<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 December 31, 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 February 12, 1998.

5,385  shares  of  U-Haul International, Inc. Common Stock,  $0.01  par
value,  were  outstanding at February 12, 1998.  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 December 31, 1997,
             March 31, 1997 and December 31, 1996...................    4

         b)  Consolidated Statements of Earnings for the Nine
             months ended December 31, 1997 and 1996................    6

         c)  Consolidated Statements of Changes in Stockholders'
             Equity for the Nine months ended December 31, 1997
             and 1996...............................................    7

         d)  Consolidated Statements of Earnings for the
             Quarters ended December 31, 1997 and 1996..............    8

         e)  Consolidated Statements of Cash Flows for the Nine
             months ended December 31, 1997 and 1996................    9

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

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

PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K...........................   26

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<PAGE  4>
                  PART I.  FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS.


               AMERCO AND CONSOLIDATED SUBSIDIARIES

                    Consolidated Balance Sheets
                                 

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


Cash and cash equivalents               $    31,822      41,752         20,873
Receivables                                 251,064     238,523        237,866
Inventories                                  78,242      65,794         54,857
Prepaid expenses                             30,379      17,264         16,922
Investments, fixed maturities               864,321     859,694        885,865
Investments, other                          147,545     127,306        117,684
Deferred policy acquisition costs            41,257      48,598         52,919
Other assets                                 73,355      72,997         68,240
                                          ------------------------------------

Property, plant and equipment, at
  cost:
  Land                                      208,334     209,803        215,566
  Buildings and improvements                830,747     814,744        811,008
  Furniture and equipment                   208,374     199,126        196,248
  Rental trailers and other rental
    equipment                               179,733     170,407        171,143
  Rental trucks                           1,041,591     947,911        940,701
                                          ------------------------------------
                                          2,468,779   2,341,991      2,334,666
  Less accumulated depreciation           1,128,819   1,094,925      1,088,618
                                          ------------------------------------
    Total property, plant and
      equipment                           1,339,960   1,247,066      1,246,048
                                          ------------------------------------

























                                        $ 2,857,945   2,718,994      2,701,274
                                          ====================================

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


<PAGE  5>

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

Liabilities:
  Accounts payable and accrued
    liabilities                         $    94,284     131,099        106,518
  Notes and loans                         1,074,409     983,550        933,410
  Policy benefits and losses, claims
    and loss expenses payable               493,003     469,134        484,254
  Liabilities from premium deposits         423,777     433,397        435,838
  Cash overdraft                             24,978      23,606         24,620
  Other policyholders' funds and
    liabilities                              26,695      30,966         31,663
  Deferred income                            42,803      35,247         33,991
  Deferred income taxes                      39,944       9,675         18,009
                                          ------------------------------------

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 December 31, 1997,
      March 31, 1997 and December 31, 1996        -           -          -
    Series B preferred stock, with no
      par value, 100,000 shares issued
      and outstanding as of December 31, 1997,
      March 31, 1997 and December 31, 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
      December 31, 1997,  March 31, 1997,
      and December 31, 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
    December 31, 1997, March 31, 1997
    and December 31, 1996                     9,122       9,122          9,122
  Additional paid-in capital                337,444     337,933        338,528
  Foreign currency translation adjustment   (16,992)    (14,133)       (13,282)
  Unrealized gain on investments              7,749       4,411          1,614
  Retained earnings                         677,078     644,009        665,210
                                          ------------------------------------
                                          1,015,842     982,783      1,002,633
  Less:
    Cost of common shares in treasury,
      (19,635,913 shares as of December 31,
      1997, March 31, 1997,
      and December 31, 1996)                359,723     359,723        348,923
    Unearned employee stock
      ownership plan shares                  18,067      20,740         20,739
                                          ------------------------------------
         Total stockholders' equity         638,052     602,320        632,971

Contingent liabilities and commitments


                                        $ 2,857,945   2,718,994      2,701,274
                                          ====================================
<PAGE 6>
               AMERCO AND CONSOLIDATED SUBSIDIARIES

                Consolidated Statements of Earnings

                  Nine months ended December 31,
                            (Unaudited)

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

Revenues
  Rental revenue                            $    811,191     781,193
  Net sales                                      143,866     141,728
  Premiums                                       119,890     116,671
  Net investment income                           36,388      36,802
                                              ----------------------
       Total revenues                          1,111,335   1,076,394

Costs and expenses
  Operating expense                              683,240     673,728
  Cost of sales                                   82,312      84,305
  Benefits and losses                            130,914     109,156
  Amortization of deferred acquisition
    costs                                         10,679      12,404
  Depreciation, net                               59,880      51,186
                                              ----------------------
       Total costs and expenses                  967,025     930,779

Earnings from operations                         144,310     145,615

Interest expense, net of interest
  income of $10,307 and $21,402 in
  1997 and 1996, respectively                     49,301      35,060
                                              ----------------------

Pretax earnings from operations                   95,009     110,555
Income tax expense                               (32,169)    (40,347)
                                              ----------------------

Earnings from operations before
  extraordinary loss on early
  extinguishment of debt                          62,840      70,208
Extraordinary loss on early
  extinguishment of debt, net                    (13,984)     (2,319)
                                              ----------------------

       Net earnings                         $     48,856      67,889
                                              ======================
Earnings per common share:
  Earnings from operations before
    extraordinary loss on early
    extinguishment of debt                  $       2.15        2.17
  Extraordinary loss on early
    extinguishment of debt, net                     (.64)       (.09)
                                              ----------------------

      Net earnings                          $       1.51        2.08
                                              ======================

Weighted average common shares outstanding    21,890,250  26,683,455
                                              ======================


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

                  Nine months ended December 31,
                            (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 December 31, 1997,
  March 31, 1997 and December 31, 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 December 31, 1997,
  March 31, 1997 and December 31, 1996
    Beginning of period                            9,122      8,559
      Issuance of common stock                       -          563
                                                 ------------------
    End of period                                  9,122      9,122
                                                 ------------------

Additional paid-in capital:
  Beginning of period                            337,933    165,756
    Issuance of common stock under ESOP              511        485
    Issuance of common stock                         -       73,665
    Issuance of preferred stock                   (1,000)    98,622
                                                 ------------------
  End of period                                  337,444    338,528
                                                 ------------------

Foreign currency translation:
  Beginning of period                            (14,133)   (11,877)
  Change during period                            (2,859)    (1,405)
                                                 ------------------
  End of period                                  (16,992)   (13,282)
                                                 ------------------

