   | 447,169 |   |
| Total earnings                                        |       | $                                    | 650,225    |                                     | $          | 553,300 |   | $ | 745,142 |   | $ | 795,163 |   | $ | 753,519 |   | $ | 705,010 |   | $ | 663,881 |   |
|                                                  |       |                                 |       |                                     |       |   |   |   |   |   |   |   |   |   |   |
| Fixed charges:                                        |       |                                 |       |                                     |       |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                      |       | $                                    | 328,561    |                                     | $          | 241,736 |   | $ | 327,451 |   | $ | 360,127 |   | $ | 374,883 |   | $ | 452,032 |   | $ | 440,220 |   |
| Rent Expense                                          |       | 5,208                                |       | 5,327                                    |       | 7,070 |   | 7,096 |   | 7,664 |   | 7,316 |   | 6,949 |   |
| Total fixed  charges                                  |       | $                                    | 333,769    |                                     | $          | 247,063 |   | $ | 334,521 |   | $ | 367,223 |   | $ | 382,547 |   | $ | 459,348 |   | $ | 447,169 |   |
|                                                  |       |                                 |       |                                     |       |   |   |   |   |   |   |   |   |   |   |
| Ratio of  earnings to fixed charges*                  | ** ** | **1.95**                             | ** ** | **2.24**                                 | ** ** | **2.23** | ** ** | **2.17** | ** ** | **1.97** | ** ** | **1.53** | ** ** | **1.48** | ** ** |

 

“Earnings” consist ofincome before income taxes, the cumulative effect of changes in accounting andfixed charges.  “Fixed charges” consistof interest on indebtedness, amortization of debt discount and expense, an estimatedamount of rental expense under capitalized leases that is deemed to berepresentative of the interest factor and rental expense under operatingleases.

 

----

*  The Companyhas not issued preferred stock. Therefore, the ratios of earnings to combinedfixed charges and preferred stock dividends are the same as the ratiospresented above.

 

20

----