Exhibit 12(a)



XEROX CREDIT CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In Millions)



|                                      |  |                             |      |                         |   |      |  |      |      |      |   |       |  |      |      |  |   |      |  |   |     
|------------------------------------- |  | --------------------------- | ---- | ----------------------- | - | ---- |  | ---- | ---- | ---- | - | ----- |  | ---- | ---- |  | - | ---- |  | - | ----
|                                      |  | Three MonthsEnded March 31, |      | Year Ended December 31,
|                                      |  | 2004                        |      | 2003                    |   | 2003 |  | 2002 |      | 2001 |   | 2000* |  | 1999
|Income before income taxes            |  | $                           | 11   |                         | $ | 30   |  | $    | 89   |      | $ | 142   |  | $    | 91   |  | $ | 137  |  | $ | 180 
|                                      |  |                             |      |                         |   |      |  |      |      |      |   |       |  |      |      |  |   |      |  |   |     
|Fixed Charges:                        |  |                             |      |                         |   |      |  |      |      |      |   |       |  |      |      |  |   |      |  |   |     
|Interest Expense                      |  |                             |      |                         |   |      |  |      |      |      |   |       |  |      |      |  |   |      |  |   |     
|Xerox debt                            |  |                             |     |                         |   |     |  |      |     |      |   |      |  |      |     |  |   | 13   |  |   | 32  
|Other debt                            |  |                             | 17   |                         |   | 15   |  |      | 64   |      |   | 127   |  |      | 298  |  |   | 279  |  |   | 211 
|                                      |  |                             |      |                         |   |      |  |      |      |      |   |       |  |      |      |  |   |      |  |   |     
|Total fixed charges                   |  |                             | 17   |                         |   | 15   |  |      | 64   |      |   | 127   |  |      | 298  |  |   | 292  |  |   | 243 
|                                      |  |                             |      |                         |   |      |  |      |      |      |   |       |  |      |      |  |   |      |  |   |     
|Earnings available for fixed charges  |  | $                           | 28   |                         | $ | 45   |  | $    | 153  |      | $ | 269   |  | $    | 389  |  | $ | 429  |  | $ | 423 
|                                      |  |                             |      |                         |   |      |  |      |      |      |   |       |  |      |      |  |   |      |  |   |     
|Ratio of earnings to fixed charges(1) |  |                             | 1.65 |                         |   | 3.00 |  |      | 2.39 |      |   | 2.12  |  |      | 1.31 |  |   | 1.47 |  |   | 1.74



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