Unrealized gain (loss) on investments:
  Beginning of period                              4,411     11,097
  Change during period                             3,338     (9,483)
                                                 ------------------
  End of period                                    7,749      1,614
                                                 ------------------

Retained earnings:
  Beginning of period                            644,009    609,019
    Net earnings                                  48,856     67,889
    Dividends paid to stockholders:
      Preferred stock Series A ($1.59 per share)  (9,723)    (9,723)
      Preferred stock Series B($60.64 per share
        for 1997 and $19.75 per share for 1996)   (6,064)    (1,975)
                                                 ------------------
  End of period                                  677,078    665,210
                                                 ------------------

Less Treasury stock:
  Beginning of period                            359,723    111,118
  Net increase (12,426,836 shares in 1996)           -      237,805
                                                 ------------------
  End of period                                  359,723    348,923
                                                 ------------------

Less Unearned employee stock ownership
    plan shares:
  Beginning of period                             20,740     23,329
    Increase in loan                                   4          1
    Proceeds from loan                            (2,677)    (2,591)
                                                 ------------------
  End of period                                   18,067     20,739
                                                 ------------------

Total stockholders' equity                     $ 638,052    632,971
                                                 ==================


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

                Consolidated Statements of Earnings

                    Quarters ended December 31,
                            (Unaudited)

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

Revenues
  Rental revenue                            $    234,345       226,772
  Net sales                                       35,401        34,536
  Premiums                                        40,045        43,922
  Net investment income                           12,752        11,662
                                              ------------------------
       Total revenues                            322,543       316,892

Costs and expenses
  Operating expense                              221,410       227,670
  Cost of sales                                   20,658        21,666
  Benefits and losses                             48,881        42,440
  Amortization of deferred acquisition
    costs                                          3,556         4,347
  Depreciation, net                               20,607        19,447
                                              ------------------------
       Total costs and expenses                  315,112       315,570

Earnings from operations                           7,431         1,322

Interest expense, net of interest
  income of $3,243 and $2,765 in
  1997 and 1996, respectively                     15,657        17,346
                                              ------------------------

Pretax loss from operations                       (8,226)      (16,024)
Income tax expense                                 2,836         6,486
                                              ------------------------

Loss from operations before
  extraordinary loss on early
  extinguishment of debt                          (5,390)       (9,538)
Extraordinary loss on early
  extinguishment of debt, net                     (9,846)         (315)
                                              ------------------------

       Net loss                             $    (15,236)       (9,853)
                                              ========================


Loss per common share:
Loss from operations before
  extraordinary loss on early
  extinguishment of debt                    $       (.49)         (.72)
Extraordinary loss on early
  extinguishment of debt, net                       (.45)         (.02)
                                              ------------------------

       Net loss                             $       (.94)         (.74)
                                              ========================


Weighted average common shares outstanding    21,901,521    20,359,869
                                              ========================




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

               Consolidated Statements of Cash Flows

                  Nine months ended December 31,
                            (Unaudited)
                                                   1997         1996
                                                ---------------------
                                                    (in thousands)
Cash flows from operating activities:
  Net earnings                                $   48,856       67,889
    Depreciation and amortization                 92,184       71,813
    Provision for losses on accounts
      receivable                                   3,496        2,791
    Net (gain) loss on sale of real and
      personal property                             (667)      (6,461)
    Gain on sale of investments                     (315)        (173)
    Changes in policy liabilities and
      accruals                                    37,431       24,146
    Additions to deferred policy
      acquisition costs                           (4,890)     (11,873)
    Net change in other operating assets
      and liabilities                            (48,252)     (56,759)
                                                 --------------------
Net cash provided by operating activities        127,843       91,373
                                                 --------------------

Cash flows from investing activities:
  Purchases of investments:
    Property, plant and equipment               (317,189)    (159,744)
    Fixed maturities                             (94,451)    (132,855)
    Equity investments                           (24,500)        -
    Mortgage loans                               (13,380)     (18,939)
    Real estate                                      -           (767)
  Proceeds from sale of investments:
    Property, plant and equipment                163,503      214,411
    Fixed maturities                              95,562      106,564
    Real estate                                      685          599
    Mortgage loans                                15,222       35,525
  Changes in other investments                     1,793         (931)
                                                 --------------------
Net cash provided (used) by investing
  activities                                    (172,755)      43,863
                                                 --------------------

Cash flows from financing activities:
  Net change in short-term borrowings            171,500     (328,000)
  Proceeds from notes                            300,000      487,800
  Debt issuance costs                             (1,936)      (4,724)
  Loan to leveraged Employee Stock
    Ownership Plan                                    (4)          (1)
  Proceeds from leveraged Employee Stock
    Ownership Plan                                 2,677        2,591
  Extraordinary loss on early
    extinguishment of debt, net                  (13,984)      (2,319)
  Principal payments on notes                   (380,641)    (224,610)
  Issuance of common stock                           -         74,228
  Issuance of preferred stock                     (1,000)      98,622
  Net change in cash overdraft                     1,372       (7,539)
  Dividends paid                                 (15,787)     (11,698)
  Treasury stock acquisitions                        -       (237,805)
  Investment contract deposits                    17,990       51,162
  Investment contract withdrawals                (45,205)     (43,238)
                                                 --------------------
Net cash provided (used) by
  financing activities                            34,982     (145,531)
                                                 --------------------
Increase (decrease) in cash and
  cash equivalents                                (9,930)     (10,295)
Cash and cash equivalents at
  beginning of period                             41,752       31,168
                                                 --------------------
Cash and cash equivalents at
  end of period                               $   31,822       20,873
                                                 ====================


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

            Notes to Consolidated Financial Statements

      December 31, 1997, March 31, 1997 and December 31, 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, substantially 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 December 31,  1997  and
1996,  and the related consolidated statements of earnings, changes
in  stockholders'  equity and cash flows  for  the  quarters  ended
December  31,  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.

     Property,  plant  and equipment are carried at  cost  and  are
depreciated on the straight-line and accelerated methods  over  the
estimated  useful lives of the assets.  Maintenance is  charged  to
operating expenses as incurred, while renewals and betterments  are
capitalized.  Major overhaul costs are amortized over the estimated
period  benefited.   Gains  and losses on dispositions  are  netted
against depreciation expense when realized.
     
     Basic 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.  The Company does not have any potential common
stock that was not included in the calculation of diluted earnings per
share because it is antidilutive in the current period.
     
