**Exhibit 12**

 

**John Deere Capital Corporation and Subsidiaries**

**Computation of Ratio of Earnings to Fixed Charges**

**(thousands of dollars)**

 
| ** **                                            | ** ** | **2004** | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** | **2000** | ** ** |
|-------------------------------------------------------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|
|                                                  |       |     |       |     |       |     |       |     |       |     |       |
| Earnings:                                             |       |     |       |     |       |     |       |     |       |     |       |
|                                                  |       |     |       |     |       |     |       |     |       |     |       |
| Income before income taxes and changes in  accounting |       | $        | 410,621    |     | $          | 427,940  |       | $        | 370,972    |     | $          | 245,662 |   | $ | 216,712 |   |
|                                                  |       |     |       |     |       |     |       |     |       |     |       |
| Fixed charges                                         |       | 334,521  |       | 367,223  |       | 382,547  |       | 459,348  |       | 447,169  |       |
|                                                  |       |     |       |     |       |     |       |     |       |     |       |
| Total earnings                                        |       | $        | 745,142    |     | $          | 795,163  |       | $        | 753,519    |     | $          | 705,010 |   | $ | 663,881 |   |
|                                                  |       |     |       |     |       |     |       |     |       |     |       |
| Fixed charges:                                        |       |     |       |     |       |     |       |     |       |     |       |
|                                                  |       |     |       |     |       |     |       |     |       |     |       |
| Interest expense                                      |       | $        | 327,451    |     | $          | 360,127  |       | $        | 374,883    |     | $          | 452,032 |   | $ | 440,220 |   |
|                                                  |       |     |       |     |       |     |       |     |       |     |       |
| Rent expense                                          |       | 7,070    |       | 7,096    |       | 7,664    |       | 7,316    |       | 6,949    |       |
|                                                  |       |     |       |     |       |     |       |     |       |     |       |
| Total fixed charges                                   |       | $        | 334,521    |     | $          | 367,223  |       | $        | 382,547    |     | $          | 459,348 |   | $ | 447,169 |   |
|                                                  |       |     |       |     |       |     |       |     |       |     |       |
| Ratio of earnings to fixed charges *                  | ** ** | **2.23** | ** ** | **2.17** | ** ** | **1.97** | ** ** | **1.53** | ** ** | **1.48** | ** ** |

 

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“Earnings” consist of income before incometaxes, the cumulative effect of changes in accounting and fixed charges.  “Fixed charges” consist of interest onindebtedness, amortization of debt discount and expense, an estimated amount ofrental expense under capitalized leases which is deemed to be representative ofthe interest factor and rental expense under operating leases.

 

*                 The Company has not issued preferredstock.  Therefore, the ratios of earningsto combined fixed charges and preferred stock dividends are the same as theratios presented above.

 

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