**Exhibit 12.2**

 

**PACCAR Financial Corp.**

 

**COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES**

 

**PURSUANT TO THE SUPPORT AGREEMENT**

**BETWEEN THE COMPANY AND PACCAR**

(Millions of Dollars)

 
| ** **                                          | ** ** | **Year ended December 31** | ** ** |
|-----------------------------------------------------|------------|----------------------------|------------|
| ** **                                          | ** ** | **2004**                   | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** | **2000** | ** ** |
|                                                |       |                       |       |   |   |   |   |   |   |   |   |
| FIXED CHARGES                                       |       |                       |       |   |   |   |   |   |   |   |   |
| Interest expense                                    | ** ** | **$**                      | **67.9**   |   | $ | 78.8 |   | $ | 114.7 |   | $ | 171.5 |   | $ | 205.5 |   |
| Less: Assumption by PACCAR of interest  expense (1) | ** ** | **—**                 |       | — |   | — |   | (17.0 | ) | — |   |
|                                                |       |                       |       |   |   |   |   |   |   |   |   |
| Net interest expense                                | ** ** | **67.9**                   |       | 78.8 |   | 114.7 |   | 154.5 |   | 205.5 |   |
| Facility and equipment rental                       | ** ** | **1.9**                    |       | 1.8 |   | 1.8 |   | 1.7 |   | 1.6 |   |
|                                                |       |                       |       |   |   |   |   |   |   |   |   |
| TOTAL FIXED CHARGES                                 | ** ** | **$**                      | **69.8**   |   | $ | 80.6 |   | $ | 116.5 |   | $ | 156.2 |   | $ | 207.1 |   |
|                                                |       |                       |       |   |   |   |   |   |   |   |   |
| EARNINGS                                            |       |                       |       |   |   |   |   |   |   |   |   |
| Income before taxes (2)                             | ** ** | **$**                      | **111.4**  |   | $ | 78.1 |   | $ | 45.0 |   | $ | 25.6 |   | $ | 54.0 |   |
| Depreciation                                        | ** ** | **46.5**                   |       | 29.2 |   | 16.3 |   | 13.3 |   | 10.0 |   |
| ** **                                          |       | **157.9**                  |       | 107.3 |   | 61.3 |   | 38.9 |   | 64.0 |   |
|                                                |       |                       |       |   |   |   |   |   |   |   |   |
| FIXED CHARGES                                       | ** ** | **69.8**                   |       | 80.6 |   | 116.5 |   | 156.2 |   | 207.1 |   |
|                                                |       |                       |       |   |   |   |   |   |   |   |   |
| EARNINGS AS DEFINED                                 | ** ** | **$**                      | **227.7**  |   | $ | 187.9 |   | $ | 177.8 |   | $ | 195.1 |   | $ | 271.1 |   |
|                                                |       |                       |       |   |   |   |   |   |   |   |   |
| RATIO OF EARNINGS TO FIXED CHARGES                  | ** ** | **3.26**                   | **x**      | 2.33 | x | 1.53 | x | 1.25 | x | 1.31 | x |

 

----

(1)                                  In order tomaintain the ratio of earnings to fixed charges in 2001, PACCAR providedearnings support of $17.0 through the assumption of the Company’s interestexpense.

 

(2)           For2001, income before taxes includes the cumulative effect of accounting changeof $.7 ($.4 net of tax).

 

1

----