     Certain  reclassifications have been  made  to  the  financial
statements  for the nine months ended December 31, 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:

September 30, 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        $  16,663  $  16,499      1,154          (9)   17,644
  U.S. government
    agency mortgage-
    backed securities  $  46,128     45,886        495      (1,174)   45,207
  Obligations of
    states and
    political
    subdivisions       $  28,170     27,995      1,311          (2)   29,304
  Corporate
    securities         $ 162,740    166,435      4,136        (591)  169,980
  Mortgage-backed
    securities         $ 107,256    105,844      1,767        (757)  106,854
  Redeemable preferred
    stocks                 1,343     38,426        832         (75)   39,183
                                    ----------------------------------------
                                    401,085      9,695      (2,608)  408,172
                                    ----------------------------------------

September 30, 1997     
------------------     Par Value               Gross       Gross    Estimated
  Consolidated         or number  Amortized  unrealized  unrealized   market
  Available-for-Sale   of shares     cost      gains       losses      value
                       ------------------------------------------------------
  U.S. treasury
    securities and
    government
    obligations        $  11,685     11,757        900         -      12,657
  U.S. government
    agency mortgage-
    backed securities  $  29,359     28,776        900          (4)   29,672
  States,
    municipalities
    and political
    subdivisions       $  15,880     16,271        629         (54)   16,846
  Corporate
    securities         $ 299,952    302,766      9,910      (1,071)  311,605
  Mortgage-backed
    securities         $  75,157     74,685      2,384        (128)   76,941
  Redeemable preferred
    stocks                   571     14,869        646         -      15,515
                                    ----------------------------------------
                                    449,124     15,369      (1,257)  463,236
                                    ----------------------------------------

         Total                    $ 850,209     25,064      (3,865)  871,408
                                    ========================================
     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:

                                                          September 30,
                                                     ---------------------
                                                         1997        1996
                                                     ---------------------
                                                          (in thousands)

    Investments - fixed maturities                 $   413,196     395,365
    Other investments                                   22,571      11,535
    Receivables                                        119,367     130,285
    Deferred policy acquisition costs                    5,663      10,342
    Due from affiliate                                  33,020      52,747
    Deferred federal income taxes                       17,531      17,573
    Other assets                                        18,917       7,939
                                                       -------------------

         Total assets                              $   630,265     625,786
                                                       ===================

    Policy liabilities and accruals                $   361,146     339,542
    Unearned premiums                                   50,586      66,433
    Other policyholders' funds and liabilities          23,028      24,544
                                                       -------------------
         Total liabilities                             434,760     430,519

    Stockholder's equity                               195,505     195,267
                                                       -------------------

              Total liabilities and
                stockholder's equity               $   630,265     625,786
                                                       ===================

     A   summarized  consolidated  income  statement  for  RWIC  is
presented below:

                                               Nine months ended September 30, 
                                               -------------------------------
                                                     1997            1996
                                               ------------------------------- 
                                                          (in thousands)

    Premiums                                   $   118,753         108,432
    Net investment income                           23,222          22,742
                                                   -----------------------
         Total revenue                             141,975         131,174
         
    Benefits and losses                            113,749          92,330
    Amortization of deferred policy
      acquisition costs                              6,466           7,393
    Other expenses                                  19,902          18,587
                                                   -----------------------
         Income from operations                      1,858          12,864
    Federal income tax expense                         (35)         (3,830)
                                                   -----------------------

    Net income                                 $     1,823           9,034
                                                   =======================
<PAGE 13>
               AMERCO AND CONSOLIDATED SUBSIDIARIES
                                 
       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)

3.   SUMMARIZED  CONSOLIDATED FINANCIAL  INFORMATION  OF  INSURANCE
SUBSIDIARIES, continued

     A  summary  consolidated balance sheet for Oxford is presented
below:

                                                          September 30,
                                                     ---------------------
                                                         1997        1996
                                                     ---------------------
                                                          (in thousands)

    Investments - fixed maturities                 $   451,125     490,500
    Other investments                                  102,467      84,839
    Receivables                                         12,357      14,906
    Deferred policy acquisition costs                   35,594      42,577
    Due from affiliate                                     260         112
    Other assets                                         1,667       2,318
                                                       -------------------

         Total assets                              $   603,470     635,252
                                                       ===================

    Policy liabilities and accruals                $    81,271      78,478
    Premium deposits                                   423,777     435,838
    Other policyholders' funds and liabilities           5,524      10,758
    Deferred taxes                                      10,457       9,751
                                                       -------------------
         Total liabilities                             521,029     534,825

    Stockholder's equity                                82,441     100,427
                                                       -------------------

              Total liabilities and
                stockholder's equity               $   603,470     635,252
                                                       ===================
     
     A  summarized  consolidated income  statement  for  Oxford  is
presented below:

                                               Nine months ended September 30, 
                                               -------------------------------
                                                     1997            1996
                                               ------------------------------- 
                                                        (in thousands)

    Premiums                                   $    19,259          21,276
    Net investment income                           13,400          13,949
                                                   -----------------------
         Total revenue                              32,659          35,225

    Benefits and losses                             17,165          16,826
    Amortization of deferred policy
      acquisition costs                              4,213           5,011
    Other expenses                                   4,063           4,618
                                                   -----------------------
         Income from operations                      7,218           8,770
    Federal income tax expense                      (2,036)         (3,094)
                                                   -----------------------

    Net income                                 $     5,182           5,676
                                                   =======================
     
     On  November 18, 1997, Oxford purchased all of the issued  and
outstanding  shares of Encore Financial, Inc. and its  subsidiaries
(Encore)  for $11,569,000.   Encore's primary subsidiary is North American
Insurance Company (NAI).  NAI is an insurance company domiciled in the  state
of  Wisconsin  whose premium volume is primarily derived  from  the
sale  of credit life and disability products.  On November 24, 1997
Oxford  purchased all of the issued and outstanding shares of  Safe
Mate Life Insurance Company for $2,243,000, domiciled in the state of Texas,
whose premium  volume  is  derived  from the  sale  of  credit  life  and
disability  products.   These purchases greatly  increase  Oxford's
distribution  channels and enhance administrative  capabilities  in
these markets.
<PAGE 14>
               AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)

     
4.  NOTES AND LOANS
     
     During   the  second  quarter  of  fiscal  1998,  the  Company
extinguished   $76.0  million  of  10.27%  interest-bearing   notes
originally  due in fiscal 1999 through fiscal 2002.  This  resulted
in  an  extraordinary loss of $4.1 million,  net  of  tax  of  $2.3
million ($0.19 per share).

