<PAGE> 1
               UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C. 20549

                                 FORM 10-Q/A

(Mark One)

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


              For the quarterly period ended December 31, 2000

                                     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.
--------------------------------------------------------------------------------

  1-11255            AMERCO                                      88-0106815
                     (A Nevada Corporation)
                     1325 Airmotive Way, Ste. 100
                     Reno, Nevada  89502-3239
                     Telephone (775) 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 [ ].

21,973,537 shares of AMERCO Common Stock, $0.25 par value were outstanding at
February 12, 2001.

5,385 shares of U-Haul International, Inc. Common Stock, $0.01 par value, were
outstanding at February 12, 2001. 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)  Condensed Consolidated Balance Sheets as of
             December 31, 2000 (unaudited) and March 31, 2000...............   4

         b)  Condensed Consolidated Statements of Earnings for the
             Nine months ended December 31, 2000 and 1999 (unaudited).......   6

         c)  Condensed Consolidated Statements of Comprehensive Income for
             the Nine months ended December 31, 2000 and 1999 (unaudited)...   7

         d)  Condensed Consolidated Statements of Earnings for the
             Quarters ended December 31, 2000 and 1999 (unaudited)..........   8

         e)  Condensed Consolidated Statements of Cash Flows for the
             Nine months ended December 31, 2000 and 1999 (unaudited).......   9

         f)  Notes to Condensed Consolidated Financial Statements -
             December 31, 2000 (unaudited), March 31, 2000 and
             December 31, 1999 (unaudited)..................................  10

Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations..........................................  21

Item 3.  Quantitative and Qualitative Disclosures About Market Risk.........  30

PART II. OTHER INFORMATION

Item 1.  Legal Proceedings..................................................  31

Item 6.  Exhibits and Reports on Form 8-K...................................  32

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                               THIS PAGE LEFT
                             INTENTIONALLY BLANK

<PAGE> 4
                       PART I.  FINANCIAL INFORMATION

                        ITEM 1.  FINANCIAL STATEMENTS


                    AMERCO AND CONSOLIDATED SUBSIDIARIES

                    Condensed Consolidated Balance Sheets


                                                         (Restated,
                                                        see Note 10)
                                                        December 31,  March 31,
Assets                                                      2000         2000
                                                        -----------------------
                                                         (Unaudited)
                                                            (in thousands)


Cash and cash equivalents                             $    25,047       48,435
Notes and mortgage, net                                    75,986       49,866
Inventories, net                                           81,393       84,614
Investments, fixed maturities                             878,037      884,824
Investments, other                                        550,190      320,695
Other assets                                              343,019      354,129
                                                        ----------------------
Property, plant and equipment, at cost:
  Buildings and improvements                              821,448      853,403
  Rental trucks                                         1,006,256    1,035,585
  Other property, plant and equipment                     649,366      672,122
                                                        ----------------------
                                                        2,477,070    2,561,110
  Less accumulated depreciation                         1,159,212    1,178,448
                                                        ----------------------
       Total property, plant and equipment              1,317,858    1,382,662
                                                        ----------------------

Total Assets                                          $ 3,271,530    3,125,225
                                                        ======================


The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE> 5












                                                         (Restated,
                                                        see Note 10)
                                                        December 31,  March 31,
Liabilities and Stockholders' Equity                        2000         2000
                                                        -----------------------
                                                         (Unaudited)
                                                            (in thousands)

Liabilities:
  Notes and loans payable                             $ 1,182,073    1,137,840
  Policy benefits and losses, claims and
    loss expenses payable                                 547,124      548,043
  Liabilities from premium deposits                       469,393      461,673
  Deferred income taxes                                   160,509      109,413
  Other liabilities                                       252,008      282,962
                                                        ----------------------
         Total liabilities                              2,611,107    2,539,931

Stockholders' equity:
  Serial preferred stock -
    Series A preferred stock                                  -            -
    Series B preferred stock                                  -            -
  Serial common stock -
    Series A common stock                                   1,441        1,441
  Common stock                                              9,122        9,122
  Additional paid-in capital                              311,804      275,242
  Accumulated other comprehensive income                  (44,828)     (42,317)
  Retained earnings                                       803,003      755,172
  Cost of common shares in treasury, net                 (404,946)    (397,000)
  Unearned ESOP shares                                    (15,173)     (16,366)
                                                        ----------------------
         Total stockholders' equity                       660,423      585,294

Contingent liabilities and commitments                  ----------------------

Total Liabilities and Stockholders' Equity            $ 3,271,530    3,125,225
                                                        ======================

The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE> 6
                    AMERCO AND CONSOLIDATED SUBSIDIARIES

                Condensed Consolidated Statements of Earnings

                       Nine months ended December 31,
                                 (Unaudited)

                                                         (Restated,
                                                        see Note 10)
                                                            2000         1999
                                                      -------------------------
                                                        (in thousands, except
                                                      share and per share data)

Revenues
  Rental revenue                                     $    951,058      907,802
  Net sales                                               155,078      148,669
  Premiums                                                210,102      167,020
  Net investment and interest income                       72,082       61,545
                                                       -----------------------
      Total revenues                                    1,388,320    1,285,036

Costs and expenses
  Operating expenses                                      745,022      705,289
  Cost of sales                                            87,600       87,737
  Benefits and losses                                     170,678      126,944
  Amortization of deferred policy acquisition costs        25,129       27,500
  Lease expense                                           132,395       98,999
  Depreciation, net                                        69,552       61,553
                                                       -----------------------
      Total costs and expenses                          1,230,376    1,108,022

Earnings from operations                                  157,944      177,014

  Interest expense                                         65,287       61,038
                                                       -----------------------
Pretax earnings                                            92,657      115,976

Income tax expense                                        (32,983)     (40,867)
                                                       -----------------------
Earnings from operations before extraordinary
  loss on early extinguishment of debt                     59,674       75,109
Extraordinary loss on early extinguishment
  of debt, net of tax of $1,160                            (2,121)         -
                                                       -----------------------
      Net earnings                                   $     57,553       75,109
                                                       =======================
Basic earnings per common share:
  Earnings from operations before extraordinary
    loss on early extinguishment of debt                     2.32         2.95
  Extraordinary loss on early extinguishment
    of debt, net                                            (0.10)         -
                                                       -----------------------
      Net earnings                                   $       2.22         2.95
                                                       =======================
Diluted earnings per common share:
  Earnings from operations before extraordinary
    loss on early extinguishment of debt                     2.32         2.93
  Extraordinary loss on early extinguishment
    of debt, net                                            (0.10)         -
                                                       -----------------------
      Net earnings                                   $       2.22         2.93
                                                       =======================
Weighted average common shares outstanding:
  Basic                                                21,539,821   21,964,513
                                                       =======================
  Diluted                                              21,539,821   22,353,402
                                                       =======================

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

                Condensed Consolidated Statements of Comprehensive Income

                       Nine months ended December 31,
                                 (Unaudited)

