<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 September 30, 2001

                                       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 [ ].

21,384,337 shares of AMERCO Common Stock, $0.25 par value were outstanding at
May 17, 2002.

5,385 shares of U-Haul International, Inc. Common Stock, $0.01 par value, were
outstanding at May 17, 2002. 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 September 30, 2001
             (unaudited) and March 31, 2001 (unaudited)....................    4

         b)  Condensed Consolidated Statements of Earnings for the
             Six months ended September 30, 2001 and 2000 (unaudited)......    6

         c)  Condensed Consolidated Statements of Comprehensive Income
             for the Six months ended September 30, 2001 and 2000
             (unaudited)...................................................    7

        d)  Condensed Consolidated Statements of Earnings for the Quarters
            ended September 30, 2001 and 2000 (unaudited)..................    8

         e)  Condensed Consolidated Statements of Comprehensive Income for
             the Quarters ended September 30, 2001 and 2000 (unaudited)....    9

         f)  Condensed Consolidated Statements of Cash Flows for the
             Six months ended September 30, 2001 and 2000 (unaudited)......   10

         g)  Notes to Condensed Consolidated Financial Statements -
             September 30, 2001 (unaudited), March 31, 2001 (unaudited)
             and September 30, 2000 (unaudited)............................   11

Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations.........................................   29

Item 3.  Quantitative and Qualitative Disclosures About Market Risk........   39

PART II. OTHER INFORMATION

Item 1.  Legal Proceedings.................................................   40

Item 4.  Submission of Matters to a Vote of Security Holders...............   41

Item 6.  Exhibits and Reports on Form 8-K..................................   42
<PAGE>  3
                                INTRODUCTORY NOTE


     This amendment to Form 10-Q is being filed to restate the interim financial
statements previously filed for the quarter ended September 30, 2001 to reflect
the consolidation of SAC Holding Corporation and its consolidated subsidiaries
(SAC Holdings or SAC) with AMERCO and its consolidated subsidiaries (AMERCO or
the Company) due to a revised interpretation of EITF 90-15 by the Company's
independent public accountants.  The Company concurs with this revised
interpretation.  AMERCO has no ownership interest in SAC, nor does it guarantee
the debt of SAC.  Further, the holders of such SAC notes have no recourse to the
assets of AMERCO.  The condensed consolidated financial statements presented
herein include the accounts of AMERCO and SAC Holdings.  All material
intercompany accounts and transactions have been eliminated in consolidation.








<PAGE>  4
                         PART I.  FINANCIAL INFORMATION

                          ITEM 1.  FINANCIAL STATEMENTS


      AMERCO AND CONSOLIDATED SUBSIDIARIES AND SAC HOLDING CORPORATION AND
                            CONSOLIDATED SUBSIDIARIES

                      Condensed Consolidated Balance Sheets




                                                  September 30,   March 31,
Assets                                               2001           2001
                                                  -------------------------
                                                          (Unaudited)
                                                    (in thousands)

Cash and cash equivalents                        $     33,253       52,788
Inventories, net                                       81,644       85,330
Prepaid expenses                                       17,571       14,416
Investments, fixed maturities                         974,405      952,482
Investments, other                                    175,840      207,494
Other assets                                          480,956      449,380
Minority interest assets                               15,992       17,907
                                                   -----------------------

Property, plant and equipment, at cost:
  Buildings and improvements                        1,145,913    1,068,956
  Rental trucks                                     1,075,263    1,037,653
  Other property, plant, and equipment                831,752      834,463
                                                   -----------------------
                                                    3,052,928    2,941,072
  Less accumulated depreciation                     1,228,919    1,187,103
                                                   -----------------------

Total property, plant and equipment                 1,824,009    1,753,969
                                                   -----------------------




Total Assets                                     $  3,603,670    3,533,766
                                                   =======================





























The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>  5
      AMERCO AND CONSOLIDATED SUBSIDIARIES AND SAC HOLDING CORPORATION AND
                            CONSOLIDATED SUBSIDIARIES