      In  October 1997, the Company issued $300.0 million  of  Bond
Back  Asset  Trust  Certificates (BATs).  The net proceeds were used
to initially prepay floating rate indebtedness of the Company  under
revolving credit agreements. Subsequent to the funding of the BATs,
the Company extinguished $256.0 million of 6.61% to 8.13% interest-bearing
notes  originally  due in fiscal 1999 through  fiscal  2010.   This
resulted  in an extraordinary loss of $9.8 million, net of  tax  of
$5.4 million ($0.45 per share).

     During   the  second  quarter  of  fiscal  1997,  the  Company
extinguished  $76.3 million of debt and $86.2 million of  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
$1.4 million ($0.09 per share).



5.  CONTINGENT LIABILITIES AND COMMITMENTS

     During  the  nine months ended December 31, 1997, a subsidiary
of  U-Haul entered into eighteen transactions, whereby the  Company
sold  rental trucks and subsequently leased back.  The Company  has
guaranteed $25,884,000 of residual values for these assets  at  the
end  of  the respective lease terms.  U-Haul also entered into  two
transactions, whereby the Company sold and subsequently leased back
computer  equipment.  Following are the lease commitments  for  the
leases  executed  during the nine months ended December  31,  1997,
which have a term of more than one year (in thousands):


                                Year ended           Lease
                                 March 31,        Commitments
                               ------------------------------

                                  1998              $  (5,330)
                                  1999                 (5,735)
                                  2000                 (5,735)
                                  2001                  4,262
                                  2002                 11,766
                                  Thereafter           39,007
                                                     --------
                                                    $  38,235
                                                     ========
                                 
     During the nine months ended December 31, 1997, the Company
has reduced future lease commitments by $83,713,000 through early
termination of certain leases.  Residual value guarantees were also
reduced by $14,301,000 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.
<PAGE 15>
               AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)


6.  SUPPLEMENTAL CASH FLOWS INFORMATION

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

                                         Nine months ended December 31,
                                               1997         1996
                                             ---------------------

                                                (in thousands)

        Receivables                       $  (12,262)       86,194
                                             =====================
        Inventories                       $  (12,448)       (8,966)
                                             =====================
        Accounts payable and
          accrued liabilities             $  (38,065)      (82,175)
                                             =====================

     Income   taxes  paid  in  cash  amounted  to  $1,367,000   and
$4,780,000  for the nine months ended December 31, 1997  and  1996,
respectively.
     
     Interest  paid in cash amounted to $59,009,000 and $55,631,000
for the nine months ended December 31, 1997 and 1996, respectively.


7.  EARNINGS PER SHARE

     Basic 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 Company
does not have any potential common stock that was not included in the
calculation of diluted earnings per share because it is antidilutive in
the current period.
     
     The  following table reflects the calculation of the  earnings
per share (in thousands except per share data):

                                    Nine months ended          Quarters ended
                                      December 31,               December 31,
                                       1997        1996        1997        1996
                                 ----------------------  ----------------------

Earnings from operations
  before extraordinary
  loss on early extinguishment
   of  debt                    $     62,840      70,208      (5,390)     (9,538)
Less dividends
   on  preferred shares              15,863      12,321       5,292       5,203
                                 ----------------------  ----------------------
                                     46,977      57,887     (10,682)    (14,741)
Extraordinary loss on early
   extinguishment of debt           (13,984)     (2,319)     (9,846)       (315)

                                 ----------------------  ----------------------
Net earnings for per
   share  calculation          $     32,993      55,568     (20,528)    (15,056)
                                 ======================  ======================

Net earnings for per share:

Earnings from operations
  before extraordinary loss
  on early extinguishment
   of  debt                    $       2.15        2.17        (.49)       (.72)
Extraordinary loss on early
   extinguishment of debt, net         (.64)       (.09)       (.45)       (.02)
                                 ----------------------  ----------------------

Net earnings                   $       1.51        2.08        (.94)       (.74)
                                 ======================  ======================

Weighted average common
  shares outstanding             21,890,250  26,683,455  21,901,521  20,359,869
                                 ======================  ======================
<PAGE  16>

               AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)
     
8.  RELATED PARTIES

     During  the  nine months ended December 31, 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
$3,725,000  and interest payments of $5,014,000 from  SAC  Holdings
during the period.
     
     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
$1,387,000  during the nine months ended December  31,  1997.   The
management  fee percentage is consistent with the fees received  by
the Company for other properties managed by the Company.


9.  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.

10.  SUBSEQUENT EVENTS

     In  January  1998, the Company redeemed 25,000 shares  of  its
Series B Preferred Stock for $25,000,000.  The shares were convertible
under certain circumstances into 1,000,000 shares, subject to the
Company's prior right to redeem the Series B Preferred Stock, of
AMERCO's Common Stock.

     On  February 3, 1998, the Company declared a cash dividend  of
$3,241,000 ($0.53125 per preferred share) to preferred stockholders
of record as of February 13, 1998.

<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 and 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 and
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 of each fiscal year (April through September).

                    Moving and Property and            Adjustments
                      Storage    Casualty     Life        and
                    Operations  Insurance  Insurance  Eliminations Consolidated
                    -----------------------------------------------------------
                                            (in thousands)
Nine months ended
December 31, 1997
Revenues:
  Outside           $  954,823    124,771    31,741          -        1,111,335
  Intersegment             -       17,204       918      (18,122)           -
                     ----------------------------------------------------------
    Total revenues     954,823    141,975    32,659      (18,122)     1,111,335
                     ==========================================================
Operating profit    $  135,234      1,858     7,218          -          144,310
                     ============================================
Interest expense                                                         49,301
                                                                       --------
Pretax earnings
  from operations                                                     $  95,009
                                                                       ========
Identifiable assets $1,952,967    630,265   603,470     (328,757)     2,857,945
                     ==========================================================


                    Moving and Property and           Adjustments
                      Storage    Casualty     Life        and
                    Operations  Insurance  Insurance  Eliminations Consolidated
                    -----------------------------------------------------------
                                            (in thousands)
Nine months ended
December 31, 1996
Revenues:
  Outside           $  923,032    118,883    34,479          -        1,076,394
  Intersegment            -        12,291       746      (13,037)           -
                     ----------------------------------------------------------
    Total revenues     923,032    131,174    35,225      (13,037)     1,076,394
                     ==========================================================
Operating profit    $  123,981     12,864     8,770          -          145,615
                     ============================================
Interest expense                                                         35,060
                                                                       --------
Pretax earnings
  from operations                                                     $ 110,555
                                                                       ========
Identifiable assets $1,769,568    625,786   635,252     (329,332)     2,701,274
                     ==========================================================

<PAGE 18>
NINE  MONTHS  ENDED  DECEMBER 31, 1997  VERSUS  NINE  MONTHS  ENDED
DECEMBER 31, 1996

Moving and Storage Operations
     Revenues consist of rental revenues and net sales.

