**Exhibit 12.2**

 

**PACCAR Financial Corp.**

 

**COMPUTATION OF RATIO OF EARNINGSTO FIXED CHARGES**

 

**PURSUANT TO THE SUPPORT AGREEMENT**

**BETWEEN THE COMPANY AND PACCAR**

(Millions of Dollars)

 
| ** **                                          | ** ** | **Year ended December 31** | ** ** |
|-----------------------------------------------------|------------|---------------------------------|------------|
| ** **                                          | ** ** | **2005**                        | ** ** | **2004** | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** |
|                                                |       |                            |       |   |   |   |   |   |   |   |   |
| FIXED  CHARGES                                      |       |                            |       |   |   |   |   |   |   |   |   |
| Interest  expense                                   | ** ** | **$**                           | **101.2**  |   | $ | 67.9 |   | $ | 78.8 |   | $ | 114.7 |   | $ | 171.5 |   |
| Less:  Assumption by PACCAR of interest expense (1) |       | —                          |       | — |   | — |   | — |   | (17.0 | ) |
|                                                |       |                            |       |   |   |   |   |   |   |   |   |
| Net interest  expense                               | ** ** | **101.2**                       |       | 67.9 |   | 78.8 |   | 114.7 |   | 154.5 |   |
| Facility and  equipment rental                      | ** ** | **1.9**                         |       | 1.9 |   | 1.8 |   | 1.8 |   | 1.7 |   |
|                                                |       |                            |       |   |   |   |   |   |   |   |   |
| TOTAL FIXED  CHARGES                                | ** ** | **103.1**                       |       | $ | 69.8 |   | $ | 80.6 |   | $ | 116.5 |   | $ | 156.2 |   |
|                                                |       |                            |       |   |   |   |   |   |   |   |   |
| EARNINGS                                            |       |                            |       |   |   |   |   |   |   |   |   |
| Income  before taxes (2)                            | ** ** | **$**                           | **120.0**  |   | $ | 111.4 |   | $ | 78.1 |   | $ | 45.0 |   | $ | 25.6 |   |
| Depreciation                                        | ** ** | **68.3**                        |       | 46.5 |   | 29.2 |   | 16.3 |   | 13.3 |   |
| ** **                                          |       | **188.3**                       |       | 157.9 |   | 107.3 |   | 61.3 |   | 38.9 |   |
|                                                |       |                            |       |   |   |   |   |   |   |   |   |
| FIXED  CHARGES                                      | ** ** | **103.1**                       |       | 69.8 |   | 80.6 |   | 116.5 |   | 156.2 |   |
|                                                |       |                            |       |   |   |   |   |   |   |   |   |
| EARNINGS AS  DEFINED                                | ** ** | **$**                           | **291.4**  |   | $ | 227.7 |   | $ | 187.9 |   | $ | 177.8 |   | $ | 195.1 |   |
|                                                |       |                            |       |   |   |   |   |   |   |   |   |
| RATIO OF  EARNINGS TO FIXED CHARGES                 | ** ** | **2.83**                        | **x**      | 3.26 | x | 2.33 | x | 1.53 | x | 1.25 | x |

 

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(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)           For 2001,income before taxes includes the cumulative effect of accounting change of $.7($.4 net of tax).

 

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