                Condensed Consolidated Balance Sheets, Continued







Liabilities and                                   September 30,   March 31,
 Stockholders' Equity                                 2001          2001
                                                  -------------------------
                                                          (Unaudited)
                                                    (in thousands)

Liabilities:
 AMERCO's notes and loans payable                $  1,095,574    1,156,848
 SAC Holdings' notes and loans payable,
  non-recourse to AMERCO                              279,599      257,109
 Policy benefits and losses, claims and
  loss expenses payable                               686,705      668,830
 Liabilities from premium deposits                    532,993      522,207
 Deferred income                                       22,334       24,546
 Deferred income taxes                                133,885       96,598
 Other liabilities                                    261,638      272,298
                                                   -----------------------
    Total liabilities                               3,012,728    2,998,436

Contingent liabilities and commitments

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                           236,221      236,002
 Accumulated other comprehensive income               (39,704)     (40,709)
 Retained earnings                                    815,383      755,174
 Cost of common shares in treasury, net              (416,602)    (410,527)
 Unearned ESOP shares                                 (14,919)     (15,173)
                                                   -----------------------
    Total stockholders' equity                        590,942      535,330


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

Total Liabilities and Stockholders' Equity       $  3,603,670    3,533,766
                                                   =======================





















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

                  Condensed Consolidated Statements of Earnings

                         Six months ended September 30,
                                   (Unaudited)

                                                        2001         2000
                                                  --------------------------
                                                     (in thousands, except
                                                   share and per share data)

Revenues
  Rental revenue                                 $    750,100      717,314
  Net sales                                           130,592      121,875
  Premiums                                            202,880      121,495
  Net investment and interest income                   31,361       31,675
                                                   -----------------------
      Total revenues                                1,114,933      992,359

Costs and expenses
  Operating expenses                                  551,881      505,149
  Cost of sales                                        71,113       70,389
  Benefits and losses                                 180,773       95,815
  Amortization of deferred policy
   acquisition costs                                   20,933       16,558
  Lease expense                                        90,614       86,813
  Depreciation, net                                    42,865       46,555
                                                   -----------------------
      Total costs and expenses                        958,179      821,279

Earnings from operations                              156,754      171,080

  Interest expense                                     52,541       53,214
                                                   -----------------------

Pretax earnings                                       104,213      117,866

Income tax expense                                    (37,757)     (43,980)
                                                   -----------------------

Earnings before minority interest                      66,456       73,886
Minority interest                                         233        4,959
                                                   -----------------------

      Net earnings                               $     66,689       78,845
                                                   =======================

Basic and diluted earnings per common share:     $       2.84         3.35
                                                   =======================


Basic and diluted average common shares
  outstanding:                                     21,192,166   21,606,388
                                                   =======================























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

            Condensed Consolidated Statements of Comprehensive Income

                         Six months ended September 30,
                                   (Unaudited)

                                                        2001         2000
                                                  ------------------------
                                                          (in thousands)
Comprehensive income:
  Net earnings                                       $ 66,689       78,845
    Changes in other comprehensive income:
     Foreign currency translation                      (3,120)      (3,585)
     Fair market value of cash flow hedge                (290)        (182)
     Unrealized gain (loss) on investments              4,415       (4,041)
                                                   -----------------------

     Total comprehensive income                      $ 67,694       71,037
                                                   =======================




















































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

                  Condensed Consolidated Statements of Earnings

                          Quarters ended September 30,
                                   (Unaudited)

                                                        2001         2000
                                                  --------------------------
                                                     (in thousands, except
                                                   share and per share data)

Revenues
  Rental revenue                                 $    392,028      379,374
  Net sales                                            61,803       58,579
  Premiums                                            102,550       66,508
  Net investment and interest income                   15,998       15,671
                                                   -----------------------
      Total revenues                                  572,379      520,132

Costs and expenses
  Operating expenses                                  289,681      265,446
  Cost of sales                                        34,704       35,894
  Benefits and losses                                  89,341       53,580
  Amortization of deferred policy
   acquisition costs                                   11,139        8,689
  Lease expense                                        44,272       46,379
  Depreciation, net                                    11,395       23,137
                                                   -----------------------
      Total costs and expenses                        480,532      433,125

