<PAGE>  1

           UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                        Washington, D.C. 20549

                               FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

             For the quarterly period ended June 30, 1997

                                  OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

For the transition period from __________________ to __________________

Commission      Registrant, State of Incorporation     I.R.S. Employer
File Number       Address and Telephone Number       Identification No.
_______________________________________________________________________

  0-7862          AMERCO                                 88-0106815
                  (A Nevada Corporation)
                  1325 Airmotive Way, Ste. 100
                  Reno, Nevada  89502-3239
                  Telephone (702) 688-6300


  2-38498         U-Haul International, Inc.             86-0663060
                  (A Nevada Corporation)
                  2727 N. Central Avenue
                  Phoenix, Arizona 85004
                  Telephone (602) 263-6645

Indicate by check mark whether the registrant (1) has filed all reports
required  to be filed by Section 13 or 15(d) of the Securities Exchange
Act  of 1934 during the preceding 12 months (or for such shorter period
that  the  registrant was required to file such reports), and  (2)  has
been subject to such filing requirements for the past 90 days.
Yes [X] No [ ].

22,614,087  shares  of  AMERCO  Common  Stock,  $0.25  par  value  were
outstanding at August 19, 1997.

5,385  shares  of  U-Haul International, Inc. Common Stock,  $0.01  par
value,  were  outstanding  at August 19, 1997.  U-Haul
International,  Inc.  meets  the  conditions  set  forth   in   General
Instruction  H(1)(a) and (b) of Form 10-Q and is therefore filing  this
form with the reduced disclosure format.
<PAGE>  2
                          TABLE OF CONTENTS



PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements.

         a)  Consolidated Balance Sheets as of June 30, 1997,
             March 31, 1997 and June 30, 1996...................    4

         b)  Consolidated Statements of Earnings for the
             Quarters ended June 30, 1997 and 1996..............    6

         c)  Consolidated Statements of Changes in Stockholders'
             Equity for the Quarters ended June 30, 1997
             and 1996...........................................    7

         d)  Consolidated Statements of Cash Flows for the
             Quarters ended June 30, 1997 and 1996..............    9

         f)  Notes to Consolidated Financial Statements -
             June 30, 1997, March 31, 1997 and
             June 30, 1996......................................   10

Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations....................   17

PART II. OTHER INFORMATION

Item 1.  Legal Proceedings......................................   23

Item 6.  Exhibits and Reports on Form 8-K.......................   23






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<PAGE> 4                  
                  PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS.


               AMERCO AND CONSOLIDATED SUBSIDIARIES

                    Consolidated Balance Sheets
                                 

                                               June 30,   March 31,    June 30,
            ASSETS                              1997        1997         1996
                                            -----------------------------------
                                            (unaudited)   (audited) (unaudited)
                                                       (in thousands)


Cash and cash equivalents                  $    33,178      41,752       39,972
Receivables                                    242,214     238,523      267,287
Inventories                                     62,926      65,794       51,447
Prepaid expenses                                19,775      17,264       14,591
Investments, fixed maturities                  850,667     859,694      884,049
Investments, other                             150,262     127,306      128,434
Deferred policy acquisition costs               50,924      48,598       54,726
Other assets                                    73,594      72,997       19,550
                                             ----------------------------------

Property, plant and equipment, at
  cost:
  Land                                         210,995     209,803      213,936
  Buildings and improvements                   819,770     814,744      784,478
  Furniture and equipment                      201,911     199,126      190,182
  Rental trailers and other rental
    equipment                                  152,783     148,807      145,811
  Rental trucks                              1,051,231     947,911      965,133
  General rental items                          21,590      21,600       22,574
                                             ----------------------------------
                                             2,458,280   2,341,991    2,322,114
  Less accumulated depreciation              1,106,084   1,094,925    1,072,298
                                             ----------------------------------

       Total property, plant and
         equipment                           1,352,196   1,247,066    1,249,816
                                             ----------------------------------























                                           $ 2,835,736   2,718,994     2,709,872
                                             ===================================

The  accompanying notes are an integral part of these  consolidated financial 
statements.

<PAGE>  5


                                              June 30,     March 31,    June 30,
 LIABILITIES AND STOCKHOLDERS' EQUITY           1997         1997         1996
                                            ------------------------------------
                                            (unaudited)   (audited)  (unaudited)
                                                       (in thousands)

Liabilities:
  Accounts payable and accrued
    liabilities                            $   137,309      131,099     179,378
  Notes and loans                            1,035,340      983,550     756,098
  Policy benefits and losses, claims
    and loss expenses payable                  468,568      469,134     497,461
  Liabilities from premium deposits            429,984      433,397     422,514
  Cash overdraft                                47,942       23,606      22,709
  Other policyholders' funds and
    liabilities                                 31,896       30,966      30,510
  Deferred income                               36,317       35,247      33,262
  Deferred income taxes                         28,000        9,675      89,983
                                             ----------------------------------

Stockholders' equity:
  Serial preferred stock, with or
    without par value, 50,000,000
    shares authorized -
    Series A preferred stock, with no
      par value, 6,100,000 shares issued
      and outstanding as of June 30, 1997,
      March 31, 1997 and June 30, 1996               -            -         -
    Series B preferred stock, with no
      par value, 100,000 shares issued
      and outstanding as of June 30, 1997,
      March 31, 1997 and none issued and
      outstanding as of June 30, 1996                -            -         -
  Serial common stock, with or
    without par value, 150,000,000
    shares authorized -
    Series A common stock of $0.25 par
      value, 10,000,000 shares authorized,
      5,762,495 shares issued as of
      June 30, 1997,  March 31, 1997,
      and June 30, 1996                          1,441        1,441       1,441
  Common stock of $0.25 par value,
    150,000,000 shares authorized,
    36,487,505 shares issued as of June 30,
    1997 and March 31, 1997, and 34,237,505
    shares issued as of June 30, 1996            9,122        9,122       8,559
  Additional paid-in capital                   337,933      337,933     165,756
  Foreign currency translation adjustment      (14,365)     (14,133)    (12,372)
  Unrealized gain(loss) on investments          (1,432)       4,411       3,084
  Retained earnings                            667,976      644,009     645,783
                                             ----------------------------------
                                             1,000,675      982,783     812,251
  Less:
    Cost of common shares in treasury,
      (19,635,913 shares as of June 30,
      1997 and March 31, 1997, 7,209,077
      shares as of June 30, 1996)              359,723      359,723     111,118
    Unearned employee stock
      ownership plan shares                     20,572       20,740      23,176
                                             ----------------------------------
         Total stockholders' equity            620,380      602,320     677,957