                                                         (Restated,
                                                        see Note 10)
                                                            2000         1999
                                                        ----------------------
                                                              (in thousands)
Comprehensive income:
  Net earnings                                         $   57,553       75,109
    Changes in other comprehensive income:
     Foreign currency translation                          (4,683)       4,100
     Fair market value of cash flow hedge                    (861)       2,130
     Unrealized gain (loss) on investments                  3,033      (14,855)
                                                         ---------------------
     Total comprehensive income                        $   55,042       66,484
                                                         =====================

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

                Condensed Consolidated Statements of Earnings

                         Quarters ended December 31,
                                 (Unaudited)

                                                         (Restated,
                                                        see Note 10)
                                                            2000         1999
                                                      -------------------------
                                                        (in thousands, except
                                                      share and per share data)

Revenues
  Rental revenue                                     $    270,775      264,772
  Net sales                                                41,117       38,548
  Premiums                                                 88,607       59,217
  Net investment and interest income                       25,478       20,060
                                                       -----------------------
       Total revenues                                     425,977      382,597

Costs and expenses
  Operating expense                                       258,194      237,911
  Cost of sales                                            21,626       25,003
  Benefits and losses                                      74,863       42,929
  Amortization of deferred policy acquisition costs         8,560       12,519
  Lease expense                                            45,859       34,787
  Depreciation, net                                        25,067       23,002
                                                       -----------------------
Total costs and expenses                                  434,169      376,151

Earnings (loss) from operations                            (8,192)       6,446

  Interest expense                                         21,235       21,223
                                                       -----------------------
Pretax loss                                               (29,427)     (14,777)

Income tax benefit                                         10,256        5,452
                                                       -----------------------
Loss from operations before extraordinary
  loss on early extinguishment of debt                    (19,171)      (9,325)
Extraordinary loss on early extinguishment
  of debt, net of tax of $1,160                            (2,121)         -
                                                       -----------------------
       Net loss                                      $    (21,292)      (9,325)
                                                       =======================
Basic and diluted loss per common share:
  Loss from operations before extraordinary
    loss on early extinguishment of debt             $      (1.05)       (0.57)
  Extraordinary loss on early extinguishment
    of debt, net                                            (0.10)         -
                                                       -----------------------
      Net loss                                       $      (1.15)       (0.57)
                                                       =======================
Basic and diluted average common shares outstanding:   21,406,688   21,975,889
                                                       =======================

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

                Condensed Consolidated Statements of Cash Flows

                       Nine months ended December 31,
                                (Unaudited)

                                                         (Restated,
                                                        see Note 10)
                                                            2000         1999
                                                        ----------------------
                                                             (in thousands)

Net cash provided by operating activities              $  100,900      131,304
                                                          --------------------
Cash flows from investing activities:
  Purchases of investments:
    Property, plant and equipment                        (280,271)    (269,530)
    Fixed maturities                                      (84,808)    (114,778)
    Mortgage loans                                        (21,654)     (11,955)
  Proceeds from sale of investments:
    Property, plant and equipment                         240,140      167,305
    Fixed maturities                                       89,583       87,604
    Mortgage loans                                         19,187        8,382
  Changes in other investments                           (120,313)      21,351
                                                          --------------------
Net cash used by investing activities                    (158,136)    (111,621)
                                                          --------------------
Cash flows from financing activities:
  Net change in short-term borrowings                     169,281       17,160
  Proceeds from notes                                         -        150,000
  Principal payments on notes                            (125,048)    (180,084)
  Repurchase of preferred stock                               -        (25,000)
  Preferred stock dividends paid                           (9,722)     (10,400)
  Investment contract deposits                             62,947       45,435
  Investment contract withdrawals                         (55,763)     (45,518)
  Changes in other financing activities                    (7,847)       1,395
                                                          --------------------
Net cash provided (used) by financing activities           33,848      (47,012)
                                                          --------------------
Increase (decrease) in cash and cash equivalents          (23,388)     (27,329)

Cash and cash equivalents at beginning of period           48,435       44,505
                                                          --------------------
Cash and cash equivalents at end of period             $   25,047       17,176
                                                          ====================

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

            Notes to Condensed Consolidated Financial Statements

           December 31, 2000, March 31, 2000 and December 31, 1999
                                 (Unaudited)


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

PRINCIPLES OF CONSOLIDATION
     The condensed consolidated financial statements include the accounts of
the parent corporation, AMERCO, and its wholly-owned subsidiaries.  All
material intercompany accounts and transactions of AMERCO and its subsidiaries
have been eliminated.  The financial statements and notes are presented as
permitted by Form 10-Q and do not contain certain information included in
AMERCO's annual financial statements and notes.

     The condensed consolidated balance sheet as of December 31, 2000 and the
related condensed consolidated statements of earnings for the three and nine
months ended December 31, 2000 and 1999 and the condensed consolidated
statements of comprehensive income and the condensed consolidated statements
of cash flows for the nine months ended December 31, 2000 and 1999 are
unaudited.  In the opinion of management, all adjustments necessary for a fair
presentation of such condensed 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 materially affect the
consolidated financial position or results of operations for the financial
statements presented herein.

     Certain reclassifications have been made to the financial statements for
the three and nine months ended December 31, 1999 to conform with the current
year's presentation.

NEW ACCOUNTING STANDARDS
     During the quarter ended September 30, 2000, AMERCO adopted Staff
Accounting Bulletin No. 101 (SAB 101), "Revenue Recognition in Financial
Statements", which provides guidance on the recognition, presentation and
disclosure of revenue in the financial statements filed with the Securities
and Exchange Commission.  The adoption of SAB 101 was not material to AMERCO's
condensed consolidated financial statements.
<PAGE> 11
                    AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Condensed Consolidated Financial Statements, Continued
                                 (Unaudited)


2.  INVESTMENTS

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

September 30, 2000
------------------     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        $  15,158  $  14,503        141        (244)   14,400
  U.S. government
    agency mortgage-
    backed securities  $  15,453     15,378         43        (290)   15,131
  Corporate
    securities         $  59,022     59,690        774      (3,769)   56,695
  Mortgage-backed
    securities         $  32,239     31,749        305        (365)   31,689
  Redeemable preferred
    stocks                 4,561    115,174        -           -     115,174
                                    ----------------------------------------
                                    236,494      1,263      (4,668)  233,089
                                    ----------------------------------------
September 30, 2000
------------------     Par Value               Gross       Gross    Estimated
  Consolidated         or number  Amortized  unrealized  unrealized   market
  Available-for-Sale   of shares     cost      gains       losses      value
                       ------------------------------------------------------
                                            (in thousands)

  U.S. treasury
    securities
    and government
    obligations        $  41,870  $  42,450        988        (982)   42,456
  U.S. government
    agency mortgage-
    backed securities  $  34,802     34,550        293        (341)   34,502
  Obligations of
    states and
    political
    subdivisions       $  16,355     16,548        527        (125)   16,950
  Corporate
    securities         $ 504,676    503,057      4,018     (24,405)  482,670
  Mortgage-backed
    securities         $  35,122     34,885        640        (441)   35,084
  Redeemable preferred
    stocks                 1,311     32,675         61      (2,855)   29,881
                                    ----------------------------------------
                                    664,165      6,527     (29,149)  641,543
                                    ----------------------------------------
         Total                    $ 900,659      7,790     (33,817)  874,632
                                    ========================================
<PAGE> 12
                    AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Condensed Consolidated Financial Statements, Continued
                                 (Unaudited)