Earnings from operations                               91,847       87,007

  Interest expense                                     26,444       26,161
                                                   -----------------------

Pretax earnings                                        65,403       60,846

Income tax expense                                    (24,272)     (22,840)
                                                   -----------------------

Earnings before minority interest                      41,131       38,006
Minority interest                                         555        3,227
                                                   -----------------------


      Net earnings                               $     41,686       41,233
                                                   =======================


Basic and diluted earnings per common share:     $       1.82         1.77
                                                   =======================


Basic and diluted average common shares
  outstanding:                                     21,106,343   21,489,970
                                                   =======================






















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

            Condensed Consolidated Statements of Comprehensive Income

                          Quarters ended September 30,
                                   (Unaudited)

                                                        2001         2000
                                                  ------------------------
                                                         (in thousands)
Comprehensive income:
  Net earnings                                   $     41,686       41,233
    Changes in other comprehensive income:
     Foreign currency translation                      (4,617)      (3,120)
     Fair market value of cash flow hedge                (647)        (206)
     Unrealized loss on investments                    (4,374)      (1,783)
                                                   -----------------------

     Total comprehensive income                  $     32,048       36,124
                                                   =======================




















































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

                 Condensed Consolidated Statements of Cash Flows

                         Six months ended September 30,
                                   (Unaudited)


                                                        2001         2000
                                                  --------------------------
                                                        (in thousands)

Net cash provided
 by operating activities                         $     43,912      117,479

Cash flows from investing activities:
  Purchases of investments:
    Property, plant and equipment                    (108,224)    (333,413)
    Fixed maturities                                  (92,465)     (52,636)
    Real estate                                           (36)         -
    Mortgage loans                                       (561)     (13,591)
  Proceeds from sale of investments:
    Property, plant and equipment                      60,945      140,803
    Fixed maturities                                   75,973       58,550
    Mortgage loans                                      6,889        8,361
  Changes in other investments                         38,751       25,521
                                                   -----------------------

Net cash used by
 investing activities                                 (18,728)    (166,405)
                                                   -----------------------

Cash flows from financing activities:
  Net change in short-term borrowings                 (77,494)     (41,566)
  Principal payments on notes                          26,861       73,078
  Investment contract deposits                         74,159       40,128
  Investment contract withdrawals                     (65,079)     (37,750)
  Proceeds from minority interest                         -            -
  Changes in other financing activities                (3,166)      (6,991)
                                                   -----------------------

Net cash provided (used) by
 financing activities                                 (44,719)      26,899

Decrease in cash and cash equivalents                 (19,535)     (22,027)

Cash and cash equivalents at
 beginning of period                                   52,788       48,445
                                                   -----------------------

Cash and cash equivalents at
 end of period                                   $     33,253       26,418
                                                   =======================






















The accompanying notes are an integral part of these Consolidated financial
statements.
<PAGE> 11

      AMERCO AND CONSOLIDATED SUBSIDIARIES AND SAC HOLDING CORPORATION AND
                            CONSOLIDATED SUBSIDIARIES

              Notes to Condensed Consolidated Financial Statements

            September 30, 2001, March 31, 2001 and September 30, 2000
                                   (Unaudited)


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION
     AMERCO, a Nevada corporation (AMERCO), is the parent company for U-Haul
International, Inc. (U-Haul), which conducts moving and storage operations,
Amerco Real Estate Company (Real Estate), which conducts real estate operations,
Republic Western Insurance Company (RepWest), which conducts property and
casualty insurance operations, and Oxford Life Insurance Company (Oxford), which
conducts life insurance operations.

     As of September 30, 2001, SAC Holding Corporation (SAC Holdings), a Nevada
corporation, is owned by Mark V. Shoen.  Mark V. Shoen is the beneficial owner
of 15.6% of AMERCO's common stock and is an executive officer of U-Haul.