Contingent liabilities and commitments

                                             ----------------------------------


                                           $ 2,835,736    2,718,994   2,709,872
                                             ==================================
<PAGE>  6
               AMERCO AND CONSOLIDATED SUBSIDIARIES

                Consolidated Statements of Earnings

                      Quarters ended June 30,
                            (Unaudited)

                                                   1997         1996
                                              ------------------------
                                                (in thousands except
                                                   per share data)

Revenues
  Rental and other revenue                  $    272,485      260,495
  Net sales                                       56,719       55,979
  Premiums                                        35,465       31,155
  Net investment income                           11,588       13,002
                                              -----------------------
       Total revenues                            376,257      360,631

Costs and expenses
  Operating expense                              225,003      210,733
  Cost of sales                                   31,397       31,581
  Benefits and losses                             35,099       23,258
  Amortization of deferred acquisition                         
    costs                                          3,460        4,022
  Depreciation                                    20,490       18,779
  Interest expense, net of interest
    income of $3,478 and $10,883 in
    1997 and 1996, respectively                   16,688        7,971
                                              -----------------------
       Total costs and expenses                  332,137      296,344

Pretax earnings from operations                   44,120       64,287
Income tax expense                               (14,922)     (24,282)
                                              -----------------------

       Net earnings                         $     29,1982      40,005
                                              =======================

Earnings per common share:
Net earnings                                $        1.09        1.15
                                              =======================

Weighted average common shares outstanding    21,879,156   32,015,301
                                              =======================


The  accompanying notes are an integral part of these  consolidated
financial statements.
<PAGE>  7
               AMERCO AND CONSOLIDATED SUBSIDIARIES

    Consolidated Statements of Changes in Stockholders' Equity

                      Quarters ended June 30,
                            (Unaudited)

                                                   1997        1996
                                                 -------------------
                                                    (in thousands)
Series A common stock of $0.25 par value:
  10,000,000 shares authorized, 5,762,495
  shares issued as of June 30, 1997,
  March 31, 1997 and June 30, 1996
    Beginning and end of period                 $  1,441       1,441
                                                 -------------------

Common stock of $0.25 par value:
  150,000,000 shares authorized, 36,487,505
  shares issued as of June 30, 1997 and
  March 31, 1997, and 34,237,505 shares
  issued as of June 30, 1996
    Beginning and end of period                    9,122       8,559
                                                 -------------------

Additional paid-in capital:
  Beginning and end of period                    337,933     165,756
                                                 -------------------

Foreign currency translation:
  Beginning of period                            (14,133)    (11,877)
  Change during period                              (232)       (495)
                                                 -------------------

  End of period                                  (14,365     (12,372)
                                                 -------------------

Unrealized gain (loss) on investments:
  Beginning of period                              4,411      11,097
  Change during period                            (5,843)     (8,013)
                                                 -------------------

  End of period                                   (1,432)      3,084
                                                 -------------------

Retained earnings:
  Beginning of period                            644,009     609,019
    Net earnings                                  29,198      40,005
    Dividends paid to stockholders:
      Preferred stock Series A($0.53 per share)   (3,241)     (3,241)
      Preferred stock Series B($19.90 per share)  (1,990)        -
                                                 -------------------

  End of period                                $ 667,976     645,783
                                                 -------------------


The  accompanying notes are an integral part of these  consolidated
financial statements.
<PAGE>  8

               AMERCO AND CONSOLIDATED SUBSIDIARIES

    Consolidated Statements of Changes in Stockholders' Equity

                      Quarters ended June 30,
                            (Unaudited)

                                                   1997        1996
                                                --------------------
                                                    (in thousands)
Less Treasury stock:
  Beginning and end of period                    359,723     111,118
                                                 -------------------

Less Unearned employee stock ownership
    plan shares:
  Beginning of period                             20,740      23,329
  Increase in loan                                     1         -   
  Proceeds from loan                                (169)       (153)
                                                 -------------------

  End of period                                   20,572      23,176
                                                 -------------------

Total stockholders' equity                     $ 620,380     677,957
                                                 ===================






The  accompanying notes are an integral part of these  consolidated
financial statements.
<PAGE>  9
               AMERCO AND CONSOLIDATED SUBSIDIARIES

               Consolidated Statements of Cash Flows

                      Quarters ended June 30,
                            (Unaudited)
                                                   1997        1996
                                                --------------------
                                                    (in thousands)
Cash flows from operating activities:
  Net earnings                                $   29,198      40,005
    Depreciation and amortization                 25,435      25,180
    Provision for losses on accounts
      receivable                                   1,120         869
    Net (gain) loss on sale of real and
      personal property                               89         500
    Gain on sale of investments                       75        (207)
    Changes in policy liabilities and
      accruals                                     7,870      10,976
    Additions to deferred policy
      acquisition costs                           (3,545)     (6,385)
    Net change in other operating assets
      and liabilities                             19,815     126,755
                                                --------------------
Net cash provided by operating activities         80,057     197,693
                                                --------------------

Cash flows from investing activities:
  Purchases of investments:
    Property, plant and equipment               (210,431)    (61,686)
    Fixed maturities                             (39,134)    (51,483)
    Private equity investment                    (24,500)        -
    Preferred Stock                                 (979)        -
    Real estate                                      -           353
    Mortgage loans                                (6,036)     (1,800)
  Proceeds from sale of investments:
    Property, plant and equipment                 82,937     137,031
    Fixed maturities                              39,757      31,955
    Real estate                                      138         335
    Mortgage loans                                 6,809       5,366
  Changes in other investments                     1,497      (4,634)
                                                --------------------
Net cash provided (used) by investing
  activities                                    (149,942)     55,437
                                                --------------------

Cash flows from financing activities:
  Net change in short-term borrowings             76,000    (391,000)
  Proceeds from notes                                -       175,000
  Debt issuance costs                               (439)     (2,146)
  Loan to leveraged Employee Stock
    Ownership Plan                                    (1)        -
  Repayments from leveraged Employee Stock
    Ownership Plan                                   169         153
  Principal payments on notes                    (24,210)    (26,122)
  Net change in cash overdraft                    24,336      (9,450)
  Preferred stock dividends paid                  (5,231)     (3,241)
  Investment contract deposits                     4,818      25,891
  Investment contract withdrawals                (14,131)    (13,411)
                                                --------------------
Net cash provided (used) by
  financing activities                            61,311    (244,326)
                                                --------------------
Increase (decrease)in cash and
  cash equivalents                                (8,574)      8,804
Cash and cash equivalents at
  beginning of period                             41,752      31,168
                                                --------------------
Cash and cash equivalents at
  end of period                               $   33,178      39,972
                                                ====================


