**Exhibit 12**

 

**John Deere Capital Corporation and Subsidiaries**

**Computationof Ratio of Earnings to Fixed Charges**

**(thousands of dollars)**

 
| ** **                                                             | ** ** | **2009**   | ** ** | **2008**   | ** ** | **2007**   | ** ** | **2006**   | ** ** | **2005**   | ** ** |
|------------------------------------------------------------------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|
| Earnings:                                                              |       |       |       |       |       |       |       |       |       |       |       |
| Income before income taxes and changes in  accounting                  |       | $          | 221.9      |       | $          | 437.1      |       | $          | 479.6      |       | $          | 442.7 |   | $ | 424.8 |   |
| Fixed charges excluding capitalized interest                           |       | $          | 793.6      |       | $          | 843.4      |       | $          | 882.0      |       | $          | 732.2 |   | $ | 480.1 |   |
| Total earnings                                                         |       | $          | 1,015.5    |       | $          | 1,280.5    |       | $          | 1,361.6    |       | $          | 1,174.9 |   | $ | 904.9 |   |
|                                                                   |       |       |       |       |       |       |       |       |       |       |       |
| Fixed charges:                                                         |       |       |       |       |       |       |       |       |       |       |       |
| Interest expense of consolidated group including  capitalized interest |       | $          | 789.6      |       | $          | 839.1      |       | $          | 877.9      |       | $          | 726.9 |   | $ | 473.2 |   |
| Rent expense                                                           |       | $          | 5.0        |       | $          | 4.8        |       | $          | 4.1        |       | $          | 5.3 |   | $ | 6.9 |   |
| Total fixed charges                                                    |       | $          | 794.6      |       | $          | 843.9      |       | $          | 882.0      |       | $          | 732.2 |   | $ | 480.1 |   |
|                                                                   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Ratio of earnings to fixed charges *                                   | ** ** | **1.28**   | ** ** | **1.52**   | ** ** | **1.54**   | ** ** | **1.60**   | ** ** | **1.88**   | ** ** |

 

“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.

 

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*    The Company has not issued preferred stock.  Therefore, the ratios of earnings to combinedfixed charges and preferred stock dividends are the same as the ratiospresented above.

 

63

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