     This amendment is being filed and the accounts of AMERCO and SAC Holdings
are presented as consolidated due to a revised interpretation of EITF 90-15 by
AMERCO's independent public accountants.  AMERCO agrees with this
interpretation.  The accompanying condensed consolidated financial statements as
of and for the periods ending March 31, 2001 and September 30, 2001 have been
restated to reflect such consolidation.  The following table presents the impact
of such consolidation on the dates presented:
<TABLE>
<CAPTION>


                                    September 30, 2001                   March 31, 2001
                                --------------------------        --------------------------
                                As reported(1)As restated         As reported(1)As restated
                                      (Unaudited)                         (Unaudited)
                                     (in thousands)                      (in thousands)

     <S>                          <C>           <C>                 <C>           <C>
     Assets                       3,428,293     3,603,670           3,384,064     3,533,766
     Liabilities                  2,757,315     3,012,728           2,768,698     2,998,436
     Stockholders' equity           670,978       590,942             615,366       535,330
</TABLE>

     (1) As reported in the Company's September 30, 2001 Form 10-Q filed on
November 14, 2001 and March 31, 2001 Form 10-K, filed on July 2, 2001,
respectively, prior to the consolidation of SAC Holdings described above.

     The consolidation of AMERCO with SAC Holdings had no impact on the
consolidated net earnings.  The reduction in stockholders' equity is due to the
elimination of gains previously recorded in connection with sales of properties
from AMERCO to SAC Holdings.  Such gains had been previously recognized as a
component of stockholders' equity.  See Note 11.

     During fiscal year 2002, based on an in-depth market analysis, U-Haul
increased the estimated salvage value of certain rental trucks.  The effect of
the changes increased net earnings by $1,515,000 ($0.07 per share) for the six
months ended September 30, 2001.  The adjustment reflects management's best
estimate, based on information available, of the estimated salvage value of
these rental trucks.

PRINCIPLES OF CONSOLIDATION
     The condensed consolidated financial statements presented here include the
accounts of AMERCO and its wholly owned subsidiaries and SAC Holdings and its
consolidated subsidiaries.  All material intercompany accounts and transactions
have been eliminated in consolidation.  AMERCO has not (and has never had any)
ownership interest in SAC Holdings or any of SAC Holdings' subsidiaries, nor
does it guarantee any of the debt of SAC Holdings.  The condensed consolidated
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.  For a more detailed breakout of the accounts of AMERCO, refer to
AMERCO's Form 10-K.

     The condensed consolidated balance sheet as of September 30, 2001 and the
related condensed consolidated statements of earnings and the condensed
consolidated statements of comprehensive income for the three and six months
ended September 30, 2001 and 2000 and the condensed consolidated cash flows for
the six months ended September 30, 2001 and 2000 are unaudited.  In the opinion
of management, all adjustments necessary for a fair presentation of such
condensed consolidated financial statements have been included.  Such
<PAGE> 12
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 RepWest and Oxford have
been consolidated on the basis of a calendar year, and accordingly, are
determined on a one quarter lag for financial reporting purposes.  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 six months ended September 30, 2000 to conform with the current
year's presentation.
<PAGE> 13
      AMERCO AND CONSOLIDATED SUBSIDIARIES AND SAC HOLDING CORPORATION 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:

     June 30, 2001
     -------------        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        $   4,100  $   3,610        164         -       3,774
     U.S. government
       agency mortgage-
       backed securities  $  11,299     11,245        265         (13)   11,497
     Corporate
       securities         $  43,607     43,704      1,591         (42)   45,253
     Mortgage-backed
       securities         $  35,264     34,827        699         (69)   35,457
     Redeemable preferred
       stocks                 4,541    114,674        247      (3,307)  111,614
                                       ----------------------------------------

                                       208,060      2,966      (3,431)  207,595
                                       ----------------------------------------

     June 30, 2001
     -------------        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        $  42,760  $  43,280      1,812        (319)   44,773
     U.S. government
       agency mortgage-
       backed securities  $  31,620     31,364        725         (39)   32,050
     Obligations of
       states and
       political
       subdivisions       $  15,925     16,065        660        (112)   16,613
     Corporate
       securities         $ 608,680    604,300     14,257     (16,239)  602,318
     Mortgage-backed
       securities         $  31,270     31,203      1,013        (153)   32,063
     Redeemable preferred
       stocks                 1,260     31,834        281        (447)   31,668
     Redeemable common
       stocks                   633      7,900        -        (1,040)    6,860
                                       ----------------------------------------