The  accompanying notes are an integral part of these  consolidated
financial statements.
<PAGE> 10

                 AMERCO AND CONSOLIDATED SUBSIDIARIES

              Notes to Consolidated Financial Statements

            June 30, 1997, March 31, 1997 and June 30, 1996
                              (Unaudited)


1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION
     AMERCO,  a  Nevada  corporation (the  Company),  is  the  holding
company  for  U-Haul International, Inc. (U-Haul), Amerco Real  Estate
Company  (AREC), Republic Western Insurance Company (RWIC) and  Oxford
Life Insurance Company (Oxford).

PRINCIPLES OF CONSOLIDATION
     The consolidated financial statements include the accounts of the
parent  corporation, AMERCO, and its subsidiaries, all  of  which  are
wholly-owned.  All material intercompany accounts and transactions  of
AMERCO and its subsidiaries have been eliminated.
     
     The consolidated balance sheets as of June 30, 1997 and 1996, and
the   related   consolidated  statements  of  earnings,   changes   in
stockholders'  equity and cash flows for the quarters ended  June  30,
1997  and  1996  are  unaudited; in the  opinion  of  management,  all
adjustments  necessary  for  a  fair presentation  of  such  financial
statements  have  been included.  Such adjustments consisted  only  of
normal   recurring  items.   Interim  results  are   not   necessarily
indicative of results for a full year.
     
     The   operating  results  and  financial  position  of   AMERCO's
consolidated insurance operations are determined on a one quarter lag.
There  were  no  effects  related to intervening  events  which  would
significantly  affect consolidated financial position  or  results  of
operations for the financial statements presented herein.
     
     The financial statements and notes are presented as permitted  by
Form  10-Q  and  do not contain certain information  included  in  the
Company's annual financial statements and notes.
     
     Earnings  per  share are computed by dividing net earnings  after
deduction of preferred stock dividends by the weighted average  number
of  common shares outstanding, excluding shares of the employee  stock
ownership plan that have not been committed to be released.  Preferred
dividends include undeclared or unpaid dividends of the Company.
     
     Certain   reclassifications  have  been  made  to  the  financial
statements  for  the quarter ended June 30, 1996 to conform  with  the
current year's presentation.
<PAGE>  11                 
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued
                              (Unaudited)


2.   INVESTMENTS
  
     A  comparison of amortized cost to market for fixed maturities is
as follows:

  March 31, 1997      
-------------------     Par Value               Gross       Gross    Estimated
  Consolidated         or number  Amortized  unrealized  unrealized   market
  Held-to-Maturity     of shares     cost      gains       losses      value
                       ------------------------------------------------------
                                            (in thousands)

  U.S. treasury
    securities
    and government
    obligations        $  16,630  $  16,514        848         (43)   17,319
  U.S. government
    agency mortgage-
    backed securities  $  48,547     48,276        287      (2,180)   46,383
  Obligations of
    states and
    political
    subdivisions       $  30,130     29,928        869        (130)   30,667
  Corporate
    securities         $ 167,680    171,734      2,092      (3,345)  170,481
  Mortgage-backed
    securities         $ 111,284    109,827        900      (2,646)  108,081
  Redeemable preferred
    stocks                 1,168     32,712        318        (436)   32,594
                                    ----------------------------------------

                                    408,991      5,314      (8,780)  405,525
                                    ----------------------------------------

  March 31, 1997      
-----------------                               Gross       Gross    Estimated
  Consolidated                    Amortized  unrealized  unrealized   market
  Available-for-Sale   Par Value     cost      gains       losses      value
                       ------------------------------------------------------
                                            (in thousands)

  U.S. treasury
    securities and
    government
    obligations        $  11,685     11,766        701         -      12,467
  U.S. government
    agency mortgage-
    backed securities  $  28,423     27,934        139        (502)   27,571
  States,
    municipalities
    and political
    subdivisions       $  11,900     12,079        431        (160)   12,350
  Corporate
    securities         $ 299,605    302,960      3,760      (5,465)  301,255
  Mortgage-backed
    securities         $  77,094     76,565        849      (1,238)   76,176
  Preferred
    stock              $     476     11,794        127         (64)   11,857
                                    ----------------------------------------

                                    443,098      6,007      (7,429)  441,676
                                    ----------------------------------------

         Total                    $ 852,089     11,321     (16,209)  847,201
                                    ----------------------------------------

     In   February   1997,   the   Company,  through   its   insurance
subsidiaries,  invested in the equity of a limited  partnership  in  a
Texas-based  self-storage corporation.  RWIC invested  $13,500,000  in
exchange   for  a  27.3%  limited  partnership  and  Oxford   invested
$11,000,000 in exchange for a 22.2% limited partnership. U-Haul  is  a
50%  owner  of a corporation which is a general partner in the  Texas-
based  self-storage corporation.  The Company has a  $10,000,000  note
receivable from the corporation.


<PAGE> 12

                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued
                              (Unaudited)



3.    SUMMARIZED  CONSOLIDATED  FINANCIAL  INFORMATION  OF  INSURANCE
SUBSIDIARIES
     
     A  summary  consolidated balance sheet  for  RWIC  is  presented
below:

                                                             March 31,
                                                     ---------------------
                                                         1997        1996
                                                     ---------------------
                                                          (in thousands)

    Investments - fixed maturities                 $   411,652     413,669
    Other investments                                   22,122      14,330
    Receivables                                        114,790     155,611
    Deferred policy acquisition costs                    9,778      11,682
    Due from affiliate                                  22,352      12,415
    Deferred federal income taxes                       14,751      17,119
    Other assets                                         9,095       7,989
                                                       -------------------
         Total assets                              $   604,540     632,815
                                                       ===================

    Policy liabilities and accruals                $   336,969     343,223
    Unearned premiums                                   48,823      79,218
    Other policyholders' funds and liabilities          25,721      20,018
                                                       -------------------
         Total liabilities                             411,513     442,459

