**                                                                    EXHIBIT      12**

**                                                                           CATERPILLAR FINANCIAL SERVICES CORPORATION**

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

|                                                             |   | **Three                Months Ended**      |
|------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------|
| **  **                                                                               |   |                                                                | **March                31,**  |   |   | **March                31,** |   |
|                                                                                           |   |                                                                | **2006** |   |   | **2005** |   |
|                                                                                           |   |                                                                |   |   |   |   |   |
| Net                Income                                                                      |   | $                                                                   | 118 |   | $ | 83 |   |
|                                                                                           |   |                                                                |   |   |   |   |   |
| Add:                                                                                           |   |                                                                |   |   |   |   |   |
| Provision                for income taxes                                                      |   |                                                                | 55 |   |   | 41 |   |
|                                                                                           |   |                                                                |   |   |   |   |   |
| Deduct:                                                                                        |   |                                                                |   |   |   |   |   |
| Equity                in profit of partnerships                                                |   |                                                                | (1 | ) |   | (2 | ) |
|                                                                                           |   |                                                                |   |   |   |   |   |
| Profit                before taxes( 1)                                               |   | $                                                                   | 172 |   | $ | 122 |   |
|                                                                                           |   |                                                                |   |   |   |   |   |
| Fixed                charges:                                                                  |   |                                                                |   |   |   |   |   |
| Interest                on borrowed funds                                                      |   | $                                                                   | 233 |   | $ | 173 |   |
| Rentals                at computed interest( 2)                                           |   |                                                                | 1 |   |   | 1 |   |
|                                                                                           |   |                                                                |   |   |   |   |   |
| Total                fixed charges                                                             |   | $                                                                   | 234 |   | $ | 174 |   |
|                                                                                           |   |                                                                |   |   |   |   |   |
| Profit                before taxes plus fixed charges                                          |   | $                                                                   | 406 |   | $ | 296 |   |
|                                                                                           |   |                                                                |   |   |   |   |   |
| Ratio                of profit before taxes plus fixed                charges to fixed charges |   |                                                                | 1.74 |   |   | 1.70 |   |

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