                                       765,946     18,748     (18,349)  766,345
                                       ----------------------------------------

            Total                    $ 974,006     21,714     (21,780)  973,940
                                       ========================================







<PAGE>  14
      AMERCO AND CONSOLIDATED SUBSIDIARIES AND SAC HOLDING CORPORATION 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:

                                                           June 30,
                                                     -------------------
                                                       2001        2000
                                                     -------------------
                                                        (in thousands)

    Investments, fixed maturities                  $ 396,466     398,127
    Receivables                                      212,299     176,416
    Due from affiliate                                46,310      23,665
    Other assets                                      79,996      66,929
                                                     -------------------

         Total assets                              $ 735,071     665,137
                                                     ===================

    Policy liabilities and accruals                $ 381,350     325,043
    Unearned premiums                                113,463      77,364
    Other policyholders' funds and liabilities        59,117      52,867
                                                     -------------------
      Total liabilities                              553,930     455,274

    Stockholder's equity                             181,141     209,863
                                                     -------------------

         Total liabilities and
           stockholder's equity                    $ 735,071     665,137
                                                     ===================


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

                                         Quarter ended        Six months ended
                                           June 30,               June 30,
                                      -----------------------------------------
                                        2001      2000          2001      2000
                                      -----------------------------------------
                                                   (in thousands)

    Premiums                         $ 66,087    41,925       128,265    72,332
    Net investment income               7,449     7,744        15,865    15,752
                                      -----------------       -----------------
      Total revenue                    73,536    49,669       144,130    88,084

    Benefits and losses                62,371    35,519       122,638    60,101
    Amortization of deferred
      policy acquisition costs          6,590     3,186        11,630     6,360
    Operating expenses                 17,904    11,410        28,774    19,728
                                      -----------------       -----------------
      Total expenses                   86,865    50,115       163,042    86,189

    Income (loss) from operations     (13,329)     (446)      (18,912)    1,895
    Income tax benefit (expense)        4,708       273         6,687      (590)
                                      -----------------       -----------------

        Net income (loss)            $ (8,621)     (173)      (12,225)    1,305
                                      =================       =================
<PAGE> 15
      AMERCO AND CONSOLIDATED SUBSIDIARIES AND SAC HOLDING CORPORATION 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:

                                                            June 30,
                                                     -------------------
                                                       2001        2000
                                                     -------------------
                                                        (in thousands)

    Investments, fixed maturities                  $ 577,939     481,879
    Investments, other                               173,863     148,115
    Receivables                                       30,541      18,120
    Deferred policy acquisition costs                 83,280      74,787
    Other assets                                       9,647       4,554
                                                     -------------------

        Total assets                               $ 875,270     727,455
                                                     ===================

    Policy liabilities and accruals                $ 187,758     149,151
    Premium deposits                                 532,993     463,360
    Deferred federal income taxes                     12,211       9,620
    Other policyholders' funds and liabilities        36,739      17,707
                                                     -------------------
      Total liabilities                              769,701     639,838

    Stockholder's equity                             105,569      87,617
                                                     -------------------

        Total liabilities and
          stockholder's equity                     $ 875,270     727,455
                                                     ===================


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

                                        Quarter ended         Six months ended
                                          June 30,                June 30,
                                      ----------------------------------------
                                       2001      2000          2001      2000
                                      ----------------------------------------
                                                   (in thousands)

    Premiums                        $ 37,905    26,020        77,538    51,524
    Net investment income              6,976     6,659        13,184    12,363
                                      ----------------        ----------------
      Total revenue                   44,881    32,679        90,722    63,887

