**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** |      |
|-----------------------------------------------------------|--------|-----------------------------|-----------|
|                                                      |   | **2003**                    |      | **2002** | ** ** | **2001** | ** ** | **2000** | ** ** | **1999** | ** ** |
|                                                      |   |                        |      |   |   |   |   |   |   |   |   |
| FIXED CHARGES                                             |   |                        |      |   |   |   |   |   |   |   |   |
| Interest expense                                          |   | **$**                       | **78.8**  |   | $ | 114.7 |   | $ | 171.5 |   | $ | 205.5 |   | $ | 151.1 |   |
| Less:   Assumption by PACCAR of interest expense (1) |   | **—**                  |      | — |   | (17.0 | ) | — |   | — |   |
|                                                      |   |                        |      |   |   |   |   |   |   |   |   |
| Net interest expense                                      |   | **78.8**                    |      | 114.7 |   | 154.5 |   | 205.5 |   | 151.1 |   |
| Facility and equipment rental                             |   | **1.8**                     |      | 1.8 |   | 1.7 |   | 1.6 |   | 1.5 |   |
|                                                      |   |                        |      |   |   |   |   |   |   |   |   |
| TOTAL FIXED CHARGES                                       |   | **$**                       | **80.6**  |   | $ | 116.5 |   | $ | 156.2 |   | $ | 207.1 |   | $ | 152.6 |   |
|                                                      |   |                        |      |   |   |   |   |   |   |   |   |
| EARNINGS                                                  |   |                        |      |   |   |   |   |   |   |   |   |
| Income before taxes (2)                                   |   | **$**                       | **78.1**  |   | $ | 45.0 |   | $ | 25.6 |   | $ | 54.0 |   | $ | 61.6 |   |
| Depreciation                                              |   | **29.2**                    |      | 16.3 |   | 13.3 |   | 10.0 |   | 8.5 |   |
|                                                      |   | **107.3**                   |      | 61.3 |   | 38.9 |   | 64.0 |   | 70.1 |   |
|                                                      |   |                        |      |   |   |   |   |   |   |   |   |
| FIXED CHARGES                                             |   | **80.6**                    |      | 116.5 |   | 156.2 |   | 207.1 |   | 152.6 |   |
|                                                      |   |                        |      |   |   |   |   |   |   |   |   |
| EARNINGS AS DEFINED                                       |   | **$**                       | **187.9** |   | $ | 177.8 |   | $ | 195.1 |   | $ | 271.1 |   | $ | 222.7 |   |
|                                                      |   |                        |      |   |   |   |   |   |   |   |   |
| RATIO OF EARNINGS TO FIXED CHARGES                        |   | **2.33**                    | **x**     | 1.53 | x | 1.25 | x | 1.31 | x | 1.46 | 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 taxesincludes the cumulative effect of accounting change of $.7 ($.4 net of tax).

 

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