EXHIBIT 12



Boeing Capital Corporation and Subsidiaries

Computation of Ratio of Income to Fixed
Charges



|                                                                                                                |  |   |                          |  |  |  |   |      |  |  |  |   |      |  |  |  |   |      |  |  |  |   |      |  | 
|--------------------------------------------------------------------------------------------------------------- |  | - | ------------------------ |  |  |  | - | ---- |  |  |  | - | ---- |  |  |  | - | ---- |  |  |  | - | ---- |  | 
|                                                                                                                |  |   | Years Ended December 31, |  | 
|(Dollars in millions)                                                                                           |  |   | 2004                     |  |  |  |   | 2003 |  |  |  |   | 2002 |  |  |  |   | 2001 |  |  |  |   | 2000 |  | 
|Income:                                                                                                         |  |   |                          |  |  |  |   |      |  |  |  |   |      |  |  |  |   |      |  |  |  |   |      |  | 
|                                                                                                                |  |   |                          |  |  |  |   |      |  | 
|Income from continuing operations before provision for income taxes                                             |  | $ | 183                      |  |  |  | $ | 91   |  |  |  | $ | 35   |  |  |  | $ | 178  |  |  |  | $ | 84   |  | 
|Fixed charges                                                                                                   |  |   | 350                      |  |  |  |   | 358  |  |  |  |   | 322  |  |  |  |   | 250  |  |  |  |   | 168  |  | 
|                                                                                                                |  |   |                         
|Income from continuing operations before provision for income taxes and fixed charges                           |  | $ | 533                      |  |  |  | $ | 449  |  |  |  | $ | 357  |  |  |  | $ | 428  |  |  |  | $ | 252  |  | 
|                                                                                                                |  |   |                         
|Fixed charges:                                                                                                  |  |   |                          |  |  |  |   |      |  |  |  |   |      |  |  |  |   |      |  |  |  |   |      |  | 
|Interest expense                                                                                                |  | $ | 350                      |  |  |  | $ | 358  |  |  |  | $ | 319  |  |  |  | $ | 244  |  |  |  | $ | 162  |  | 
|                                                                                                                |  |   |                          |  |  |  |   |      |  | 
|Preferred stock dividend requirement(1)                                                                         |  |   | -                        |  |  |  |   | -    |  |  |  |   | 3    |  |  |  |   | 6    |  |  |  |   | 6    |  | 
|                                                                                                                |  |   |                         
|                                                                                                                |  | $ | 350                      |  |  |  | $ | 358  |  |  |  | $ | 322  |  |  |  | $ | 250  |  |  |  | $ | 168  |  | 
|                                                                                                                |  |   |                         
|Ratio of income from continuing operations before provision for income taxes and fixed charges to fixed charges |  |   | 1.52                     |  |  |  |   | 1.25 |  |  |  |   | 1.11 |  |  |  |   | 1.71 |  |  |  |   | 1.50 |  | 
|                                                                                                                |  |   |                         



|(1) | Reflects a pre-tax basis.
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