     Stockholder's equity                              193,027     190,356
                                                       -------------------
              Total liabilities and
                stockholder's equity               $   604,540     632,815
                                                       ===================

     A summarized consolidated income statement for RWIC is presented
below:

                                                    Quarter ended March 31,
                                                   -----------------------
                                                         1997        1996
                                                   -----------------------
                                                          (in thousands)

    Premiums                                       $    34,482      25,238
    Net investment income                                7,282       7,737
    Other income                                            55         (52)
                                                     ---------------------
         Total revenue                                  41,819      32,923
    Benefits and losses                                 29,438      17,824
    Amortization of deferred policy
      acquisition costs                                  2,155       2,464
    Other expenses                                       5,203       6,640
                                                     ---------------------
         Income from operations                          5,023       5,995
    Federal income tax expense                          (1,550)     (1,886)
                                                     ---------------------
    Net income                                     $     3,473       4,109
                                                     =====================
<PAGE> 13                 
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued

3.   SUMMARIZED  CONSOLIDATED  FINANCIAL  INFORMATION  OF   INSURANCE
SUBSIDIARIES, continued

     A  summary  consolidated balance sheet for Oxford  is  presented
below:

                                                             March 31,
                                                     ---------------------
                                                         1997        1996
                                                     ---------------------
                                                          (in thousands)

    Investments - fixed maturities                 $   439,015     470,380
    Other investments                                  105,911      89,679
    Receivables                                         12,349      14,733
    Deferred policy acquisition costs                   41,146      43,044
    Due from affiliate                                     507         291
    Other assets                                         2,928       2,347
                                                       -------------------
         Total assets                              $   601,856     620,474
                                                       ===================

    Policy liabilities and accruals                $    82,776      75,025
    Premium deposits                                   429,984     422,514
    Other policyholders' funds and liabilities           6,587      14,213
    Deferred taxes                                       8,856      10,588
                                                       -------------------
         Total liabilities                             528,203     522,340
    Stockholder's equity                                73,653      98,134
                                                       -------------------

                Total liabilities and
                  stockholder's equity             $   601,856     620,474
                                                       ===================

     A   summarized  consolidated  income  statement  for  Oxford  is
presented below:

                                                    Quarter ended March 31,
                                                   -----------------------
                                                         1997        1996
                                                   -----------------------
                                                          (in thousands)

    Premiums                                       $     5,943       7,089
    Net investment income                                4,433       4,882
    Other income                                            41        (541)
                                                      --------------------
         Total revenue                                  10,417      11,430
    Benefits and losses                                  5,661       5,434
    Amortization of deferred policy
      acquisition costs                                  1,305       1,558
    Other expenses                                       1,400       1,483
                                                      --------------------
         Income from operations                          2,051       2,955
    Federal income tax expense                            (604)     (1,028)
                                                      --------------------
    Net income                                     $     1,447       1,927
                                                      ====================
<PAGE> 14
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued
                              (Unaudited)


4.   CONTINGENT LIABILITIES AND COMMITMENTS

     During the three months ended June 30, 1997, a subsidiary  of  U-
Haul  entered  into eleven transactions, and has subsequently  entered
into  three  additional transactions, whereby the Company sold  rental
trucks  and  subsequently  leased back.  The  Company  has  guaranteed
$14,857,000 of residual values and an additional $5,346,000 subsequent
to  June 30, 1997 for these assets at the end of the respective  lease
terms.  U-Haul also subsequently entered into one transaction, whereby
the  Company  sold  and subsequently leased back  computer  equipment.
Following are the lease commitments for the leases executed during the
three  months ended June 30, 1997, and subsequently which have a  term
of more than one year (in thousands):

                                              Net activity
             Year ended           Lease       subsequent to
              March 31,        Commitments     quarter end      Total
            ---------------------------------------------------------

             1998              $  (6,209)         1,097        (5,112)
             1999                 (8,167)         1,558        (6,609)
             2000                 (8,167)         1,558        (6,609)
             2001                 (1,257)         2,565         1,308
             2002                  5,405          2,876         8,281
             Thereafter           21,952          7,986        29,938
                                 ------------------------------------
                               $   3,557         17,640        21,197
                                 ====================================

  
                                   
     During the three months ended June 30, 1997, the Company has
reduced future lease commitments by $68,000,000 and subsequently
$8,432,000 through early termination of certain leases.  Residual
value guarantees were also reduced by $11,402,000 and $1,527,000 in
connection with the terminations.
     
     In  the normal course of business, the Company is a defendant in
a number of suits and claims.  The Company is also a party to several
administrative  proceedings arising from state and  local  provisions
that regulate the removal and/or clean-up of underground fuel storage
tanks.   It  is  the opinion of management that none of  such  suits,
claims  or proceedings involving the Company, individually or in  the
aggregate are expected to result in a material loss.


5.   SUPPLEMENTAL CASH FLOWS INFORMATION

     The  (increase) decrease in receivables, inventories and accounts
payable  and accrued liabilities net of other operating and  investing
activities follows:

                                            Quarters ended June 30,
                                               1997         1996
                                             ---------------------
                                                (in thousands)

        Receivables                       $   (9,049)       74,020
                                             =====================
        Inventories                       $    2,868        (5,556)
                                             =====================
        Accounts payable and
          accrued liabilities             $    6,744        28,728
                                             =====================

     Income  taxes paid in cash amounted to none and $53,000  for  the
quarters ended June 30, 1997 and 1996, respectively.
     
     Interest paid in cash amounted to $17,395,000 and $18,080,000 for
the quarters ended June 30, 1997 and 1996, respectively.
<PAGE> 15
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued
                              (Unaudited)


6.  EARNINGS PER SHARE

     Earnings  per  share are computed based on the  weighted  average
number  of  shares  outstanding for the year  and  quarterly  periods,
excluding  shares of the employee stock ownership plan that  have  not
been committed to be released.  Preferred dividends include undeclared
or  unpaid  dividends  of  the Company.  Net  income  is  reduced  for
preferred dividends for purposes of the calculation.
     
     The  following table reflects the calculation of the earnings per
share (in thousands except per share data):
                                     Quarters ended June 30,
                                        1997            1996
                                     -----------------------

     Earnings from operations     $    29,198         40,005
     Less dividends
       on preferred shares              5,255          3,241
                                     -----------------------
     Net earnings for per
       share calculation          $    23,943         36,764
                                     =======================

     Earnings per common share    $      1.09           1.15
                                    ========================

     Weighted average common
       shares outstanding          21,879,156     32,015,301
                                   =========================
     
7.  RELATED PARTIES

     During the quarter ended June 30, 1997, a subsidiary held various
senior  and  junior  notes  with  SAC  Holding  corporation  and   its
subsidiaries (SAC Holdings).  The voting common stock of SAC  Holdings
is held by Mark. V. Shoen, a major stockholder of the Company.
     
