|Exhibit 12                                                                                                                        
|----------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                  
|John Deere Capital Corporation and
      SubsidiariesComputation of Ratio of Earnings to Fixed
      Charges(thousands of dollars)
|                                                                                                                                  

|                                    | Six Months EndedApril 30,                                     |         | For the Years Ended October 31,
|----------------------------------- | ------------------------------------------------------------- | ------- | -------------------------------
|                                    |                                                               |         |                                
|                                    | 2003                                                          |         | 2002                           
|                                    |                                                               |         |                                
|Earnings:                           |                                                               |         |                                
|                                    | Income before income taxes and    changes in
      accounting | $       | 199,025                        
|                                    | Fixed charges                                                 | 184,829 |                                
|                                    |                                                               |         |                                
|                                    | Total earnings                                                | $       | 383,854                        
|                                    |                                                               |         |                                
|                                    |                                                               |         |                                
|                                    |                                                               |         |                                
|                                    |                                                               |         |                                
|Fixed charges:                      |                                                               |         |                                
|                                    | Interest expense                                              | $       | 181,354                        
|                                    | Rent Expense                                                  | 3,475   |                                
|                                    |                                                               |         |                                
|                                    | Total fixed charges                                           | $       | 184,829                        
|                                    |                                                               |         |                                
|                                    |                                                               |         |                                
|                                    |                                                               |         |                                
|                                    |                                                               |         |                                
|Ratio of earnings to fixed charges* | 2.08                                                          |         | 1.98                           
|                                    |                                                               |         |                                
|                                    |                                                               |         |                                
|                                    |                                                               |         |                                





|"Earnings" consist of income before income taxes, the cumulative effect
      of changes in accounting and fixed charges. "Fixed charges" consist of
      interest on indebtedness, amortization of debt discount and expense, 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.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                      
|*  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.