Exhibit 12(a)



XEROX CREDIT CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In Millions)



|                                       |  |                                            |      |                         |   |      |  |      |      |      |   |       |  |      |      |  |   |      |  |   |     
|-------------------------------------- |  | ------------------------------------------ | ---- | ----------------------- | - | ---- |  | ---- | ---- | ---- | - | ----- |  | ---- | ---- |  | - | ---- |  | - | ----
|                                       |  | (unaudited) Nine monthsEnded September 30, |      | Year Ended December 31,
|                                       |  | 2004                                       |      | 2003                    |   | 2003 |  | 2002 |      | 2001 |   | 2000* |  | 1999
|Income before income taxes             |  | $                                          | 52   |                         | $ | 68   |  | $    | 89   |      | $ | 142   |  | $    | 91   |  | $ | 137  |  | $ | 180 
|                                       |  |                                            |      |                         |   |      |  |      |      |      |   |       |  |      |      |  |   |      |  |   |     
|Fixed Charges:                         |  |                                            |      |                         |   |      |  |      |      |      |   |       |  |      |      |  |   |      |  |   |     
|Interest Expense                       |  |                                            |      |                         |   |      |  |      |      |      |   |       |  |      |      |  |   |      |  |   |     
|Xerox debt                             |  |                                            |     |                         |   |     |  |      |     |      |   |      |  |      |     |  |   | 13   |  |   | 32  
|Other debt                             |  |                                            | 39   |                         |   | 53   |  |      | 64   |      |   | 127   |  |      | 298  |  |   | 279  |  |   | 211 
|                                       |  |                                            |      |                         |   |      |  |      |      |      |   |       |  |      |      |  |   |      |  |   |     
|Total fixed charges                    |  |                                            | 39   |                         |   | 53   |  |      | 64   |      |   | 127   |  |      | 298  |  |   | 292  |  |   | 243 
|                                       |  |                                            |      |                         |   |      |  |      |      |      |   |       |  |      |      |  |   |      |  |   |     
|Earnings available for fixed charges   |  | $                                          | 91   |                         | $ | 121  |  | $    | 153  |      | $ | 269   |  | $    | 389  |  | $ | 429  |  | $ | 423 
|                                       |  |                                            |      |                         |   |      |  |      |      |      |   |       |  |      |      |  |   |      |  |   |     
|Ratio of earnings to fixed charges (1) |  |                                            | 2.33 |                         |   | 2.28 |  |      | 2.39 |      |   | 2.12  |  |      | 1.31 |  |   | 1.47 |  |   | 1.74

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|(1) | The ratio of earnings to fixed charges has been computed by dividing total earnings available for fixed charges by total fixed charges.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------

|* | As restated. Refer to Note 2 to the consolidated financial statements incorporated by reference in our 2001 Annual Report on Form 10-K.
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