3.  SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF INSURANCE SUBSIDIARIES

     A summarized condensed consolidated balance sheet for RepWest is
presented below:

                                                         September 30,
                                                     -------------------
                                                       2000        1999
                                                     -------------------
                                                        (in thousands)

    Investments, fixed maturities                  $ 407,265     413,845
    Receivables                                      147,143     115,407
    Deferred policy acquisition costs                 21,844      12,720
    Deferred federal income taxes                     10,790      12,538
    Other assets                                      78,506      64,561
                                                     -------------------
         Total assets                              $ 665,548     619,071
                                                     ===================
    Policy liabilities and accruals                $ 309,887     324,214
    Unearned premiums                                 81,679      48,885
    Other policyholders' funds and liabilities        61,908      29,872
                                                     -------------------
      Total liabilities                              453,474     402,971

    Stockholder's equity                             212,074     216,100
                                                     -------------------
      Total liabilities and stockholder's equity   $ 665,548     619,071
                                                     ===================

     A summarized condensed consolidated income statement for RepWest is
presented below:

                                         Quarter ended        Nine months ended
                                         September 30,          September 30,
                                       ----------------------------------------
                                        2000      1999         2000      1999
                                       ----------------------------------------
                                                    (in thousands)

    Premiums                         $ 63,386    35,721      135,718   100,289
    Net investment income               7,966     8,141       23,718    24,830
                                       ----------------      -----------------
      Total revenue                    71,352    43,862      159,436   125,119

    Benefits and losses                56,331    28,674      116,432    82,387
    Amortization of deferred
      policy acquisition costs          3,776     3,312       10,147    10,304
    Operating expenses                 18,049     7,775       37,766    23,351
                                       ----------------      -----------------
      Total expenses                   78,156    39,761      164,345   116,042

    Income (loss) from operations      (6,804)    4,101       (4,909)    9,077

    Income tax benefit (expense)        2,379    (1,217)       1,789    (2,783)
                                       ----------------      -----------------
    Net income (loss)                $ (4,425)    2,884       (3,120)    6,294
                                       ================      =================
<PAGE> 13
                    AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Condensed Consolidated Financial Statements, Continued
                                 (Unaudited)


3.  SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF INSURANCE SUBSIDIARIES,
    continued

     A summarized condensed consolidated balance sheet for Oxford is presented
below:

                                                         September 30,
                                                     -------------------
                                                       2000        1999
                                                     -------------------
                                                        (in thousands)

    Investments, fixed maturities                  $ 470,772     491,279
    Investments, other                               167,208     129,900
    Deferred policy acquisition costs                 77,867      70,270
    Other assets                                      15,780      36,284
                                                     -------------------
        Total assets                               $ 731,627     727,733
                                                     ===================
    Policy liabilities and accruals                $ 152,358     141,995
    Premium deposits                                 469,393     457,677
    Other policyholders' funds and liabilities        19,958      40,741
                                                     -------------------
      Total liabilities                              641,709     640,413

    Stockholder's equity                              89,918      87,320
                                                     -------------------
      Total liabilities and stockholder's equity   $ 731,627     727,733
                                                     ===================

     A summarized condensed consolidated income statement for Oxford is
presented below:

                                         Quarter ended        Nine months ended
                                         September 30,          September 30,
                                       ----------------------------------------
                                        2000      1999         2000      1999
                                       ----------------------------------------
                                                    (in thousands)

    Premiums                         $ 26,750    24,334       78,274    71,541
    Net investment income               5,807     5,774       18,170    16,015
                                       ----------------       ----------------
      Total revenue                    32,557    30,108       96,444    87,556

    Benefits and losses                18,532    14,255       54,246    44,557
    Amortization of deferred
      policy acquisition costs          4,784     6,147       14,982    17,196
    Operating expenses                  6,626     5,910       19,857    15,541
                                       ----------------       ----------------
      Total expenses                   29,942    26,312       89,085    77,294

    Income from operations              2,615     3,796        7,359    10,262

    Income tax expense                   (753)   (1,180)      (1,878)   (3,352)
                                       ----------------       ----------------

    Net income                       $  1,862     2,616        5,481     6,910
                                       ================       ================
<PAGE> 14
                    AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Condensed Consolidated Financial Statements, Continued
                                 (Unaudited)


4.  CONTINGENT LIABILITIES AND COMMITMENTS

     During the nine months ended December 31, 2000, a subsidiary of U-Haul
entered into 33 transactions whereby the subsidiary sold rental trucks,
trailers and support rental items which were subsequently leased back.
AMERCO has guaranteed $60,725,000 of residual values at December 31, 2000 for
these assets at the end of the respective lease terms.  U-Haul also entered
into one transaction where it leased computer equipment and one transaction
where it leased general rental items.  Following are the lease commitments
for the leases executed during the nine months ended December 31, 2000, and
subsequently which have a term of more than one year (in thousands):

                                              Net activity
             Year ended           Lease       subsequent to
              March 31,        Commitments      period end      Total
             --------------------------------------------------------
             2001              $  27,325            -          27,325
             2002                 40,044            -          40,044
             2003                 39,993            -          39,993
             2004                 39,643            -          39,643
             2005                 39,626            -          39,626
             Thereafter           84,448            -          84,448
                                 ------------------------------------
                               $ 271,079            -         271,079
                                 ====================================

     In the normal course of business, AMERCO is a defendant in a number of
suits and claims.  AMERCO 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 AMERCO, individually
or in the aggregate are expected to result in a material loss.


5.  SUPPLEMENTAL CASH FLOWS INFORMATION

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

                                                        Nine months ended
                                                           December 31,
                                                       -------------------
                                                        2000         1999
                                                          (in thousands)

        Receivables                                 $   9,686       (3,394)
                                                       ===================
        Investments, other (refer to Note 7)        $ (98,351)         -
                                                       ===================
        Inventories                                 $   3,221         (422)
                                                       ===================
        Accounts payable and accrued expenses       $ (30,618)     (24,365)
                                                       ===================
<PAGE> 15
                    AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Condensed Consolidated Financial Statements, Continued
                                 (Unaudited)


6.  EARNINGS PER SHARE

     The following table reflects the calculation of the earnings per share:

