**EXHIBIT12.2**

 

**PACCARFinancial Corp.**

 

**COMPUTATIONOF RATIO OF EARNINGS TO FIXED CHARGES**

 

**PURSUANTTO THE SUPPORT AGREEMENT**

**BETWEENTHE COMPANY AND PACCAR**

(Millionsof Dollars)

 

 

 
|                                                      |   | Year ended  December 31 |      |
|-----------------------------------------------------------|--------|-------------------------|-----------|
|                                                      |   | **2001**                |      | 2000 |   | 1999 |   | 1998 |   | 1997 |   |
| FIXED CHARGES                                             |   |                    |      |   |   |   |   |   |   |   |   |
| Interest expense                                          |   | **$**                   | **171.5** |   | $ | 205.5 |   | $ | 151.1 |   | $ | 125.4 |   | $ | 112.2 |   |
| Less:  Assumption by PACCAR of interest expense  (1) |   | **(17.0**               | )         | — |   | — |   | — |   | — |   |
|                                                      |   |                    |      |   |   |   |   |   |   |   |   |
| Net interest expense                                      |   | **154.5**               |      | 205.5 |   | 151.1 |   | 125.4 |   | 112.2 |   |
| Facility and equipment  rental                            |   | **1.7**                 |      | 1.6 |   | 1.5 |   | 1.2 |   | .9 |   |
|                                                      |   |                    |      |   |   |   |   |   |   |   |   |
| TOTAL FIXED CHARGES                                       |   | **$**                   | **156.2** |   | $ | 207.1 |   | $ | 152.6 |   | $ | 126.6 |   | $ | 113.1 |   |
|                                                      |   |                    |      |   |   |   |   |   |   |   |   |
| EARNINGS                                                  |   |                    |      |   |   |   |   |   |   |   |   |
| Income before taxes                                       |   | **$**                   | **25.6**  |   | $ | 54.0 |   | $ | 61.6 |   | $ | 47.3 |   | $ | 57.0 |   |
| Depreciation                                              |   | **13.3**                |      | 10.0 |   | 8.5 |   | 9.2 |   | 10.1 |   |
|                                                      |   | **38.9**                |      | 64.0 |   | 70.1 |   | 56.5 |   | 67.1 |   |
|                                                      |   |                    |      |   |   |   |   |   |   |   |   |
| FIXED CHARGES                                             |   | **156.2**               |      | 207.1 |   | 152.6 |   | 126.6 |   | 113.1 |   |
|                                                      |   |                    |      |   |   |   |   |   |   |   |   |
| EARNINGS AS DEFINED                                       |   | **$**                   | **195.1** |   | $ | 271.1 |   | $ | 222.7 |   | $ | 183.1 |   | $ | 180.2 |   |
|                                                      |   |                    |      |   |   |   |   |   |   |   |   |
| RATIO OF EARNINGS TO  FIXED CHARGES                       |   | **1.25x**               |      | 1.31x |   | 1.46x |   | 1.45x |   | 1.59x |   |

 

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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’sinterest expense.

 

 

 

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