**EXHIBIT        12**

**CATERPILLAR        FINANCIAL SERVICES CORPORATION**

**COMPUTATION        OF RATIO OF PROFIT TO FIXED CHARGES**

|                                                                                               |   | **Three                  Month Ended** | **Six                  Months Ended** |
|----------------------------------------------------------------------------------------------------|--------|----------------------------------------|---------------------------------------|
|                                                                                               |   |                                   |  **June                  30,**   |   |   | **June                  30,** |   |   | **June                  30,** |   |   | **June                  30,** |   |
|                                                                                               |   |                                   | **2005**                              |   |   | **2004** |   |   | **2005** |   |   | **2004** |   |
|                                                                                               |   |                                   |                                  |   |   |   |   |   |   |   |   |   |   |
| Net                  Income                                                                        |   | $                                      | 90                                    |   | $ | 63 |   | $ | 173 |   | $ | 135 |   |
|                                                                                               |   |                                   |                                  |   |   |   |   |   |   |   |   |   |   |
| Add:                                                                                               |   |                                   |                                  |   |   |   |   |   |   |   |   |   |   |
| Provision                  for income taxes                                                        |   |                                   | 48                                    |   |   | 34 |   |   | 89 |   |   | 69 |   |
|                                                                                               |   |                                   |                                  |   |   |   |   |   |   |   |   |   |   |
| Deduct:                                                                                            |   |                                   |                                  |   |   |   |   |   |   |   |   |   |   |
| Equity                  in profit of partnerships                                                  |   |                                   | (2                                    | ) |   | (1 | ) |   | (4 | ) |   | (1 | ) |
|                                                                                               |   |                                   |                                  |   |   |   |   |   |   |   |   |   |   |
| Profit                  before taxes                                                               |   | $                                      | 136                                   |   | $ | 96 |   | $ | 258 |   | $ | 203 |   |
|                                                                                               |   |                                   |                                  |   |   |   |   |   |   |   |   |   |   |
| Fixed                  charges:                                                                    |   |                                   |                                  |   |   |   |   |   |   |   |   |   |   |
| Interest                  on borrowed funds                                                        |   | $                                      | 188                                   |   | $ | 121 |   | $ | 361 |   | $ | 242 |   |
| Rentals                  at computed interest*                                                     |   |                                   | 2                                     |   |   | 2 |   |   | 3 |   |   | 3 |   |
|                                                                                               |   |                                   |                                  |   |   |   |   |   |   |   |   |   |   |
| Total                  fixed charges                                                               |   | $                                      | 190                                   |   | $ | 123 |   | $ | 364 |   | $ | 245 |   |
|                                                                                               |   |                                   |                                  |   |   |   |   |   |   |   |   |   |   |
| Profit                  before taxes plus fixed charges                                            |   | $                                      | 326                                   |   | $ | 219 |   | $ | 622 |   | $ | 448 |   |
|                                                                                               |   |                                   |                                  |   |   |   |   |   |   |   |   |   |   |
| Ratio                  of profit before taxes plus fixed                  charges to fixed charges |   |                                   | 1.72                                  |   |   | 1.78 |   |   | 1.71 |   |   | 1.83 |   |