    Benefits and losses               26,970    18,061        58,135    35,714
    Amortization of deferred
      policy acquisition costs         4,538     5,503         9,292    10,198
    Operating expenses                12,197     7,626        19,436    13,231
                                      ----------------        ----------------
      Total expenses                  43,705    31,190        86,863    59,143

    Income from operations             1,176     1,489         3,859     4,744
    Income tax expense                  (272)      (56)       (1,232)   (1,125)
                                      ----------------        ----------------

        Net income                  $    904     1,433         2,627     3,619
                                      ================        ================



<PAGE> 16
      AMERCO AND CONSOLIDATED SUBSIDIARIES AND SAC HOLDING CORPORATION AND
                            CONSOLIDATED SUBSIDIARIES

         Notes to Condensed Consolidated Financial Statements, Continued
                                   (Unaudited)


4.  CONTINGENT LIABILITIES AND COMMITMENTS

     During the six months ended September 30, 2001, a subsidiary of U-Haul
entered into three transactions and has subsequently entered into one
transaction, whereby the subsidiary sold rental trucks, which were subsequently
leased back.  AMERCO has guaranteed $10,528,000 of residual values at September
30, 2001 for these assets at the end of the respective lease terms.  Following
are the lease commitments for the leases executed during the six months ended
September 30, 2001, 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
             --------------------------------------------------------

             2002              $     777            131           908
             2003                  1,553            524         2,077
             2004                  1,553            524         2,077
             2005                  1,228            524         1,752
             2006                  1,119            524         1,643
             Thereafter            3,416          1,965         5,381
                                 ------------------------------------
                               $   9,646          4,192        13,838
                                 ====================================


     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 and accounts payable
and accrued liabilities net of other operating and investing activities follows:

                                                            Six months ended
                                                              September 30,
                                                          2001          2000
                                                      -----------------------
                                                           (in thousands)

        Receivables                                 $  (14,209)       (20,937)
                                                       ======================

        Inventories                                 $    3,686            943
                                                       ======================

        Accounts payable and accrued expenses       $  (28,448)        (8,502)
                                                       ======================





<PAGE> 17
      AMERCO AND CONSOLIDATED SUBSIDIARIES AND SAC HOLDING CORPORATION AND
                            CONSOLIDATED SUBSIDIARIES

         Notes to Condensed Consolidated Financial Statements, Continued
                                   (Unaudited)


6.  EARNINGS PER SHARE OF AMERCO

     The following table reflects the calculation of the earnings per share:
<TABLE>
<CAPTION>

                                                               Weighted Average
                                                                Common Shares
                                                 Income          Outstanding       Per Share
                                              (Numerator)       (Denominator)        Amount
                                             ------------     ---------------      ---------
                                                            (in thousands, except
                                                          share and per share data)
<S>                                          <C>                 <C>               <C>
Quarter ended September 30, 2001:
 Earnings from operations                    $   41,686
 Less:  preferred stock dividends                 3,241
                                                 ------
 Basic and diluted earnings
   per common share                              38,445          21,106,343        $    1.82
                                                 ======          ==========             ====

Quarter ended September 30, 2000:
 Earnings from operations                    $   41,233
 Less:  preferred stock dividends                 3,241
                                                 ------
 Basic and diluted earnings
   per common share                              37,992          21,489,970        $    1.77
                                                 ======          ==========             ====


Six months ended September 30, 2001:
 Earnings from operations                    $   66,689
 Less:  preferred stock dividends                 6,481
                                                 ------
 Basic and diluted earnings
   per common share                              60,208          21,192,166        $    2.84
                                                 ======          ==========             ====

Six months ended September 30, 2000:
 Earnings from operations                    $   78,845
 Less:  preferred stock dividends                 6,481
                                                 ------
 Basic and diluted earnings
   per common share                              72,364          21,606,388        $    3.35
                                                 ======          ==========             ====
</TABLE>



7.  RELATED PARTY TRANSACTIONS


     During September 2001 the Company consummated a transfer of cash in the
amount of $7.5 million and real estate properties in the amount of $65.5 million
from Real Estate and other subsidiaries to Oxford and RepWest.  The transferred
assets were recorded by RepWest and Oxford at their original book value and no
gain or loss was recorded.