                                                   Weighted Average
                                                    Common Shares
                                       Income        Outstanding      Per Share
                                     (Numerator)    (Denominator)       Amount
                                     -----------   ----------------   ---------
                                            (in thousands, except share
                                                and per share data)
Quarter ended December 31, 2000:
  Loss from operations before
    extraordinary loss on early
    extinguishment of debt           $ (19,171)
  Less preferred stock dividends         3,241
  Loss from operations before           ------
    extraordinary loss on early
    extinguishment of debt available
    to common stockholders             (22,412)       21,406,688       $  (1.05)
  Extraordinary loss on early
    extinguishment of debt, net         (2,121)                           (0.10)
  Basic and diluted loss                ------                             ----
    per common share                   (24,533)       21,406,688       $  (1.15)
                                        ======        ==========           ====
Quarter ended December 31, 1999:
  Loss from operations               $  (9,325)
  Less preferred stock dividends         3,241
  Basic and diluted loss                ------
    per common share                   (12,566)       21,975,889       $  (0.57)
                                        ======        ==========           ====
Nine months ended December 31, 2000:
  Earnings from operations before
    extraordinary loss on early
    extinguishment of debt           $  59,674
  Less preferred stock dividends         9,722
  Earnings from operations before       ------
    extraordinary loss on early
    extinguishment of debt available
    to common stockholders              49,952        21,539,821       $   2.32
  Extraordinary loss on early
    extinguishment of debt, net         (2,121)                           (0.10)
  Basic and diluted earnings            ------                             ----
    per common share                    47,831        21,539,821       $   2.22
                                        ======        ==========           ====
Nine months ended December 31, 1999:
  Earnings from operations           $  75,109
  Less preferred stock dividends        10,259
                                        ------
  Basic earnings per common share       64,850        21,964,513       $   2.95
  Effect of dilutive securities
    Series B preferred shares              537           388,889
                                        ------        ----------
  Diluted earnings per common share     65,387        22,353,402       $   2.93
                                        ======        ==========           ====
<PAGE> 16
                    AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Condensed Consolidated Financial Statements, Continued
                                 (Unaudited)


7.  RELATED PARTIES

     During the nine months ended December 31, 2000, subsidiaries of AMERCO
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 AMERCO.  AMERCO's subsidiaries
received interest payments of $26,318,000 and principal payments of $795,000
from SAC Holdings during the nine months ended December 31, 2000.  The terms
of the notes with SAC Holdings are consistent with the terms of notes held by
U-Haul for other properties owned by unrelated parties and managed by U-Haul.
These amounts are reflected in Investments, other of the condensed consolidated
balance sheet.  During the nine months ended December 31, 2000, a subsidiary
of AMERCO funded through a note the purchase of properties and construction
costs for SAC Holdings of approximately $182,576,000.  This amount is reflected
in Investments, other of the condensed consolidated balance sheet.

     U-Haul currently manages the properties owned by SAC Holdings pursuant to
a management agreement, under which U-Haul receives a management fee equal to
6% of the gross receipts from the properties.  Management fees of $4,523,000
and $3,348,000 were received during the nine months ended December 31, 2000
and 1999, respectively.  The management fee percentage is consistent with the
fees received by U-Haul for other properties owned by unrelated parties and
managed by U-Haul.

     In June 2000, Real Estate completed the sale of twenty-four storage
properties to Twelve SAC Self-Storage Corporation, Thirteen SAC Self-Storage
Corporation and Fourteen SAC Self-Storage Corporation, subsidiaries of SAC
Holding Corporation, for $98,351,000.  Real Estate received cash and notes
from the sale.  The gain is reflected in the equity section of the condensed
consolidated balance sheet.

     Management believes that the foregoing transactions were consummated on
terms equivalent to those that prevail in arm's-length transactions.
<PAGE> 17
                    AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Condensed Consolidated Financial Statements, Continued
                                 (Unaudited)


8. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA

     Industry Segment Data - AMERCO has four industry segments represented by
Moving and Storage Operations (U-Haul), Real Estate (AREC), Property and
Casualty Insurance (RepWest) and Life Insurance (Oxford).

     Information concerning operations by industry segment follows:

               Moving and         Property/           Adjustments
                 Storage    Real  Casualty    Life        and
               Operations  Estate Insurance Insurance Eliminations Consolidated
               ----------------------------------------------------------------
                                       (in thousands)

Nine months ended
December 31, 2000
-----------------
Revenues:
 Outside       $1,126,987    9,343  156,609    95,381        -       1,388,320
 Intersegment         -     52,599    2,827     1,063    (56,489)          -
 Total          --------------------------------------------------------------
  revenues     $1,126,987   61,942  159,436    96,444    (56,489)    1,388,320
Depreciation/
 amortization  $   77,721    8,144   10,208    15,449        -         111,522
Interest
 expense       $   65,287   32,870      -         -      (32,870)       65,287
Pretax
 earnings
 (loss)        $   79,752   10,455   (4,909)    7,359        -          92,657
Income tax     $  (29,235)  (3,659)   1,789    (1,878)       -         (32,983)
Extraordinary
 loss on early
 extinguishment
 of debt, net  $   (2,121)     -        -         -          -          (2,121)
Identifiable
 assets        $1,451,906  761,149  665,548   731,627   (338,700)    3,271,530


Nine months ended
December 31, 1999
-----------------
Revenues:
 Outside       $1,069,592    7,579  121,254    86,611        -       1,285,036
 Intersegment         -     53,075    3,865       945    (57,885)          -
 Total          --------------------------------------------------------------
  revenues     $1,069,592   60,654  125,119    87,556    (57,885)    1,285,036
Depreciation/
 amortization  $   62,278    7,664   10,529    17,486        -          97,957
Interest
 expense       $   61,038   30,926      -         -      (30,926)       61,038
Pretax
 earnings      $   78,245   18,392    9,077    10,262        -         115,976
Income tax     $  (28,294)  (6,438)  (2,783)   (3,352)       -         (40,867)
Identifiable
 assets        $1,385,918  705,396  619,071   727,733   (340,074)    3,098,044
<PAGE> 18
                    AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Condensed Consolidated Financial Statements, Continued
                                 (Unaudited)


8. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued

               Moving and         Property/           Adjustments
                 Storage    Real  Casualty   Life         and
               Operations  Estate Insurance Insurance Eliminations Consolidated
               ----------------------------------------------------------------
                                       (in thousands)

Quarter ended
December 31, 2000
-----------------
Revenues:
 Outside       $  320,572    3,025   70,191    32,189        -         425,977
 Intersegment         -     17,754    1,161       368    (19,283)          -
 Total          --------------------------------------------------------------
  revenues     $  320,572   20,779   71,352    32,557    (19,283)      425,977
Depreciation/
 amortization  $   29,034    2,760    3,453     4,824        -          40,071
Interest
 expense       $   21,235   10,626      -         -      (10,626)       21,235
Pretax
 earnings
 (loss)        $  (27,593)   2,355   (6,804)    2,615        -         (29,427)
Income tax     $    9,454     (824)   2,379      (753)       -          10,256
Extraordinary
 loss on early
 extinguishment
 of debt, net  $   (2,121)     -        -         -          -          (2,121)
Identifiable
 assets        $1,451,906  761,149  665,548   731,627   (338,700)    3,271,530


Quarter ended
December 31, 1999
-----------------
Revenues:
 Outside       $  307,882    1,583   43,347    29,785        -         382,597
 Intersegment         -     17,777      515       323    (18,615)          -
 Total          --------------------------------------------------------------
  revenues     $  307,882   19,360   43,862    30,108    (18,615)      382,597
Depreciation/
 amortization  $   21,862    2,623    3,544     6,129        -          34,158
Interest
 expense       $   21,223   10,653      -         -      (10,653)       21,223
Pretax
 earnings      $  (27,150)   4,476    4,101     3,796        -         (14,777)
Income tax     $    9,416   (1,567)  (1,217)   (1,180)       -           5,452
Identifiable
 assets        $1,385,918  705,396  619,071   727,733   (340,074)    3,098,044
<PAGE> 19
                    AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Condensed Consolidated Financial Statements, Continued
                                 (Unaudited)


8. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued

     Geographic Segment Data - AMERCO has two geographic segments represented
by the United States and Canada.

