Exhibit 12(a)



XEROX CREDIT CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions)



|                                       |  |                                            |      |                         |   |      |  |      |      |      |   |      |  |      |      |  |   |      |  |   |     
|-------------------------------------- |  | ------------------------------------------ | ---- | ----------------------- | - | ---- |  | ---- | ---- | ---- | - | ---- |  | ---- | ---- |  | - | ---- |  | - | ----
|                                       |  | (unaudited) Nine Months EndedSeptember 30, |      | Year Ended December 31,
|                                       |  | 2005                                       |      | 2004                    |   | 2004 |  | 2003 |      | 2002 |   | 2001 |  | 2000
|Income before income taxes             |  | $                                          | 53   |                         | $ | 52   |  | $    | 71   |      | $ | 89   |  | $    | 142  |  | $ | 91   |  | $ | 137 
|                                       |  |                                            |      |                         |   |      |  |      |      |      |   |      |  |      |      |  |   |      |  |   |     
|Fixed Charges:                         |  |                                            |      |                         |   |      |  |      |      |      |   |      |  |      |      |  |   |      |  |   |     
|Interest Expense                       |  |                                            |      |                         |   |      |  |      |      |      |   |      |  |      |      |  |   |      |  |   |     
|Xerox debt                             |  |                                            |     |                         |   |     |  |      |     |      |   |     |  |      |     |  |   |     |  |   | 13  
|Other debt                             |  |                                            | 41   |                         |   | 39   |  |      | 54   |      |   | 64   |  |      | 127  |  |   | 298  |  |   | 279 
|                                       |  |                                            |      |                         |   |      |  |      |      |      |   |      |  |      |      |  |   |      |  |   |     
|Total fixed charges                    |  |                                            | 41   |                         |   | 39   |  |      | 54   |      |   | 64   |  |      | 127  |  |   | 298  |  |   | 292 
|                                       |  |                                            |      |                         |   |      |  |      |      |      |   |      |  |      |      |  |   |      |  |   |     
|Earnings available for fixed charges   |  | $                                          | 94   |                         | $ | 91   |  | $    | 125  |      | $ | 153  |  | $    | 269  |  | $ | 389  |  | $ | 429 
|                                       |  |                                            |      |                         |   |      |  |      |      |      |   |      |  |      |      |  |   |      |  |   |     
|Ratio of earnings to fixed charges (1) |  |                                            | 2.29 |                         |   | 2.33 |  |      | 2.31 |      |   | 2.39 |  |      | 2.12 |  |   | 1.31 |  |   | 1.47

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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.
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