     The  Company's subsidiary received principal payments of $911,000
and  interest  payments  of $1,263,000 from SAC  Holdings  during  the
quarter.
     
     The  Company  currently  manages  the  properties  owned  by  SAC
Holdings  pursuant to a management agreement, under which the  Company
receives  a management fee equal to 6% of the gross receipts from  the
properties.   The Company received management fees of $434,000  during
the  quarter  ended June 30, 1997.  The management fee  percentage  is
consistent  with the fees received by the Company for other properties
managed by the Company.


8.  NEW ACCOUNTING STANDARDS

     On  April  1, 1995, the Company implemented Statement of Position
93-7,  "Reporting  on  Advertising Costs", issued  by  the  Accounting
Standards  Executive Committee in December 1993.   This  statement  of
position provides guidance on financial reporting on advertising costs
in  annual  financial statements.  The Company is currently  reviewing
its implementation procedures.
  
     Other pronouncements issued by the Financial Standards Board with
future  effective dates are either not applicable or not  material  to
the consolidated financial statements of the Company.
<PAGE> 16
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued
                              (Unaudited)


9.  SUBSEQUENT EVENTS

     On  July  7, 1997, the Company executed an agreement with  Sophia
Shoen whereby the Company paid $1,250,000 to Sophia Shoen to settle an
arbitration proceeding entitled JAMS-ENDISPUTE Link No. 940517195  and
                                --------------
to terminate a Share Repurchase and Registration Right Agreement.  
Sophia Shoen is a major stockholder and the  sister of Edward J., James P., 
and Paul F. Shoen, who  are  major stockholders and directors of the Company.
     
     In  July 1997, the Company extinguished $76,000,000 of its  long-
term  notes  originally due in fiscal 1999 through fiscal  2002.   The
above  transactions resulted in an extraordinary loss  of  $4,134,000,
net of tax of $2,275,000 ($0.19 per share).
     
     On  August  5,  1997,  the Company declared a  cash  dividend  of
$3,241,000 ($0.53125 per preferred share) to preferred stockholders of
record as of August 15, 1997.
     
<PAGE>  17


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.

RESULTS OF OPERATIONS
     The following table shows industry segment data from the Company's
three  primary  industry  segments:   Moving  and  Storage  Operations,
Property/Casualty  Insurance and Life Insurance.   Moving  and  Storage
Operations  is composed of the operations of U-Haul, which consists  of
the  rental of trucks, automobile-type trailers and self-storage  space
and sales of related products and services and AREC.  Property/Casualty
Insurance  is  composed of the operations of RWIC,  which  operates  in
various property and casualty lines.  Life insurance is composed of the
operations  of  Oxford, which operates in various  life,  accident  and
health  and  annuity  lines.  The Company's U-Haul Moving  and  Storage
Operations  are  seasonal and proportionately  more  of  the  Company's
revenues  and  net  earnings are generated  in  the  first  and  second
quarters each fiscal year (April through September).

                    Moving and  Property/              Adjustments
                      Storage   Casualty      Life        and
                    Operations  Insurance  Insurance  Eliminations Consolidated
                    -----------------------------------------------------------
                                            (in thousands)
Quarter ended
June 30, 1997
Revenues:
  Outside           $  329,202     37,140     9,915          -          376,257
  Intersegment             -        4,679       502       (5,181)          -
                     ----------------------------------------------------------
    Total revenues     329,202     41,819    10,417       (5,181)       376,257
                     ==========================================================
Operating profit    $   53,734      5,023     2,051          -           60,808
                     ===========================================
Interest expense                                                         16,688
                                                                         ------
Pretax earnings
  from operations                                                     $  44,120
                                                                         ======
Identifiable assets $1,933,630    604,540   601,856     (304,290)     2,835,736
                     ==========================================================

                    Moving and  Property/              Adjustments
                      Storage   Casualty      Life        and
                    Operations  Insurance  Insurance  Eliminations Consolidated
                    -----------------------------------------------------------
                                            (in thousands)
Quarter ended
June 30, 1996
Revenues:
  Outside           $  317,609     31,983    11,039          -          360,631
  Intersegment             -          940       391       (1,331)           -
                     ----------------------------------------------------------
    Total revenues     317,609     32,923    11,430       (1,331)       360 631
                     ==========================================================
Operating profit    $   63,308      5,995     2,955          -           72,258
                     ===========================================
Interest expense                                                          7,971
                                                                        -------
Pretax earnings
  from operations                                                     $  64,287
                                                                        =======
Identifiable assets $1,774,805    632,815   620,474     (318,222)     2,709,872
                     ==========================================================
<PAGE> 18
QUARTER ENDED JUNE 30, 1997 VERSUS QUARTER ENDED JUNE 30, 1996

Moving and Storage Operations
     Revenues consist of rental revenues and net sales.
     
     Total  rental revenue increased by $11.3 million, 4.3%, to $272.6
million  during  the first quarter of fiscal 1998.  The  increase  was
primarily due to increased fleet activity.
     
     Net  sales  revenues were $56.7 million in the first  quarter  of
fiscal  1998, which represents a 1.3% increase from the first  quarter
of  fiscal 1997 net sales of $56.0 million.  Revenue realized from the
sale  of moving support items (i.e. boxes, etc.) and propane was  $1.7
million  higher  for  the first quarter of fiscal 1998.   These  gains
were partially offset by a $0.5 million decrease in gasoline sales and
a $0.5 million decrease in outside repair income.
     
     Cost  of sales was $31.4 million for the first quarter of  fiscal
1998, as compared to $31.6 million for the same period in fiscal 1997.
Higher material costs for hitches were offset by a reduction in moving
support sales item costs and a reduction in gasoline costs related  to
decreased gasoline sales.
     