     Information concerning operations by geographic segment follows:

                    United                         United
                    States   Canada Consolidated   States   Canada Consolidated
                    ----------------------------   ----------------------------
                         Nine months ended               Quarter ended
                    ----------------------------   ----------------------------
                                  (in thousands of U.S. dollars)
December 31, 2000
-----------------
Total revenues   $1,357,483  30,837   1,388,320    418,421   7,556     425,977
Depreciation/
 amortization    $  108,244   3,278     111,522     38,963   1,108      40,071
Interest expense $   65,274      13      65,287     21,229       6      21,235
Pretax earnings
 (loss)          $   88,430   4,227      92,657    (28,439)   (988)    (29,427)
Income tax       $  (32,977)     (6)    (32,983)    10,256     -        10,256
Extraordinary
 loss, net       $   (2,121)    -        (2,121)    (2,121)    -        (2,121)
Identifiable
 assets          $3,220,947  50,583   3,271,530  3,220,947  50,583   3,271,530

December 31, 1999
-----------------
Total revenues   $1,256,823  28,213   1,285,036    375,238   7,359     382,597
Depreciation/
 amortization    $   95,261   2,696      97,957     33,162     996      34,158
Interest expense $   61,022      16      61,038     21,218       5      21,223
Pretax earnings
 (loss)          $  113,047   2,929     115,976    (13,930)   (847)    (14,777)
Income tax       $  (40,867)    -       (40,867)     5,452     -         5,452
Identifiable
 assets          $3,051,332  46,712   3,098,044  3,051,332  46,712   3,098,044


9. SUBSEQUENT EVENTS

     On February 6, 2001, AMERCO declared a cash dividend of $3,241,000
($0.53125 per preferred share) to preferred stockholders of record as of
February 16, 2001.

     On November 13, 2000, Oxford completed the acquisition of Christian
Fidelity Life Insurance Company (CFLIC) for $37.6 million in cash.  CFLIC is
a Texas-based insurance company specializing in providing Medicare supplement
insurance.  The acquisition will be accounted for under the purchase method
of accounting whereby the purchase price will be allocated to the underlying
assets and liabilities based on their estimated fair values.  The source of
funds for the acquisition was from Oxford's available cash and short-term funds.


10. REVISED FINANCIAL STATEMENTS

     The financial statements as of and for the period ended December 31, 2000
have been restated to correct two errors.  The first error related to the
capitalization of fixed assets.  In the normal course of business, AMERCO
capitalized fixed asset betterments.  In the fourth quarter, it was determined
that certain betterments had been erroneously capitalized twice.  The second
error related to a deferred gain in connection with fixed assets production
recorded throughout the year.  AMERCO determined that a portion of the
deferred gain recorded in the third quarter was incorrect.  The table on
page 20 represents the as previously reported and as amended amounts as of
and for the period ending December 31, 2000.
<PAGE> 20
                    AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Condensed Consolidated Financial Statements, Continued
                                 (Unaudited)


10. REVISED FINANCIAL STATEMENTS, continued

                                 As Previously   Adjustment
                                   Reported      (dec.) inc.   As Amended
                                 -----------------------------------------
                                   (in thousands, except per share data)
At December 31, 2000:
-------------------------------
  Property, plant and equipment  $ 1,317,611     $    247      $ 1,317,858
  Total liabilities                2,608,798        2,309        2,611,107
  Retained earnings                  805,065       (2,062)         803,003
  Total stockholders' equity         662,485       (2,062)         660,423

For the nine months ended
December 31, 2000:
-------------------------------
  Total costs and expenses       $ 1,227,578     $  2,798      $ 1,230,376
  Earnings from operations           160,742       (2,798)         157,944
  Pretax earnings                     95,508       (2,851)          92,657
  Net earnings*                       61,736       (2,062)          59,674

  Basic earnings
    per common share*            $      2.42     $  (0.10)     $      2.32
  Fully diluted earnings
    per common share*                   2.42        (0.10)            2.32

For the quarter ended
December 31, 2000:
-------------------------------
  Total costs and expenses       $   431,371     $  2,798      $   434,169
  Loss from operations                (5,394)      (2,798)          (8,192)
  Pretax loss                        (26,576)      (2,851)         (29,427)
  Net loss*                          (17,109)      (2,062)         (19,171)

  Basic loss
    per common share*            $     (0.95)    $  (0.10)     $     (1.05)
  Fully diluted loss
    per common share*                  (0.95)       (0.10)           (1.05)

*Amounts reported are before extraordinary loss on early extinguishment of debt.
<PAGE> 21
         ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                     CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS
     This report contains forward-looking statements.  Additional written or
oral forward-looking statements may be made by AMERCO from time to time in
filings with the Securities and Exchange Commission or otherwise.  Management
believes such forward-looking statements are within the meaning of the safe-
harbor provisions.  Such statements may include, but not be limited to,
projections of revenues, income or loss, estimates of capital expenditures,
litigation results, plans for future operations, products or services and
financing needs or plans, as well as assumptions relating to the foregoing.
The words "believe", "expect", "anticipate", "estimate", "project" and
similar expressions identify forward-looking statements, which speak only as
of the date the statement was made.  Forward-looking statements are inherently
subject to risks and uncertainties, some of which cannot be predicted or
quantified.  Future events and actual results could differ materially from
those set forth in, contemplated by or underlying the forward-looking
statements.  The following disclosures, as well as other statements in this
report and in the Notes to AMERCO's Consolidated Financial Statements,
describe factors, among others, that could contribute to or cause such
differences, or that could affect AMERCO's stock price.

REVISED FINANCIAL STATEMENTS
     We restated our unaudited financial statements as of and for the period
ended December 31, 2000, reported under Part I, Item I, Financial Statements
to correct two errors.  The first error related to the capitalization of fixed
assets.  In the normal course of business, AMERCO capitalized fixed asset
betterments.  In the fourth quarter, it was determined that certain betterments
had been erroneously capitalized twice.  The second error related to a deferred
gain in connection with fixed assets production recorded throughout the year.
AMERCO determined that a portion of the deferred gain recorded in the third
quarter was incorrect.  The following represents the as previously reported
and as amended amounts as of and for the period ending December 31, 2000.

