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                                                                  EXHIBIT 12.1

                                OLYMPIC FINANCIAL LTD.
                 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 
                                (DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                                                                      PERIOD FROM
                                                                                                                     MARCH 8, 1990
                                               NINE MONTHS ENDED                                         SIX MONTHS     (DATE OF
                                                 SEPTEMBER 30,            YEAR ENDED DECEMBER 31,          ENDED      INCORPORATION)
                                              -------------------- ------------------------------------  DECEMBER 31,  TO JUNE 30,
                                                 1996      1995      1995      1994     1993     1992      1991           1991
COMPUTATION OF INCOME:                        --------- ---------- -------- --------  --------  -------  ----------- ---------------
<S>                                           <C>       <C>        <C>      <C>       <C>       <C>      <C>         <C>
Income (loss) before income taxes and 
  extraordinary item........................  $  68,656 $  31,786  $ 48,835 $  6,030  $  1,395  ($1,342)  ($1,158)      ($1,525)
Capitalized interest........................       ----      ----      ----     ----      ----     ----      ----          ----
                                              --------- ---------- -------- --------  --------  -------  ----------- ---------------
Income before income taxes and     
  capitalized interest......................     68,656    31,786    48,835    6,030     1,395   (1,342)   (1,158)       (1,525)
Fixed charges...............................     19,434    12,049    17,789    5,670     1,946      896        96           191
                                              --------- ---------- -------- --------  --------  -------  ----------- ---------------
Total income (loss) for computation.........  $  88,090 $  43,835  $ 66,624 $ 11,700  $  3,341    ($446)  ($1,062)      ($1,334)
                                              --------- ---------- -------- --------  --------  -------  ----------- ---------------
                                              --------- ---------- -------- --------  --------  -------  ----------- ---------------
                              
COMPUTATION OF FIXED CHARGES:                          
Portion of rentals deemed                
  representative of interest (a)............  $     826 $     425  $    614 $    284  $    129   $   68    $   24        $   30
INTEREST:                          
Interest on long-term debt..................     15,681    10,660    15,529    5,254     1,734      740      ----          ----
Interest other than funding of purchase 
  of auto loans.............................      2,030       446       945      112        63       70        70            58
Amortization of debt                    
  placement.................................        897       518       701       20        20       18         2           103
Capitalized interest........................       ----      ----      ----     ----      ----     ----      ----          ----
                                              --------- ---------- -------- --------  --------  -------  ----------- ---------------
Total fixed charges.........................  $  19,434 $  12,049  $ 17,789 $  5,670  $  1,946   $  896    $   96        $  191
                                              --------- ---------- -------- --------  --------  -------  ----------- ---------------
                                              --------- ---------- -------- --------  --------  -------  ----------- ---------------
Ratio of earnings to fixed              
  charges...................................      4.53x     3.64x     3.75x    2.06x     1.72x     ----      ----          ----
Deficiency in earnings to fixed charges.....       ----      ----      ----     ----      ----  ($1,342)  ($1,158)      ($1,525)
ADDITIONAL INFORMATION:                           
Net rental expense..........................  $   2,479 $   1,274  $  1,842 $    861  $    391   $  207    $   73        $   91
                                              --------- ---------- -------- --------  --------  -------  ----------- ---------------
                                              --------- ---------- -------- --------  --------  -------  ----------- ---------------

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(a)   Portion of rental deemed representative of interest equals one third of
      rental expense.