     Operating  expenses  increased to $223.6  million  in  the  first
quarter of fiscal 1998 from $203.9 million in the first quarter of
fiscal  1997, an increase of 9.6%.  During the first  quarter  of
fiscal  1998,  leasing activity increased $5.3 million  and  personnel
costs  increased  $3.5 million in conjunction with higher  rental  and
sales activity.  Increased insurance costs of $2.7 million were due to
increased  cost  of  risk  and  an  increase  in  the  rental   fleet.
Maintenance and utility costs of the operating facilities increased by
$1.5 million.  All other operating expenses increased in the aggregate
by $6.7 million.
     
     Depreciation  expense for the first quarter of  fiscal  1998  was
$20.5 million, as compared to $18.8 million during the same period  of
the prior year.  In accordance with Company policy, $11.9 million of 
betterments related to rental trucks were capitalized.

Property and Casualty
     RWIC's  gross  premium writings for the quarter ended  March  31,
1997  were $33.1 million, as compared to $48.1 million for the quarter
ended March 31, 1996.  This represents a decrease of $15.0 million, or
31.2%.  As in prior periods, the rental industry market accounts for a
significant share of total premiums, approximately 38.1% and 27.7%  in
the first quarter 1997 and 1996, respectively.  These writings include
U-Haul  customers,  fleetowners and U-Haul as  well  as  other  rental
industry   insureds  with  similar  characteristics.   RWIC  continues
underwriting  professional reinsurance via broker markets.    Premiums
in  this area decreased during first quarter 1997 to $14.7 million  or
44.5%  of total gross premiums, from comparable 1996 figures of  $24.1
million  or  50.2% of total premium.  This decrease can  be  primarily
attributed to a written premium accrual procedural change.   At  March
31, 1997 only premiums due in the present period are accrued while  at
March  31,  1996,  premiums  due  in future  accounting  periods  were
accrued.  Premium writings in selected general agency lines were 17.4%
of total gross written premiums in the quarter ended March 31, 1997 as
compared  to 22.1% in the same period of 1996.  This decrease resulted
from  the cancellation of a general agency agreement in November 1996.
RWIC   continues  its  direct  multiple  peril  coverage  of   various
commercial   properties  and  businesses  in  1997.   These   premiums
accounted  for  13.3%  of  the total gross written  premiums  for  the
quarter  ended March 31, 1997 as compared to 7.1% for the same  period
in 1996.  The increase is the result of planned business expansion.
     
     Net  earned premiums increased $9.2 million, or 36.6%,  to  $34.5
million  for the quarter ended March 31, 1997, compared with  premiums
of  $25.2  million for the quarter ended March 31, 1996.  The  premium
increase was primarily due to planned business expansion in the rental
industry  and  direct multiple peril markets, offset by  decreases  in
assumed  treaty  reinsurance and general agency lines.   As  mentioned
previously, the assumed treaty reinsurance decrease is a result of the
change  in accrual procedure which eliminated future premiums and  the
decrease in general agency lines resulted from the cancellation  of  a
general agency agreement.
     
     Underwriting expenses incurred were $38.3 million for the quarter
ended March 31, 1997, an increase of $9.4 million, or 32.5% over 1996.
Comparable  underwriting expenses incurred for the  first  quarter  of
1996  were  $28.9  million.  The increase is attributed  to  increased
commission expense and losses incurred.  Losses incurred increased  in
the   rental  industry,  general  agency  lines,  and  assumed  treaty
reinsurance segments, but were partially offset by a decrease  in  the
direct multiple peril markets.
<PAGE>  19     
     Net  investment  income was $7.3 million for  the  quarter  ended
March 31, 1997, a decrease of 5.8% over 1996 net investment income  of
$7.7  million.  The decrease is due to a planned restructuring of  the
portfolio.
     
     RWIC  completed the first quarter of 1997 with income before  tax
expense of $5.0 million as compared to $6.0 million for the comparable
period  ended  March  31, 1996.  This represents a  decrease  of  $1.0
million,  or 16.2% over 1996.  Increased premium earnings were  offset
by  increased  underwriting expenses and decreased  investment  income
discussed above.

Life Insurance
     Premiums  from  Oxford's  reinsurance lines  before  intercompany
eliminations were $3.9 million for the quarter ended March 31, 1997, a
decrease  of $1.3 million, or 25.0% over the same period in  1996  and
accounted  for  66.1%  of Oxford's premiums  for  the  period.   These
premiums  are primarily from term life insurance and deferred  annuity
contracts that have matured.  Decreases in premiums are primarily from
these matured reinsurance contracts.
     
     Premiums   from   Oxford's  direct  lines   before   intercompany
eliminations were $2.0 million for the quarter ended March  31,  1996,
an  increase of $0.1 million (5.3%) from the same period during  1996.
This  increase  in  direct premium is primarily  attributable  to  the
Company's  disability  and  group  life  business  ($0.6  million   in
premium).   Oxford's  direct  business  related  to  group  life   and
disability coverage issued to employees of the Company for the quarter
ended  March  31, 1996 accounted for 10.2% of premiums.  Other  direct
lines, including credit life and health business, accounted for  23.7%
of Oxford's premiums for the quarter ended March 31, 1997
     
     Net  investment income before intercompany eliminations was  $4.4
million  and  $4.9 million for the quarters ended March 31,  1997  and
1996  respectively.   This  decrease is due  to  a  lower  asset  base
resulting from the dividend paid to the Company during December  1996.
Gains  (losses) on the disposition of fixed maturity investments  were
immaterial for the quarter ended March 31, 1997 and $(0.5) million for
the quarter ended March 31, 1996.
     
     Benefits and expenses incurred were $8.4 million for the  quarter
ended  March  31,  1997,  a  decrease of 0.1%  over  1996.  Comparable
benefits and expenses incurred for the same quarter in 1996 were  $8.5
million.  This decrease is primarily due to a decrease in the reserves
and  amortization of deferred acquisition costs, partially  offset  by
increases in death benefits.
     
     Operating   profit  before  tax  and  intercompany   eliminations
decreased  by  $0.9  million, or approximately  30.0%,  in  the  first
quarter  of  1997  to $2.1 million, primarily due to the  decrease  in
premium  income  and a lower asset base attributable to  the  dividend
paid  to  the  Company  during December 1996, partially  offset  by  a
decrease in benefits and expenses.

Interest Expense
     Interest expense was relatively stable at $20.2 million  for  the
quarter  ended  June 30, 1997, as compared to $18.9  million  for  the
quarter  ended June 30, 1996.  Higher average debt levels  outstanding
during the current quarter attributed to the increase.
     
     The  decline  in  interest income reflects  a  reduced  level  of
interest income for mortgage loans on storage properties sold  at  the
end of first quarter of fiscal 1997.

