**Exhibit 12**

 

**John Deere Capital Corporation and Subsidiaries**

**Computation of Ratio of Earnings toFixed Charges**

**(thousands of dollars)**

 
| ** **                                                             | ** ** | **2008** | ** ** | **2007** | ** ** | **2006** | ** ** | **2005** | ** ** | **2004** | ** ** |
|------------------------------------------------------------------------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|
|                                                                   |       |     |       |     |       |     |       |     |       |     |       |
| Earnings:                                                              |       |     |       |     |       |     |       |     |       |     |       |
|                                                                   |       |     |       |     |       |     |       |     |       |     |       |
| Income before  income taxes and changes in accounting                  |       | $        | 437.1      |     | $          | 479.6    |       | $        | 442.7      |     | $          | 424.8 |   | $ | 410.6 |   |
|                                                                   |       |     |       |     |       |     |       |     |       |     |       |
| Fixed charges  excluding capitalized interest                          |       | $        | 843.4      |     | $          | 882.0    |       | $        | 732.2      |     | $          | 480.1 |   | $ | 334.5 |   |
|                                                                   |       |     |       |     |       |     |       |     |       |     |       |
| Total earnings                                                         |       | $        | 1,280.5    |     | $          | 1,361.6  |       | $        | 1,174.9    |     | $          | 904.9 |   | $ | 745.1 |   |
|                                                                   |       |     |       |     |       |     |       |     |       |     |       |
| Fixed charges:                                                         |       |     |       |     |       |     |       |     |       |     |       |
|                                                                   |       |     |       |     |       |     |       |     |       |     |       |
| Interest expense  of consolidated group including capitalized interest |       | $        | 839.1      |     | $          | 877.9    |       | $        | 726.9      |     | $          | 473.2 |   | $ | 327.4 |   |
|                                                                   |       |     |       |     |       |     |       |     |       |     |       |
| Rent expense                                                           |       | $        | 4.8        |     | $          | 4.1      |       | $        | 5.3        |     | $          | 6.9 |   | $ | 7.1 |   |
|                                                                   |       |     |       |     |       |     |       |     |       |     |       |
| Total fixed  charges                                                   |       | $        | 843.9      |     | $          | 882.0    |       | $        | 732.2      |     | $          | 480.1 |   | $ | 334.5 |   |
|                                                                   |       |     |       |     |       |     |       |     |       |     |       |
| Ratio of  earnings to fixed charges *                                  | ** ** | **1.52** | ** ** | **1.54** | ** ** | **1.60** | ** ** | **1.88** | ** ** | **2.23** | ** ** |

 

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“Earnings” consist of income before income taxes, the cumulative effectof changes in accounting and fixed charges excluding capitalized interest. “Fixedcharges” consist of interest on indebtedness, amortization of debt discount andexpense, an estimated amount of rental expense under capitalized leases whichis deemed to be representative of the interest factor and rental expense underoperating leases, and capititalized interest.

 

* The Company has notissued preferred stock. Therefore, the ratios of earnings to combined fixedcharges and preferred stock dividends are the same as the ratios presentedabove.

 

59

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