     Rental  revenues  increased by $30.0  million,  approximately
3.8%,  to  $811.2 million in the first nine months of fiscal  1998.
This  increase  primarily  reflects  the  growth  in  truck  rental
revenues  which  benefited  from transactional  growth  and  higher
average revenue per transaction.

     Net  sales  revenues were $143.9 million in  the  first  nine
months   of   fiscal  1998,  which  represents   an   increase   of
approximately  1.6% from the first nine months of fiscal  1997  net
sales  of  $141.7 million.  Revenue growth from the sale of  moving
support  items (i.e. boxes, etc.) and propane resulted  in  a  $4.8
million increase during the first nine months of fiscal 1998, which
was  partially offset by a net decrease in revenue from other sales
categories.

     Cost  of sales was $82.3 million in the first nine months  of
fiscal 1998, which represents a decrease of approximately 2.4% from
$84.3  million for the same period in fiscal 1997.  Lower  material
costs associated with the sale of gasoline which corresponds  to  a
$1.2  million  decline in gasoline sales was primarily  responsible
for the decline.

     Operating expenses increased to $677.4 million in  the  first
nine  months of fiscal 1998 from $663.6 million in the  first  nine
months  of  fiscal  1997, an increase of approximately  2.1%.   The
change  from  the  prior  year primarily reflects  a  $7.9  million
increase  in  insurance costs due to increased  cost  of  risk  and
higher rental activity and a $4.7 million increase in lease expense
due  to  new  leasing  activity within the rental  fleet  and  with
storage  facilities.    Collectively, all other  operating  expense
categories increased by $1.2 million, approximately 0.2%, to $540.5
million.

     Net  depreciation expense for the first nine months of fiscal
1998  was  $59.9 million, as compared to $51.2 million in the  same
period of the prior year.

Property and Casualty
     RWIC's  gross  premium  writings for the  nine  months  ended
September  30,  1997  were $129.8 million, as  compared  to  $133.0
million  in  the  nine  months  ended  September  30,  1996.   This
represents  a  decrease of $3.2 million,  or  2.4%.   As  in  prior
periods,  the  rental industry market accounts  for  a  significant
share of total premiums, approximately 53.9% and 47.9% in the  nine
months  ended  September  30, 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 the  nine  months
ended  1997 to 27.6% of total gross premiums, from comparable  1996
figures  of 27.9%, due to the timing of premium recognition.   RWIC
continues  its direct multiple peril coverage of various commercial
properties  and businesses in 1997.  These premiums  accounted  for
13.2%  of  the  total  gross premiums for  the  nine  months  ended
September 30, 1997 as compared to 9.5% for the same period in 1996.
The  increase is the result of planned business expansion.  Premium
writings in selected general agency lines were 5.3% of total  gross
premium  writings  for  the  period ended  September  30,  1997  as
compared  to  14.7%  in  the same period  of  1996.  This  decrease
resulted  from  the cancellation of a general agency  agreement  in
November 1996.

     Net  earned  premiums increased $10.4 million,  or  9.6%,  to
$118.8  million  for  the  nine months ended  September  30,  1997,
compared  with  premiums of $108.4 million  for  the  period  ended
September  30,  1996.  The increase was primarily  due  to  planned
business expansion in the rental industry and direct multiple peril
markets, offset by a decrease of $4.8 million in general agency and
assumed  treaty reinsurance segments.  The rental industry  markets
increased to $69.6 million or 58.6% over comparable 1996 figures of
$57.0 million or 52.6% of total net earned premiums.  The expansion
of  the direct multiple peril line resulted in an increase of  $2.5
million  over  1996's net earned premiums of $9.9 million  for  the
period.   The  1997 decrease of $3.0 million in the general  agency
lines  resulted  from  the cancellation of an agency  agreement  in
November 1996.

     Net  investment income was $23.2 million for the period ended
September  30,  1997, an increase of 2.2% over 1996 net  investment
income  of $22.7 million.  The marginal increase resulted  from  an
increase in the amount of preferred stock in RWIC's portfolio.
<PAGE 19>
     Underwriting  expenses incurred were $140.1 million  for  the
nine months ended September 30, 1997, an increase of $21.8 million,
or  18.4% over 1996.  Comparable underwriting expenses incurred for
the first nine months of 1996 were $118.3 million.  The increase is
attributed  to  increased commission expense and  losses  incurred.
Increased  commission  expense on the rental  industry  and  direct
multiple  peril  markets  resulted from  the  planned  increase  in
premium  writings  and  represents $1.8 million  of  the  increase.
Losses  incurred  increased $19.8 million in the  rental  industry,
general  agency  lines,  and assumed treaty  reinsurance  segments,
offset  by  a  decrease  in  the  direct  multiple  peril  markets.
Approximately $18.2 million of the increase in losses  incurred  is
attributable  to  all  programs and  result  from  an  increase  in
liabilities  for  unpaid claims due to estimated future  losses  on
current  and  prior  business,  a  component  of  losses  incurred.
Increased  net  paid losses in the general agency,  assumed  treaty
reinsurance and rental industry lines, were offset by a decrease in
the direct multiple peril segment.  All other underwriting expenses
increased in the aggregate by $2.0 million.

     RWIC completed the nine months ended September 30, 1997  with
income  before  tax  expense of $1.9 million as compared  to  $12.9
million  for  the  same  period ended  September  30,  1996.   This
represents  a  decrease  of  $11.0 million,  or  85.3%  over  1996.
Increased  premium  earnings and marginal  investment  income  were
offset by increased underwriting expenses as discussed above.

Life Insurance
     Premiums  from Oxford's reinsurance lines before intercompany
eliminations were $13.1 million for the nine months ended September
30,  1997, a decrease of $2.5 million, or approximately 16.0%  over
1996,  and  accounted  for 68.0% of Oxford's premiums  for  the  nine
months ended September 30, 1997. These premiums are primarily  from
term  life  insurance and deferred annuity reinsurance  agreements.
Decreases  in  premiums  are primarily  from  the  aging  of  these
reinsurance agreements.