                                 As Previously   Adjustment
                                   Reported      (dec.) inc.   As Amended
                                 -----------------------------------------
                                   (in thousands, except per share data)
At December 31, 2000:
-------------------------------
  Property, plant and equipment  $ 1,317,611     $    247      $ 1,317,858
  Total liabilities                2,608,798        2,309        2,611,107
  Retained earnings                  805,065       (2,062)         803,003
  Total stockholders' equity         662,485       (2,062)         660,423

For the nine months ended
December 31, 2000:
-------------------------------
  Total costs and expenses       $ 1,227,578     $  2,798      $ 1,230,376
  Earnings from operations           160,742       (2,798)         157,944
  Pretax earnings                     95,508       (2,851)          92,657
  Net earnings*                       61,736       (2,062)          59,674
  Basic earnings
    per common share*            $      2.42     $  (0.10)     $      2.32
  Fully diluted earnings
    per common share*                   2.42        (0.10)            2.32

For the quarter ended
December 31, 2000:
-------------------------------
  Total costs and expenses       $   431,371     $  2,798      $   434,169
  Loss from operations                (5,394)      (2,798)          (8,192)
  Pretax loss                        (26,576)      (2,851)         (29,427)
  Net loss*                          (17,109)      (2,062)         (19,171)
  Basic loss
    per common share*            $     (0.95)    $  (0.10)     $     (1.05)
  Fully diluted loss
    per common share*                  (0.95)       (0.10)           (1.05)

*Amounts reported are before extraordinary loss on early extinguishment of debt.
<PAGE> 22
GENERAL
     Information on industry segments is incorporated by reference from
"Item 1.  Financial Statements - Notes 1, 3 and 8 of Notes to Consolidated
Financial Statements".  The notes discuss the principles of consolidation,
summarized consolidated financial information and industry segment and
geographical area data, respectively.  In consolidation, all intersegment
premiums are eliminated and the benefits, losses and expenses are retained
by the insurance companies.


RESULTS OF OPERATIONS

NINE MONTHS ENDED DECEMBER 31, 2000 VERSUS NINE MONTHS ENDED DECEMBER 31, 1999

Moving and Storage Operations
     Revenues consist of rental revenues, net sales and investment and
interest income.  Total rental revenue was $951.1 million and $907.8 million
for the nine months ended December 31, 2000 and 1999, respectively.  Net
revenues from the rental of moving related equipment increased by $35.8 million.
This increase is primarily attributable to higher truck and trailer rental
revenues.  Storage revenues increased $8.2 million due to increases in rates
and in the number of storage rooms rented.

     Net sales revenues were $155.1 million and $148.7 million for the nine
months ended December 31, 2000 and 1999, respectively.  Revenue growth
resulted from the sale of moving support items (i.e. boxes, etc.), which led
to the majority of the increase, and from an increase in the sale of hitches.

     Net investment and interest income was $22.4 million and $15.0 million
for the nine months ended December 31, 2000 and 1999, respectively.  The
increase is due to increased investments.

     Cost of sales was $87.6 million and $87.7 million for the nine months
ended December 31, 2000 and 1999, respectively.

     Operating expenses before intercompany eliminations were $743.8 million
and $721.0 million for the nine months ended December 31, 2000 and 1999,
respectively.  Increased expenditure levels for personnel and rental equipment
maintenance, due to an increase in truck rental transactions and in fleet size,
were primarily responsible.

     Net depreciation expense was $59.8 million and $54.8 million for the nine
months ended December 31, 2000 and 1999, respectively.  The increase reflects
depreciation on the rental truck fleet.

     Operating profit before tax and intercompany elimination was $102.5 million
and $98.2 million for the nine months ended December 31, 2000 and 1999,
respectively.
<PAGE> 23
Real Estate Operations
     Rental revenue before intercompany eliminations was $54.1 million and
$55.0 million for the nine months ended December 31, 2000 and 1999,
respectively.  Intercompany revenue was $52.6 million and $53.1 million for
the nine months ended December 31, 2000 and 1999, respectively.

     Net investment and interest income was $7.8 million and $5.7 million
for the nine months ended December 31, 2000 and 1999, respectively.  This
increase correlates to an increase in investments in notes and mortgages.

     Net depreciation expense was $9.7 million and $6.8 million for the nine
months ended December 31, 2000 and 1999, respectively. The increase is due to
the build out of storage facilities.

     Operating profit before tax and intercompany elimination was $10.5
million and $18.4 million for the nine months ended December 31, 2000 and 1999,
respectively.  The decrease reflects increases in lease expenses.

Property and Casualty
     RepWest's premiums were $135.7 million and $100.3 million for the nine
months ended September 30, 2000 and 1999, respectively.  General agency
premiums were $37.5 million and $11.6 million for the nine months ended
September 30, 2000 and 1999, respectively.  Assumed treaty reinsurance
premium was $50.5 million and $35.0 million for the nine months ended
September 30, 2000 and 1999, respectively.  Rental industry revenue was
$28.2 million and $35.6 million for the nine months ending September 30, 2000
and 1999, respectively.  This change was caused by the restructuring of the
rental industry Business Auto General Liability Policy.

     Net investment income was $23.7 million and $24.8 million for the nine
months ended September 30, 2000 and 1999, respectively.  The reduction is
attributable to decreased gains and decreased invested assets.

     Benefits and losses were $116.4 million and $82.4 million for the nine
months ended September 30, 2000 and 1999, respectively.  This increase is due
to new agency programs in Non-Standard Auto and Transportation, as well as in
assumed treaty reinsurance business.

     The amortization of deferred acquisition costs (DAC) was $10.1 million
and $10.3 million for the nine months ended September 30, 2000 and 1999,
respectively.

     Operating expenses were $37.8 million and $23.4 million for the nine
months ended September 30, 2000 and 1999, respectively.  The increase is a
result of commissions on new agency business premium writings as well as
assumed reinsurance treaties, increased personnel expenses and changes in
claims handling procedures.

     Operating profit (loss) before tax and intercompany elimination was
$(4.9) million and $9.1 million for the nine months ended September 30, 2000
and 1999, respectively.  The decrease is the result of additional incurred
losses and operating expense, and decreased investment income, offset by an
increase in earned premiums.
<PAGE> 24
Life Insurance
     Net premiums were $78.3 million and $71.5 million for the nine months
ended September 30, 2000 and 1999, respectively.  The difference was
primarily due to a $2.5 million increase in the credit insurance lines and a
$4.1 million increase in the Medicare supplement line.  Premiums related to
other health insurance products increased $0.4 million.  Earned premiums from
life insurance and annuitizations decreased $0.2 million.

     Net investment income before intercompany eliminations was $18.2 million
and $16.0 million for the nine months ended September 30, 2000 and 1999,
respectively.  The increase was due to improved interest rate spreads on the
interest sensitive products and a larger invested asset base.

     Benefits were $54.2 million and $44.6 million for the nine months ended
September 30, 2000 and 1999, respectively.  Medicare supplement benefits
increased $6.4 million from 1999 and credit insurance benefits increased $2.0
million from 1999.  Other health insurance benefits increased $1.6 million for
the year primarily from one-time charges and poor group disability experience.
Annuity benefits increased $0.8 million from 1999.  The life insurance lines
have had better mortality experience in 2000, resulting in a $1.2 million
decrease in benefits from 1999.

     Amortization of DAC was $15.0 million and $17.2 million for the nine
months ended September 30, 2000 and 1999, respectively.  The decrease is due
to credit reinsurance.

     Operating expenses were $19.9 million and $15.5 million for the nine
months ended September 30, 2000 and 1999, respectively.  The increase is due
to premium volume increases.