Consolidated Group
     As  a  result  of  the  foregoing, pretax earnings  of  $44.1
million  were realized in the quarter ended June 30, 1997, as compared
to  $64.3  million for the same period in 1996.  After  providing  for
income  taxes, net earnings for the quarter ended June 30,  1997  were
$29.2 million, as compared to $40.0 million for the same period of the
prior year.

<PAGE> 20
QUARTERLY RESULTS

     The  following table presents unaudited quarterly results for the
nine  quarters in the period beginning April 1, 1995 and  ending  June
30,  1997.   The Company believes that all necessary adjustments  have
been  included in the amounts stated below to present fairly,  and  in
accordance with generally accepted accounting principles, the selected
quarterly  information when read in conjunction with the  consolidated
financial  statements incorporated herein by reference. The  Company's
U-Haul  rental operations are seasonal and proportionally more of  the
Company's  revenues and net earnings from its U-Haul rental operations
are  generated  in the first and second quarters of each  fiscal  year
(April  through  September).  The operating results  for  the  periods
presented  are  not necessarily indicative of results for  any  future
period (in thousands except for per share data).
     
                                 Quarter Ended
                                ---------------
                                    Jun 30
                                      1997
                                ---------------
Total revenues                   $  376,257
Net earnings (loss)                  29,198
Weighted average common
  shares outstanding             21,879,156
Net earnings (loss)
  per common share (1)                 1.09
     
          

                                            Quarter Ended
                                ----------------------------------------------
                                   Jun 30      Sep 30      Dec 31       Mar 31
                                     1996        1996        1996         1997
                                ----------------------------------------------
Total revenues                 $   360,631     417,223     320,583     308,105
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt (3)                          -        39,741      (9,538)        -
Net earnings (loss)                 40,005      37,737      (9,853)    (16,024)
Weighted average common
  shares outstanding (2)        32,015,301  27,675,192  20,359,873  21,868,241
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt per common share (3)         -          1.29       (0.72)        -
Net earnings (loss) per
  common share (1) (2) (3)            1.15        1.22       (0.74)      (0.97)


                                            Quarter Ended
                                ----------------------------------------------
                                   Jun 30      Sep 30      Dec 31      Mar 31
                                     1995        1995        1995        1996
                                ----------------------------------------------
Total revenues                 $   340,359     389,861     313,063     298,656
Net earnings (loss)                 15,177      35,332       7,701       2,184
Weighted average common
  shares outstanding (2)        37,958,426  37,931,825  36,796,961  32,554,458
Net earnings (loss) per
  common share (1) (2)                0.31        0.85        0.13       (0.04)

________________
(1)Net  earnings  (loss) per common share amounts were computed  after
   giving effect to the dividends on the Company's Preferred Stock.

(2)Reflects  the acquisition of treasury shares acquired  pursuant  to
   the  Shoen  Litigation as discussed in Note 14 of the  Consolidated
   Financial Statements in Item 8 of the Company's Form 10-K  for  the
   year ended March 31, 1997.

(3)During   second   quarter  of  fiscal  year   1997,   the   company
   extinguished $76.3 million of debt and $86.2 million of  its  long-
   term  notes  originally  due in fiscal 1997  through  fiscal  1999.
   This resulted in an extraordinary loss of $2.3 million, net of  tax
   of $2.4 million ($0.09 per share).
<PAGE> 21

LIQUIDITY AND CAPITAL RESOURCES

Moving and Storage Operations
     To  meet the needs of its customers, U-Haul must maintain a large
inventory  of  fixed  asset  rental items.   At  June  30,  1997,  net
property, plant and equipment represented approximately 70.1% of total
U-Haul assets and approximately 47.7% of consolidated assets.  In  the
first  quarter  of  fiscal  1998,  capital  expenditures  were  $210.4
million,  as compared to $61.7 million in the first quarter of  fiscal
1997,  reflecting  expansion  of the  rental  truck  fleet,  and  real
property acquisitions.  These acquisitions were funded with internally
generated funds from operations and debt financings.
     
     Cash  flows  from  operations were $67.5  million  in  the  first
quarter  of  fiscal 1998, as compared to $193.7 million in  the  first
quarter  of  fiscal  1997.   The decrease results  from  the  sale  of
mortgage  note  receivables for proceeds  of  $83.5  million  for  the
quarter  ended  June 30, 1996, along with decreased deferred  tax  and
decreased earnings.
     
Property and Casualty
     Cash flows from operating activities were $1.5 million and $(0.2)
million  for the quarters ended March 31, 1997 and 1996, respectively.
This  change  is  due  to decreased paid losses recoverable,  accounts
receivable,  and  due from affiliates, as well as a smaller  loss  and
expense  reserve increase and unearned premium decrease than that  for
the quarter ended March 31, 1996.
     
     RWIC's short-term investment portfolio was $1.6 million at  March
31,  1997.   This level of liquid assets, combined with budgeted  cash
flow,  is  adequate to meet periodic needs as well as  any  near  term
shortfall.   The  balances reflect funds in transition  from  maturity
proceeds  to  long-term investments.  The structure of  the  long-term
portfolio  is designed to match future liability cash needs.   Capital
and  operating budgets allow RWIC to schedule cash needs in accordance
with investment and underwriting proceeds.
     
     RWIC  maintains  a  diversified securities investment  portfolio,
primarily in bonds at varying maturity levels with 94.9% of the fixed-
income securities portfolio consisting of investment grade securities.
The  maturity distribution is designed to provide sufficient liquidity
to  meet  future cash needs.  Current liquidity remains  strong,  with
RWIC having 5.4% more invested assets than total liabilities.
     
     Stockholder's  equity  increased  0.4%  from  $192.3  million  at
December 31, 1996 to $193.0 million at March 31, 1997.  RWIC considers
current  stockholder's equity to be adequate to support future  growth
and  absorb unforeseen risk events.  RWIC does not use debt or  equity
issues  to  increase capital and therefore has no exposure to  capital
market conditions.

Life Insurance
     Oxford's  primary  sources of cash are  premiums,  receipts  from
interest-sensitive products and investment income.  The  primary  uses
of  cash  are  operating costs and benefit payments to  policyholders.
Matching  the  investment portfolio to the cash flow  demands  of  the
types  of  insurance  being  written is  an  important  consideration.
Benefit  and  claim  statistics are continually monitored  to  provide
projections of future cash requirements.
     
