SIDE AGREEMENT
                       --------------

      This Side Agreement (the "Agreement") is entered  into
as of the 29th day of October, 1996, by and among AMERCO,  a
Nevada   corporation  ("AMERCO"),  Blue  Ridge  Investments,
L.L.C., a Delaware limited liability company ("Blue Ridge"),
and   NationsBank   Corporation,  a   Delaware   corporation
("NationsBank").

      WHEREAS,  AMERCO,  Blue Ridge,  and  NationsBank  have
entered  into certain agreements and transactions on  August
30, 1996 and October 1, 1996 (the "Transaction");

      WHEREAS,  pursuant  to  the  Transaction,  Blue  Ridge
purchased  100,000  shares of AMERCO's  Series  B  Preferred
Stock (herein so called);

      WHEREAS, Blue Ridge (or any subsequent holder  of  the
Series B Preferred Stock) has the right to convert, upon the
occurrence of certain events described in the Certificate of
Designation of Preferences and Rights of Series B  Preferred
Stock  of AMERCO (the "Certificate of Designation"), all  of
the  Series B Preferred Stock into 4,000,000 shares (subject
to  adjustment) of AMERCO's Series B Common Stock or all  of
the  shares of capital stock of Picacho Peak Investment Co.,
a Nevada corporation ("Picacho");

      WHEREAS, Blue Ridge (or any subsequent holder  of  the
Series B Preferred Stock) also has the right to convert  the
Series  B  Preferred Stock as described above on August  31,
1997  and during the first ten business days of each  fiscal
quarter beginning after August 31, 1997;

      WHEREAS, AMERCO is planning a public offering  of  its
Common Stock;

      WHEREAS, AMERCO has advised Blue Ridge and NationsBank
that  the  provisions  of  the  Certificate  of  Designation
permitting  conversion of the Series B Preferred Stock  into
capital  stock of Picacho on August 31, 1997 and during  the
first  ten  business days of each fiscal  quarter  beginning
after  August 31, 1997 would result in an adverse accounting
treatment of the Transaction and hinder AMERCO's ability  to
successfully complete the public offering;

       WHEREAS,   Blue  Ridge  and  NationsBank  desire   to
facilitate  the  public  offering  by  entering  into   this
Agreement:

      NOW,  THEREFORE, in consideration of the premises  and
other  good  and  valuable consideration,  the  receipt  and
sufficiency  of which are hereby acknowledged,  the  parties
hereto agree as follows:

     1.          Blue  Ridge  and  NationsBank  agree,  that
notwithstanding  the  provisions  of  Section  3(a)  of  the
Certificate  of  Designation, neither party  shall  convert,
pursuant  to  Section  3(a)(i) or Section  3(a)(ii)  of  the
Certificate  of  Designation, the Series B  Preferred  Stock
into any or all of the capital stock of Picacho.  Nothing in
this  Agreement  shall limit Blue Ridge's  or  NationsBank's
<PAGE>
ability to convert the Series B Preferred Stock into  shares
of  AMERCO's  Series  B Common Stock  or  their  ability  to
convert the Series B Preferred Stock into any or all of  the
capital  stock  of  Picacho under any provision  other  than
Section  3(a)(i) or Section 3(a)(ii) of the  Certificate  of
Designation.

     2.        AMERCO, Blue Ridge and NationsBank agree, that in
addition   to  the  provisions  of  Section  3(a)   of   the
Certificate of Designation, Blue Ridge and NationsBank shall
have  the right to convert the Series B Preferred Stock into
shares of AMERCO's Series B Common Stock on (i) May 1, 1997,
and  for 10 Business Days thereafter; and on (ii) the  first
day  of  each  fiscal  quarter of the Corporation  occurring
after  May 1, 1997, and for 10 Business Days after the first
day of each such fiscal quarter.

     3.        AMERCO, Blue Ridge and NationsBank agree that the
provisions   of   the  Summary  of  Indicative   Terms   and
Conditions, attached to that certain letter from NationsBank
of  Texas,  N.A. to AMERCO, creating any obligation  of  the
Arranger (as defined therein) to rebate any portion  of  its
fees are hereby deleted, voided and rendered unenforceable.

     4.         Blue Ridge and NationsBank agree that, as  a
condition of any transfer of the Series B Preferred Stock to
a  third party, such third party shall agree to be bound  by
the  terms  of  this Agreement.  Blue Ridge and  NationsBank
agree  to the placement of the following legend on the stock
certificate representing the Series B Preferred Stock:

        "The  securities  evidenced hereby  are  subject  to
     the terms of that certain Side Agreement, dated October 29,
     1996,  which  limits the ability of the holder  of  the
     securities to convert the securities into the capital stock
     of Picacho Peak Investment Co., a Nevada corporation."
     
     5.        Blue Ridge and NationsBank agree to execute and
deliver  such further agreements and instruments,  and  take
such  further action as may be requested by AMERCO to  carry
out  the  provisions and purposes of this Agreement  and  to
cause all subsequent holders of the Series B Preferred Stock
to be bound by the terms of this Agreement.

<PAGE>
The foregoing Agreement is hereby executed as of the date
first above written.

                              AMERCO
                              
                              By:  \s\ Edward J. Shoen
                                    ----------------------
                              Name:     Edward J. Shoen
                                    ----------------------
                              Title:President
                                    ----------------------
                              BLUE RIDGE INVESTMENTS, L.L.C.
                              
                              By:  \s\ George C. Carp
                                    ----------------------
                              Name:     George C. Carp
                                    ----------------------
                              Title:Vice President-Finance
                                    ----------------------
                              
                              NATIONSBANK CORPORATION
                              
                              By:  \s\ Frank M. Johnson
                                    ----------------------
                              Name:     Frank M. Johnson
                                    ----------------------
                              Title:Senior Vice President
                                    ----------------------