**EXHIBIT 12.2**

 

**PACCAR Financial****Corp.**

 

**COMPUTATION OF RATIO OF EARNINGS TOFIXED CHARGES**

 

**PURSUANT TO THE SUPPORT AGREEMENT**

**BETWEEN THE COMPANY AND PACCAR**

(Millions ofDollars)

 
|                                                      |   | **Year ended  December 31** |      |
|-----------------------------------------------------------|--------|-----------------------------|-----------|
|                                                      |   | **2002**                    |      | **2001** |   | **2000** |   | **1999** |   | **1998** |   |
|                                                      |   |                        |      |   |   |   |   |   |   |   |   |
| FIXED CHARGES                                             |   |                        |      |   |   |   |   |   |   |   |   |
| Interest expense                                          |   | **$**                       | **114.7** |   | $ | 171.5 |   | $ | 205.5 |   | $ | 151.1 |   | $ | 125.4 |   |
| Less:  Assumption by PACCAR of  interest expense (1) |   | **—**                  |      | (17.0 | ) | — |   | — |   | — |   |
|                                                      |   |                        |      |   |   |   |   |   |   |   |   |
| Net interest expense                                      |   | **114.7**                   |      | 154.5 |   | 205.5 |   | 151.1 |   | 125.4 |   |
| Facility and equipment rental                             |   | **1.8**                     |      | 1.7 |   | 1.6 |   | 1.5 |   | 1.2 |   |
|                                                      |   |                        |      |   |   |   |   |   |   |   |   |
| TOTAL FIXED CHARGES                                       |   | **$**                       | **116.5** |   | $ | 156.2 |   | $ | 207.1 |   | $ | 152.6 |   | $ | 126.6 |   |
|                                                      |   |                        |      |   |   |   |   |   |   |   |   |
| EARNINGS                                                  |   |                        |      |   |   |   |   |   |   |   |   |
| Income before taxes                                       |   | **$**                       | **45.0**  |   | $ | 25.6 |   | $ | 54.0 |   | $ | 61.6 |   | $ | 47.3 |   |
| Depreciation                                              |   | **16.3**                    |      | 13.3 |   | 10.0 |   | 8.5 |   | 9.2 |   |
|                                                      |   | **61.3**                    |      | 38.9 |   | 64.0 |   | 70.1 |   | 56.5 |   |
|                                                      |   |                        |      |   |   |   |   |   |   |   |   |
| FIXED CHARGES                                             |   | **116.5**                   |      | 156.2 |   | 207.1 |   | 152.6 |   | 126.6 |   |
|                                                      |   |                        |      |   |   |   |   |   |   |   |   |
| EARNINGS AS DEFINED                                       |   | **$**                       | **177.8** |   | $ | 195.1 |   | $ | 271.1 |   | $ | 222.7 |   | $ | 183.1 |   |
|                                                      |   |                        |      |   |   |   |   |   |   |   |   |
| RATIO OF EARNINGS TO FIXED CHARGES                        |   | **1.53x**                   |      | 1.25x |   | 1.31x |   | 1.46x |   | 1.45x |   |

 

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(1)                                  Inorder to maintain the ratio of earnings to fixed charges in 2001, PACCARprovided earnings support of $17.0 through the assumption of the Company’s interestexpense.

 

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