     Premiums  from  Oxford's  direct  lines  before  intercompany
eliminations  were $6.2 million premiums for the nine months  ended
September  30, 1997, an increase of $0.5 million or 8.8%  from  the
same  period of 1996.  This increase in direct premium is primarily
attributable  to the Company's disability and group life  business.
Oxford's  direct  business  related to group  life  and  disability
coverage  issued  to employees of the Company for the  nine  months
ended  September  30,  1997  accounted for  approximately  9.8%  of
premiums.   Other  direct lines, including credit life  and  health
business,  accounted for approximately 22.2% of  Oxford's  premiums
for the nine months ended September 30, 1997.

     Net  investment  income before intercompany eliminations  was
$13.4 million and $13.9 million for the nine months ended September
30,  1997 and 1996, respectively.  This decrease is due to a  lower
asset base resulting from a dividend paid to Oxford's parent.

     Benefits and expenses incurred were $25.4 million for the nine
months  ended  September 30, 1997 and $26.5 million  for  the  nine
months ended September 30, 1996.

     Operating   profit   before  tax  and  before   intercompany
elimination decreased by $1.6 million, or approximately  18.2%,  in
1997  to  $7.2  million, primarily due to the decrease  in  premium
income  and lower asset base attributable to the dividend  paid  to
Oxford's parent.

Interest Expense, net
     Interest  expense net of interest income increased  by  $14.2
million  to  $49.3 million for the nine months ended  December  31,
1997,  as  compared  to  $35.1 million for the  nine  months  ended
December  31, 1996.  The increase is attributed to lower levels  of
interest income in the current fiscal year.

Extraordinary Loss on Extinguishment of Debt
     During   the  second  quarter  of  fiscal  1998,  the  Company
extinguished   $76.0  million  of  10.27%  interest-bearing   notes
originally  due in fiscal 1999 through fiscal 2002.  This  resulted
in  an  extraordinary loss of $4.1 million,  net  of  tax  of  $2.3
million ($0.19 per share).

     During  the  third  quarter  of  fiscal  1998,  the  Company
extinguished  $256.0  million of 6.61%  to  8.13%  interest-bearing
notes  originally  due in fiscal 1999 through  fiscal  2010.   This
resulted  in an extraordinary loss of $9.8 million, net of  tax  of
$5.4 million ($0.45 per share).

     During   the  second  quarter  of  fiscal  1997,  the  Company
extinguished  $76.3 million of debt and $86.2 million of  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
$1.4 million ($0.09 per share).

<PAGE 20>
Consolidated Group
     As a result of the foregoing, pretax earnings of $95.0 million
were  realized  in  the  nine months ended December  31,  1997,  as
compared  to  $110.6 million for the same period  in  1996.   After
providing  for  income taxes, earnings from operations  were  $62.8
million as compared to $70.2 million.  Following deductions for  an
extraordinary  loss  from  the early extinguishment  of  debt,  net
earnings  for  the nine months ended December 31, 1997  were  $48.9
million,  as compared to $67.9 million for the same period  of  the
prior year.

QUARTERLY RESULTS

     The  following table presents unaudited quarterly results  for
the  eleven  quarters in the period beginning  April  1,  1995  and
ending  December 31, 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  of  the
Company.   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      Sep 30      Dec 31
                                      1997        1997        1997
                                ------------------------------------

Total revenues                 $   372,021     416,771     322,543
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt (4)(5)                    29,198      39,032      (5,390)
Net earnings (loss)                 29,198      34,894     (15,236)
Weighted average common
  shares outstanding            21,879,156  21,890,072  21,901,521
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt per common share            1.09        1.54        (.49)
Net earnings (loss) per
  common share (1)(4)(5)              1.09        1.35        (.94)
     
          
                                            Quarter Ended
                                 ---------------------------------------------
                                   Jun 30      Sep 30      Dec 31       Mar 31
                                     1996        1996        1996         1997
                                 ---------------------------------------------
Total revenues                 $   361,053     398,449     316,892     308,105
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt (3)                       40,005      39,741      (9,538)    (16,024)
Net earnings (loss)                 40,005      37,737      (9,853)    (16,024)
Weighted average common
  shares outstanding (2)        32,015,301  27,675,192  20,359,869  21,868,241
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt per common share (3)        1.15        1.29       (0.72)      (0.97)
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                 $   340,331     381,746     305,105     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)

<PAGE 21>
________________
(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  Notes  to
   Consolidated  Financial Statements in Item 8  of  the  Company's
   Form 10-K for the year ended March 31, 1997.

(3)During   the   second  quarter  of  fiscal  1997,  the   Company
   extinguished  $76.3 million of debt and $86.2 million  of  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 $1.4 million ($0.09 per share).

(4)During   the   second  quarter  of  fiscal  1998,  the   Company
   extinguished  $76.0  million  of 10.27%  interest-bearing  notes
   originally  due  in  fiscal  1999  through  fiscal  2002.   This
   resulted  in an extraordinary loss of $4.1 million, net  of  tax
   of $2.3 million ($0.19 per share).

(5)During   the   third  quarter  of  fiscal  1998,   the   Company
   extinguished  $256.0 million of 6.61% to 8.13%  interest-bearing
   notes  originally due in fiscal 1999 through fiscal 2010.   This
   resulted  in an extraordinary loss of $9.8 million, net  of  tax
   of $5.4 million ($0.45 per share).

<PAGE 22>
QUARTER  ENDED DECEMBER 31, 1997 VERSUS QUARTER ENDED DECEMBER  31,
1996

Moving and Storage Operations
     Revenues consist of rental revenues and net sales.

     Rental revenues increased by $7.6 million, approximately 3.3%,
to  $234.3  million  in  the third quarter of  fiscal  1998.   This
increase  reflects  an $8.2 million increase in revenues  from  the
rental  of  moving  related  equipment reflecting  higher  In-Townr
transaction  levels  and  an increase in the  average  revenue  per
transaction.

     Net sales revenues were $35.4 million in the third quarter of
fiscal  1998,  which represented an increase of approximately  2.6%
from  the  third quarter of fiscal 1997 net sales of $34.5 million.
Revenue  growth from the sale of moving support items (i.e.  boxes,
etc.)  and  propane resulted in a $1.3 million increase during  the
quarter,  which  was  offset  by a $0.2  million  net  decrease  in
gasoline sales and other sales.