     Operating profit before tax and intercompany eliminations was $7.4 million
and $10.3 million for the nine months ended September 30, 2000 and 1999,
respectively.  The decrease is due to loss ratios on the Medicare supplement
business and Credit insurance business.

Interest Expense
     Interest expense was $65.3 million and $61.0 million for the nine months
ended December 31, 2000 and 1999, respectively.  The increase can be attributed
to increases in the average debt outstanding and in the average cost of debt.

Consolidated Group
     As a result of the foregoing, pretax earnings totaled $92.7 million
and $116.0 million for the nine months ended December 31, 2000 and 1999,
respectively.  After providing for income taxes, net earnings from operations
were $59.7 million and $75.1 million for the nine months ended December 31,
2000 and 1999, respectively.  Following deductions for an extraordinary loss
from the early extinguishment of debt, net earnings were $57.6 million and
$75.1 million for the nine months ended December 31, 2000 and 1999,
respectively.
<PAGE> 25
QUARTER ENDED DECEMBER 31, 2000 VERSUS QUARTER ENDED DECEMBER 31, 1999

Moving and Storage Operations
     Revenues consist of rental revenues, net sales and investment and
interest income.  Total rental revenue was $270.8 million and $264.8 million
for the quarters ended December 31, 2000 and 1999, respectively. Net revenues
from the rental of moving related equipment increased by $4.0 million. This
increase is primarily attributable to higher truck and trailer rental revenues.
Storage revenues increased $2.0 million due to increases in rates and in the
number of storage rooms rented.

     Net sales revenues was $41.1 million and $38.5 million for the quarters
ended December 31, 2000 and 1999, respectively.  Revenue growth resulted from
the sale of moving support items (i.e. boxes, etc.) which led to the majority
of the increase during the quarter.

     Net investment and interest income was $8.9 million and $5.2 million for
the quarters ended December 31, 2000 and 1999, respectively.  The increase is
due to increased investments.

     Cost of sales was $21.6 million and $25.0 million for the quarters ended
December 31, 2000 and 1999, respectively.

     Operating expenses before intercompany elimination were $252.0 million
and $244.6 million for the quarters ended December 31, 2000 and 1999,
respectively.  The increase reflects higher personnel and rental equipment
maintenance expenditures associated with an increase in truck rental
transactions and inventory levels.

     Net depreciation expense was $20.6 million and $20.8 million for the
quarters ended December 31, 2000 and 1999, respectively.

     Operating loss before tax and intercompany elimination was $19.1 million
and $19.7 million for the quarters ended December 31, 2000 and 1999,
respectively.

Real Estate Operations
     Rental revenue before intercompany eliminations was $18.0 million and
$18.4 million for the quarters ended December 31, 2000 and 1999, respectively.
Intercompany revenue remained constant at $17.8 million for the quarters ended
December 31, 2000 and 1999.

     Net investment and interest income was $2.8 million and $0.9 million for
the quarters ended December 31, 2000 and 1999, respectively.  This increase
correlates to an increase in investments in notes and mortgages.

     Net depreciation expense was $4.4 million and $2.2 million for the
quarters ended December 31, 2000 and 1999, respectively.

     Operating profit before tax and intercompany elimination was $2.4 million
and $4.5 million for the quarters ended December 31, 2000 and 1999,
respectively.  The decrease reflects increases in lease expenses.
<PAGE> 26
Property and Casualty
     RepWest's premiums were $63.4 million and $35.7 million for the quarters
ended September 30, 2000 and 1999, respectively.  The increase is directly
related to general agency premiums, which were $17.3 million and $3.4 million
for the quarters ended September 30, 2000 and 1999, respectively.  Assumed
treaty reinsurance premium were $27.5 million and $14.1 million for the
quarters ended September 30, 2000 and 1999, respectively.

     Net investment income was $8.0 million and $8.1 million for the quarters
ended September 30, 2000 and 1999, respectively.

     Benefits and losses incurred were $56.3 million and $28.7 million for the
quarters ended September 30, 2000 and 1999, respectively.  The increase is a
result of new general agency business writings in Non-Standard Auto and
Transportation, as well as in assumed treaty reinsurance business.

     The amortization of deferred acquisition costs (DAC) was $3.8 million and
$3.3 million for the quarters ended September 30, 2000 and 1999, respectively.
The increase is due to the increase in new business.

     Operating expenses were $18.0 million and $7.8 million for the quarters
ended September 30, 2000 and 1999, respectively. The change is due to
increased commission expense resulting from new agency business premium
writings on Non Standard Auto and Transportation coverages, as well as assumed
treaty business.  General and administrative expenses also increased due to an
increase in personnel and overhead required to support new business expansion.

     Operating profit (loss) before tax and intercompany elimination was
$(6.8) million and $4.1 million for the quarters ended September 30, 2000 and
1999, respectively.  This decrease is the result of increased incurred losses
and operating expense, offset by an increase in earned premiums.
<PAGE> 27
Life Insurance
     Net premiums were $26.8 million and $24.3 million for the quarters ended
September 30, 2000 and 1999, respectively.  The change is primarily due to a
$0.3 million increase in the credit insurance line and a $1.5 million increase
in the Medicare supplement line.  Annuitizations and premiums from other health
and life insurance products increased $0.7 million.

     Net investment income before intercompany eliminations remained constant
at $5.8 million for the quarters ended September 30, 2000 and 1999.

     Benefits were $18.5 million and $14.3 million for the quarters ended
September 30, 2000 and 1999, respectively.  Medicare supplement benefits
increased $2.7 million from 1999 due to higher loss ratios.  Other health
insurance benefits increased $0.9 million due to poor group disability
experience.  Annuity benefits increased $0.6 million.

     Amortization of DAC was $4.8 million and $6.1 million for the quarters
ended September 30, 2000 and 1999, respectively.  Amortization from annuities
decreased $0.5 million, other health insurance amortization decreased $0.2
million and the credit insurance amortization decreased $0.6 million for the
quarter.

     Operating expenses were $6.6 million and $5.9 million for the quarters
ended September 30, 2000 and 1999, respectively.  This increase included
$1.6 million in Medical Supplement commissions to agents, partially offset by
a decrease of $0.8 million in administration costs and surrender charge income
of $0.2 million.

     Operating profit before tax and intercompany eliminations was $2.6 million
and $3.8 million for the quarters ended September 30, 2000 and 1999,
respectively.  The decrease is due to loss ratios on the Medicare supplement
business.

Interest Expense
     Interest expense was unchanged at $21.2 million for the quarters ended
December 31, 2000 and 1999.

Consolidated Group
     As a result of the foregoing, pretax loss was $29.4 million and $14.8
million for the quarters ended December 31, 2000 and 1999, respectively.
After providing for income taxes, net loss from operations was $19.2 million
and $9.3 million for the quarters ended December 31, 2000 and 1999,
respectively.  Following deductions for an extraordinary loss from the early
extinguishment of debt, net loss was $21.3 million and $9.3 million for the
quarters ended December 31, 2000 and 1999, respectively.
<PAGE> 28
LIQUIDITY AND CAPITAL RESOURCES

Moving and Storage Operations
     To meet the needs of its customers, U-Haul maintains a large inventory of
rental items.  In the nine months ended December 31, 2000 and 1999, capital
expenditures were $280.3 million and $269.5 million, respectively.  These
expenditures primarily reflect the expansion of the rental truck fleet.  The
capital required to fund these acquisitions was obtained through internally
generated funds from operations and through lease financings.