     Cash provided by operating activities were $11.0 million and $4.1
million  for the quarters ended March 31, 1997 and 1996, respectively.
Cash flows provided (used) by financing activities were $(9.3) million
and  $12.5  million for the quarters ended March 31,  1997  and  1996,
respectively.   Cash  flows  from  financing  activities  result  from
deferred  annuity sales and annuitizations, which have the  effect  of
increasing  and  decreasing cash flows, respectively. In  addition  to
cash  flow  from  operating  and financing activities,  a  substantial
amount  of  liquid  funds  is  available through  Oxford's  short-term
portfolio.   At  March  31,  1997  and  1996,  short-term  investments
amounted  to $6.5 million and $12.0 million, respectively.  Management
believes that the overall sources of liquidity will continue  to  meet
foreseeable cash needs.
     
     Stockholder's equity of Oxford decreased to $73.7 million in 1997
from  $96.1  million  in 1996 as a result of a dividend  paid  to  the
Company during December 1996.
<PAGE>  22     
     Applicable  laws and regulations of the State of Arizona  require
the  Company's  insurance  subsidiaries to  maintain  minimum  capital
determined  in  accordance with statutory accounting practices.   With
respect  to  Oxford, such amount is $0.6 million.   In  addition,  the
amount  of  dividends  that can be paid to stockholders  by  insurance
companies domiciled in the State of Arizona is limited.  Any  dividend
in  excess of the limit requires prior regulatory approval.  Statutory
surplus  that can be distributed as dividends without prior regulatory
approval  is  zero  at  March 31, 1997.  These  restrictions  are  not
expected  to  have  a material adverse effect on the  ability  of  the
Company to meet its cash obligations.

Consolidated Group
     During each of the fiscal years ending March 31, 1998, 1999,  and
2000,   U-Haul  estimates  gross  capital  expenditures  will  average
approximately  $250-$300 million as a result of the expansion  of  the
rental  truck fleet and self-storage locations.  This level of capital
expenditures, combined with an average of approximately $75.0  million
in  annual  long-term  debt maturities during this  same  period,  are
expected to create annual average funding needs of approximately $325-
375  million.  Management estimates that U-Haul will fund between  75%
and  88%  of  these  requirements  with  internally  generated  funds,
including  proceeds  from the disposition of older  trucks  and  other
asset  sales.   The remainder of the anticipated capital  expenditures
are  expected  to be financed through existing credit facilities,  new
debt placements, lease fundings, and equity offerings.

Credit Agreements
     The  Company's  operations  are  funded  by  various  credit  and
financing  arrangements,  including  unsecured  long-term  borrowings,
unsecured  medium-term  notes,  and revolving  lines  of  credit  with
domestic  and  foreign  banks.  Principally to finance  its  fleet  of
trucks  and  trailers,  the Company routinely  enters  into  sale  and
leaseback transactions.  As of June 30, 1997, the Company had $1,035.3
million in total notes and loans payable outstanding, as compared with
$983.6 million at March 31, 1997, and $756.1 million at June 30, 1996.
Unutilized  committed lines of credit are $260.0 million at  June  30,
1997.
     
     Certain  of  the Company's credit agreements contain  restrictive
financial and other covenants, including, among others, covenants with
respect  to  incurring  additional indebtedness,  maintaining  certain
financial  ratios,  and  placing  certain  additional  liens  on   its
properties  and  assets.   At  June  30,  1997,  the  Company  was  in
compliance with these covenants.
     
     The  Company  is  further restricted in the issuance  of  certain
types  of  preferred  stock.  The Company is prohibited  from  issuing
shares  of  preferred stock that provide for any mandatory redemption,
sinking  fund  payment, or mandatory prepayment,  or  that  allow  the
holders  thereof to require the Company or a subsidiary of the Company
to  repurchase such preferred stock at the option of such  holders  or
upon the occurrence of any event or events without the consent of  its
lenders.

<PAGE>  23     

                      PART II.  OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.
      
      On  July  7, 1997, Sophia M. Shoen, a major stockholder  of  the
Company, executed a settlement agreement with the Company resolving  a
lawsuit  in the Second Judicial District Court of the State of Nevada,
Case  No. CV96-01628 arising out of an arbitration proceeding entitled
JAMS-ENDISPUTE  Link  No.  940517195.  In the arbitration  proceeding,
--------------
Sophia  Shoen  alleged that the Company breached her Share  Repurchase
and Registration Rights Agreement, dated as of May 1, 1992 (the Rights
Agreement), with the Company by failing to timely register the sale of
her  shares of Common Stock which were sold to the public in  November
1994.   Pursuant  to the settlement agreement, (i)  the  Company  paid
Sophia  M.  Shoen  $1.25  million,  (ii)  the  Rights  Agreement   was
terminated, (iii) Sophia M. Shoen released the Company and others from
any  liability  relating to the foregoing proceedings and  the  Rights
Agreement,  (iv) the Company released Sophia M. Shoen and others  from
any  liability  relating to the foregoing proceedings and  the  Rights
Agreement and (v) the shares of Common Stock held by Sophia  M.  Shoen
were released from a stockholder agreement covering approximately  70%
of the Company's Common Stock


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

         a. Exhibits

           3.1  Restated Articles of Incorporation (1)
           3.2  Restated By-Laws of AMERCO as of August 27, 1996 (2)
           10.1 Settlement Agreement between AMERCO and Sophia Shoen
           10.2 Amended and Restated Side Agreement, dated as of June 1, 1997
           27   Financial Data Schedule

         b. Reports on Form 8-K.

           No  report on Form 8-K was filed for the quarter ended June 30, 1997.
           
_____________________________________

(1)   Incorporated by reference to the Company's Quarterly  Report  on
      Form 10-Q for the quarter ended December 31, 1992, file no. 0-7862.

(2)   Incorporated by reference to the Company's Quarterly  Report  on
      Form 10-Q for the quarter ended September 30, 1996, file no. 0-7862.
<PAGE> 24

                              SIGNATURES


     Pursuant  to the requirements of the Securities Exchange  Act  of
1934,  the registrant has duly caused this report to be signed on  its
behalf by the undersigned, thereunto duly authorized.


                                   AMERCO
                                   ___________________________________
                                            (Registrant)


Dated: August 19, 1997             By: /S/ GARY B. HORTON
                                   ___________________________________
                                        Gary B. Horton, Treasurer
                                      (Principal Financial Officer)