     Cost of sales was $20.7 million in the third quarter of fiscal
1998,  which represents an decrease of 4.6% from $21.7 million  for
the  same  period  in fiscal 1997.  Lower material cost  associated
with  the  reduction of gasoline sales and a reduction  in  propane
costs attributed to the decrease.

     Operating expenses decreased to $213.3 million in  the  third
quarter of fiscal 1998 from $227.7 million in the third quarter  of
fiscal 1997, a decrease of approximately 6.3%.   The decrease  from
the  prior year resulted from management's increased focus on  cost
containment during off-peak rental periods.

     Net depreciation expense for the third quarter of fiscal 1998
was  $20.8 million, as compared to $18.9 million in the same period
of the prior year.


Property and Casualty
     RWIC's  gross premium writing for the quarter ended September
30,  1997  were $41.9 million as compared to $43.6 million  in  the
third  quarter of 1996.  The rental industry market accounts for  a
significant share of total premiums, approximately 60.2% and  52.5%
in  the  third  quarters  of  1997 and 1996,  respectively.   These
writings include U-Haul, U-Haul customers and fleetowners  as  well
as  other  rental  industry insureds with similar  characteristics.
RWIC  continues  underwriting professional reinsurance  via  broker
markets.  Premiums in this area decreased during the third  quarter
of  1997  to  12.8% of total gross premiums, from  comparable  1996
figures  of 18.9%, due to the timing of premium recognition.   RWIC
continues  its direct multiple peril coverage of various commercial
properties  and businesses in 1997.  These premiums  accounted  for
15.6%  of  total  gross  premiums during  third  quarter  1997,  as
compared to 12.1% in 1996.  This increase is the result of  planned
business  expansion.   Premiums in selected  general  agency  lines
accounted  for  an  11.4%  share of written  premiums  in  1997  as
compared  to 16.5% share in 1996. This decrease resulted  from  the
cancellation of a general agency agreement in November 1996.

     Net earned premiums decreased to $39.8 million for the quarter
ended  September  30,  1997, compared with $43.7  million  for  the
quarter  ended  September 30, 1996.  The premium decrease  resulted
from  decreases  in general agency, assumed treaty reinsurance  and
rental  industry segments, partially offset by an increase  in  the
direct multiple peril market.  The cancellation of a general agency
agreement in November 1996 resulted in a $1.7 million decrease from
$2.4  million for the same period in 1996.  The elimination of  the
premium accrual on the reinsurance program contributed $0.9 million
to  the  decrease  from 1996.  Net earned premiums  in  the  rental
industry markets decreased $2.6 million from $27.1 million for  the
quarter  ended  September 1996. Partially offsetting this  decrease
was  an  increase  of $1.3 million in net earned  premiums  on  the
direct multiple peril line due to planned business expansion.

     Net  investment income was $7.9 million for the quarter ended
September  30,  1997, an increase of 3.9% over 1996 net  investment
income  of  $7.6  million.  The increase over  1996  resulted  from
increased cash flow from operations.

     Underwriting  expenses incurred were $51.7  million  for  the
quarter  ended September 30, 1997, an increase of $3.6 million,  or
7.5%  over  1996.  This change is attributable to increased  losses
incurred for the rental industry and direct multiple peril markets,
offset  by  a decrease in commission expense on the assumed  treaty
reinsurance segment.  Paid losses, a component of losses  incurred,
represented $4.2 million of the increase over 1996.  The  remaining
losses  incurred increase, $2.5 million, resulted from an  increase
in liabilities for unpaid claims due to estimated future losses for
current and prior policies.  The increases were partially offset by
a  $1.9  million decrease in commission expense resulting primarily
from  the elimination of the accrual for premiums and corresponding
<PAGE 23>
commissions on the assumed treaty reinsurance segment, as mentioned
earlier. All other underwriting expenses decreased in the aggregate
by $1.2 million.

     RWIC  completed the third quarter of 1997 with income  before
tax  expense of $(4.0) million as compared to $3.2 million for  the
comparable  period  ended September 30, 1996.   This  represents  a
decrease  of $7.1 million, or 225.4% under 1996.  Decreased  earned
premiums  for the quarter and increased underwriting expenses  were
the primary cause.

Life Insurance
     Premiums  from Oxford's reinsurance lines before intercompany
eliminations were $4.4 million for the quarter ended September  30,
1997, a decrease of $0.6 million  or approximately 12.0% over  1996
and  accounted  for  66.7%  of Oxford's premiums  in  1997.   These
premiums  are  primarily  from  term life  insurance  and  deferred
annuity   reinsurance  agreements.   Decreases  in   premiums   are
primarily from the aging of these reinsurance agreements.

     Premiums  from  Oxford's  direct  lines  before  intercompany
eliminations were $2.2 million for the quarter ended September  30,
1997,  an  increase of $0.2 million or 10.0% from  the prior  year.
This  increase in direct premium is primarily attributable to group
life  and  disability coverage issued to employees of the  Company,
which  accounted for approximately 10.6% of premiums. Other  direct
lines,  including  credit life and health business,  accounted  for
approximately  22.7%  of Oxford's premiums for  the  quarter  ended
September 30, 1997.

     Net  investment  income before intercompany eliminations  was
$4.6 million and $4.5 million for the quarters ended September  30,
1997 and 1996, respectively.

     Benefits  and  expenses incurred were $7.7  million  for  the
quarter  ended September 30, 1997, a decrease of 10.5% under  1996.
Comparable  benefits and expenses incurred for  the  quarter  ended
September  30, 1996 were $8.6 million.  This decrease is  primarily
due   to   decreases  in  death  benefits,  reserves  and  deferred
acquisition  cost  amortization partially offset  by  increases  in
commissions and annuity benefits.

     Operating  profit  before  tax and intercompany  eliminations
increased  by  $0.3 million or approximately 9.4% for  the  quarter
ended  September  30,  1997 to $3.5 million, primarily  due  to  an
increase in premium income and a decrease in death benefits.

Interest Expense, net
     Interest  expense, net of interest income, was $15.7  million
for the quarter ended December 31, 1997 versus $17.3 million in the
prior  year's  third  quarter.  This decrease was  derived  from  a
reduction  in  the average cost of borrowings due to the  Company's
debt restructuring program.