     Cash provided (used) by operating activities was ($33.2) million and
$128.6 million for the nine months ended December 31, 2000 and 1999,
respectively.  The decrease resulted primarily from an increase in receivables.

     At December 31, 2000, total outstanding notes and loans payable was
$1,182.1 million as compared to $1,137.8 million at March 31, 2000.

Real Estate Operations
     Cash provided by operating activities was $77.6 million and $6.3 million
for the nine months ended December 31, 2000 and 1999, respectively.  The
increase resulted from an increase in accounts payable.

Property and Casualty
     Cash provided (used) by operating activities was $20.3 million and
$(9.2) million for nine months ended September 30, 2000 and 1999, respectively.
This change resulted from increases in unearned premium, funds withheld and
decreased accounts receivable from December 1999 to September 2000.  The
increase was offset by a decrease in loss and loss adjusting expense reserves
from December 1999 to September 2000 and decreased net income.

     RepWest's cash and cash equivalents and short-term investment portfolio
were $12.0 million and $1.4 million at September 30, 2000 and 1999,
respectively.  The increase is a result of $5.4 million in short-term assets
that were on hand at September 2000 to cover a pending securities settlement.
In addition, short-term assets were increased during the period due to
increased claim payments generated by new business.

     RepWest maintains a diversified securities investment portfolio, primarily
in bonds, at varying maturity levels with 88.0% of the fixed-income securities
consisting of investment grade securities.  The maturity distribution is
designed to provide sufficient liquidity to meet future cash needs.  Current
liquidity remains strong with current invested assets equal to 97.2% of total
liabilities.

     The liability for reported and unreported losses is based upon company
historical and industry averages.  Unpaid loss adjustment expenses are based
on historical ratios of loss adjustment expenses paid to losses paid.  Unpaid
loss and loss expenses are not discounted.
<PAGE> 29
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.

     Cash provided (used) by operating activities was ($0.3) million and $5.6
million for the nine months ended September 30, 2000 and 1999, respectively.
The decrease is due to higher benefit payouts in relation to collected
premium.  Cash provided (used) by financing activities was $7.1 million and
($0.1) million for the nine months ended September 30, 2000 and 1999,
respectively.  The increase is due to a better ratio of annuity deposits
to withdrawals.

     In addition to cash flows from operating and financing activities, a
substantial amount of liquid funds is available through Oxford's short-term
portfolio. Short-term investments were $59.7 million and $52.1 million for
the nine months ending September 30, 2000 and 1999, respectively.  Management
believes that the overall sources of liquidity will continue to meet foreseeable
cash needs.

Consolidated Group
     During each of the fiscal years ended March 31, 2001, 2002 and 2003,
AMERCO estimates gross capital expenditures will average approximately
$313 million primarily reflecting rental fleet rotation.  This level of
capital expenditures, combined with an average of approximately $72 million
in annual long-term debt maturities during this same period, are expected to
create annual average funding needs of approximately $385 million.

Credit Agreements
     AMERCO'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,
AMERCO routinely enters into sale and leaseback transactions.  As of
December 31, 2000, AMERCO had $1,182.1 million in total notes and loans
payable outstanding and unutilized lines of credit of approximately
$67.2 million.

     Certain of AMERCO'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, assets and restricting the
issuance of certain types of preferred stock.  At December 31, 2000, AMERCO
was in compliance with these covenants.

     Reference is made to Note 5 of Notes to Consolidated Financial Statements
in AMERCO's Annual Report on Form 10-K for the fiscal year ended March 31, 2000
for additional information about AMERCO's credit agreements.
<PAGE> 30
     ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     Reference is made to Part II, Item 7A, Quantitative and Qualitative
Disclosure About Market Risk, in AMERCO's Annual Report on Form 10-K for the
fiscal year ended March 31, 2000.
<PAGE> 31
                         PART II.  OTHER INFORMATION


                         ITEM 1.  LEGAL PROCEEDINGS

     In the normal course of business, AMERCO is a defendant in a number of
suits and claims.  AMERCO is also a party to several administrative
proceedings arising from state and local provisions that regulate the removal
and/or cleanup of underground fuel storage tanks.  It is the opinion of
management that none of the suits, claims or proceedings involving AMERCO,
individually or in the aggregate, are expected to result in a material loss.

     Reference is made to Part I, Item 1, Business, in AMERCO's Annual Report
on Form 10-K for the fiscal year ended March 31, 2000 for a discussion of
certain environmental proceedings.

     On June 24, 1997, five (5) current and/or former Moving Center General
Managers (GMs) and one (1) Area Field Manager (AFM) filed suit in Marin County
Superior Court, Case No. BC 203532, entitled Sarah Saunders, et. al. vs.
                                             -----------------------
U-Haul Company of California, Inc., claiming that they were entitled to be
----------------------------------
compensated for all overtime hours worked.  In addition, these Plaintiffs
sought class action status purporting to represent all persons employed in
California as either a salaried GM or AFM since September 1993.  On
September 30, 1997, a virtually identical lawsuit was filed in Los Angeles
County Superior Court, Case No. BC 178775, entitled Wyatt Crandall vs.
                                                    --------------
U-Haul International, Inc. and U-Haul Co. of California.  This action did not
-------------------------------------------------------
include AFMs, but did purport to be brought on behalf of GMs and GM trainees.
These cases were consolidated by the Court in Los Angeles on October 15, 1998.
On June 10, 1999, Plaintiff's motion to certify the AFMs as a class was denied
and the motion to certify the GMs as a class was granted.  Notice of
certification was mailed on or about August 24, 1999.  The class opt-out
period ended on October 11, 1999.  The case was bifurcated and the liability
portion of the case was tried to the Court beginning in November 2000.  The
Court found for the Plaintiffs on January 8, 2001.  The damage portion of the
case will be tried to the Court beginning April 9, 2001.  Management does not
expect the Plaintiffs' damage claims to result in a material loss; however,
there remains the possibility that an adverse outcome could have a material
adverse effect on AMERCO's results of operations for the year in which the
judgment is rendered.
<PAGE> 32
                  ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits

     Exhibit No.              Description
     -----------
          3.1     Restated Articles of Incorporation (1)
          3.2     Restated By-Laws of AMERCO as of August 27, 1997 (2)

(b) Reports on Form 8-K.

          No report on Form 8-K was filed during the quarter ended
          December 31, 2000.

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

(1)  Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q
     for the quarter ended December 31, 1992, file no. 1-11255.

(2)  Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q
     for the quarter ended December 31, 1997, file no. 1-11255.


<PAGE> 33
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: July 20, 2001                By: /S/ GARY B. HORTON
                                  ____________________________________
                                       Gary B. Horton, Treasurer
                                     (Principal Financial Officer)