Extraordinary Loss on Extinguishment of Debt
     During  the  third  quarter  of  fiscal  1998,  the  Company
extinguished  $256.0  million of 6.61%  to  8.13%  interest-bearing
notes  originally  due in fiscal 1999 through  fiscal  2010.   This
resulted  in an extraordinary loss of $9.8 million, net of  tax  of
$5.4 million ($0.45 per share).

Consolidated Group
     As  a  result of the foregoing, a pretax loss of $8.2 million
was  incurred for the quarter ended December 31, 1997, as  compared
to  a  pretax  loss of $16.0 million for the same period  in  1996.
After  providing  for  income taxes, a loss  of  $5.4  million  was
incurred during the third quarter of fiscal 1998 as compared  to  a
loss  of  $9.6  million  in the prior year.   After  providing  for
extraordinary losses from the early extinguishment of debt,  a  net
loss  of  $15.2  million was incurred for the current  quarter,  as
compared to a net loss of $9.9 million for the same period  of  the
prior year.
<PAGE 24>
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 December 31, 1997,
net  property, plant, and equipment represented approximately 68.6%
of  total  U-Haul  assets and approximately 46.9%  of  consolidated
assets.   In  the first nine months of fiscal 1998,  gross  capital
expenditures for property, plant and equipment were $317.2 million,
as  compared to $159.7 million in the first nine months  of  fiscal
1997.   These  expenditures  primarily reflect   expansion  of  the
rental  truck fleet, purchase of trucks previously leased and  real
property  acquisitions.  The capital needs required to  fund  these
acquisitions  were  funded  with internally  generated  funds  from
operations, debt and lease financings.

     Cash flows from operating activities were $95.9 million during
the  nine  months  ended December 31, 1997, as  compared  to  $76.1
million  during  the  nine months ended  December  31,  1996.   The
increase  results  from  increased  revenues  offset  by  a  slight
increase in operating expenses.

     At  December 31, 1997, total notes and loans outstanding were
$1,074.4  million as compared to $983.6 million at March  31,  1997
and $933.4 million at December 31, 1996.

Property and Casualty
     Cash flows from operating activities were $7.9 million and
$(19.0) million for the nine months ended September 30, 1997 and
September 30, 1996, respectively.  The change resulted from
decreased due from affiliates and paid losses recoverable, offset
by increases in accounts receivable and other assets and decreases
in other liabilities and federal income tax payable.  Also
contributing are increased loss and expense reserves and a smaller
unearned premium decrease than for the quarter ended September 30,
1996.

     The short-term investment portfolio was $1.5 million at
September 30, 1997.  This balance reflects 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.  Approximately 95.0%
of the portfolio is comprised 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 0.2% more invested assets than total liabilities.

     Stockholder's equity increased $3.2 million from $192.3 million
at December 31, 1996 to $195.5 at September 30, 1997.  RWIC
considers current shareholder'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,  deferred
annuity sales 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  flows  from operating activities were $6.4 million  and
$13.7  million  for the nine months ended September  30,  1997  and
1996,   respectively.   In  1997,  cash  flows  provided(used)   by
financing activities were approximately $(9.5) million compared  to
$22.2  million for the nine months ended September 30, 1996.   Cash
flows  from  deferred  annuity sales are a component  of  financing
activities  and  result in the purchase of fixed maturities,  which
are a component of investing activities.  In addition to cash flows
from  operating and financing activities, a substantial  amount  of
liquid  funds  is available through Oxford's short-term  portfolio.
At  September 30, 1997 and 1996, short-term investments amounted to
$6.1  million and $12.5 million, respectively.  Management believes
that  the  overall  sources  of liquidity  will  continue  to  meet
foreseeable cash needs.

     Stockholder's equity of Oxford decreased to $82.4 million  in
1997 from $100.4 million in 1996 as the result of cash dividends of
$33.9 million paid to its parent on December 31, 1996.
<PAGE 25>     
     On  November 18, 1997, Oxford purchased all of the issued  and
outstanding  shares of Encore Financial, Inc. and its  subsidiaries
(Encore).   Encore's primary subsidiary is North American Insurance
Company (NAI).  NAI is an insurance company domiciled in the  state
of  Wisconsin  whose premium volume is primarily derived  from  the
sale  of credit life and disability products.  On November 24, 1997
Oxford  purchased all of the issued and outstanding shares of  Safe
Mate Life Insurance Company, domiciled in the state of Texas, whose
premium  volume  is  derived  from the  sale  of  credit  life  and
disability  products.   These purchases greatly  increase  Oxford's
distribution  channels and enhance administrative  capabilities  in
these markets.

     Applicable  laws  and  regulations of the  State  of  Arizona
require  the  Company's insurance subsidiaries to maintain  minimum
capital   and  surplus  determined  in  accordance  with  statutory
accounting  practices in the amount of $600,000.  In addition,  the
amount  of  dividends that can be paid to shareholders by insurance
companies  domiciled  in  the State of  Arizona  is  limited.   Any
dividend in excess of the limit requires prior regulatory approval.
Statutory  surplus  which can be distributed as  dividends  without
regulatory   approval  is  zero  at  September  30,  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
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 December 31, 1997, the Company  had
$1,074.4   million  in  total  notes  and  loans  outstanding   and
unutilized  committed  lines  of  credit  of  approximately  $180.0
million.

     In  October 1997, the Company issued $300.0 million  of  Bond
Back  Asset  Trust  Certificates (BATs).   The  net  proceeds  were
initially used to prepay floating rate indebtedness of the  Company
under  revolving credit agreements.  Subsequent to the  funding  of
the BATs, the Company extinguished $256.0 million of 6.61% to 8.13%
in  interest-bearing  notes originally due in fiscal  1999  through
fiscal 2010.

     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 December 31, 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 any 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 26>
                    PART II.  OTHER INFORMATION

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)
               4.1  AMERCO and Citibank, N.A. Trustee Second
                    Supplemental Indenture Dated as of October 22, 1997
               4.2  Calculation Agency Agreement
               4.3  6.65%-AMERCO Series 1997 A Bond Backed Asset Trust
                    Certificates ("BATs") Due October 15, 1999
               27   Financial Data Schedule

         b. Reports on Form 8-K.

               No  report  on Form 8-K was filed for the quarter  ended
               December 31, 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 December 31, 1996, file no. 0-7862.

<PAGE 27>
                            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: February 12, 1998             By: /S/ GARY B. HORTON
                                     ___________________________________
                                        Gary B. Horton, Treasurer
                                      (Principal Financial Officer)