     Sales of properties from AMERCO to SAC Holdings have been eliminated in
consolidation, as presented in note 11.
<PAGE> 18
      AMERCO AND CONSOLIDATED SUBSIDIARIES AND SAC HOLDING CORPORATION AND
                            CONSOLIDATED SUBSIDIARIES

              Notes to Consolidated Financial Statements, Continued
                                   (Unaudited)


8.  NEW ACCOUNTING STANDARDS

     In July 2001, the Financial Accounting Standards Board ("FASB") issued
Statements of Financial Accounting Standards No. 141 (SFAS 141), "Business
Combinations", and No. 142 (SFAS 142), "Goodwill and Other Intangible Assets".

     SFAS 141 supercedes Accounting Principles Board Opinion No. 16 (APB 16),
"Business Combinations".  The most significant changes made by SFAS 141 are: (1)
requiring that the purchase method of accounting be used for all business
combinations initiated after June 30, 2001, (2) establishing specific criteria
for the recognition of intangible assets separately from goodwill, and (3)
requiring unallocated negative goodwill to be written off immediately as an
extraordinary gain (instead of being deferred and amortized).

     SFAS 142 supercedes APB 17, "Intangible Assets".  SFAS 142 primarily
addresses the accounting for goodwill and intangible assets subsequent to their
acquisition (i.e., the post-acquisition accounting).  The provisions of SFAS 142
will be effective for fiscal years beginning after December 15, 2001.  The most
significant changes made by SFAS 142 are: (1) goodwill and indefinite lived
intangible assets will no longer be amortized, (2) goodwill will be tested for
impairment at least annually at the reporting unit level, (3) intangible assets
deemed to have an indefinite life will be tested for impairment at least
annually, and (4) the amortization period of intangible assets with finite lives
will no longer be limited to forty years.

     SFAS No. 141 and 142 are not expected to affect the consolidated financial
position or results of operations.

     SFAS No. 143, Accounting for Asset Retirement Obligations, requires
recognition of the fair value of liabilities associated with the retirement of
long-lived assets when a legal obligation to incur such costs arises as a result
of the acquisition, construction, development and/or the normal operation of a
long-lived asset.  Upon recognition of the liability, a corresponding asset is
recorded at present value and accreted over the life of the asset and
depreciated over the remaining life of the long-lived asset.  The Statement
defines a legal obligation as one that a party is required to settle as a result
of an existing or enacted law, statute, ordinance, or written or oral contract
or by legal construction of a contract under the doctrine of promissory
estoppel.  SFAS 143 is effective for fiscal years beginning after June 15, 2002.
Management has not yet determined the effects of adopting this Statement on the
financial position or results of operations.






<PAGE> 19
      AMERCO AND CONSOLIDATED SUBSIDIARIES AND SAC HOLDING CORPORATION AND
                            CONSOLIDATED SUBSIDIARIES

         Notes to Condensed Consolidated Financial Statements, Continued
                                   (Unaudited)


9. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA

     Information concerning operations by industry segment follows:
     <TABLE>
     <CAPTION>

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

   Quarter ended
   September 30, 2001
   ------------------
   <S>              <C>          <C>       <C>        <C>         <C>            <C>
   Revenues:
     Outside        $  451,789     3,616    72,500     44,474          -           572,379
     Intersegment          -      16,324     1,036        407      (17,767)            -
                     ---------   -------   -------    -------     --------       ---------

     Total revenue  $  451,789    19,940    73,536     44,881      (17,767)        572,379
   Depreciation/
     amortization   $   23,283     2,735     6,976      4,617          -            37,611
   Interest expense $   26,444     9,517       -          -         (9,517)         26,444
   Pretax earnings
    (loss)          $   59,471    18,085   (13,329)     1,176          -            65,403
   Income tax
    benefit
     (expense)      $  (22,378)   (6,330)    4,708       (272)         -           (24,272)
   Identifiable
     assets         $1,664,653   685,777   735,071    875,270     (357,101)      3,603,670
</TABLE>


<TABLE>
<CAPTION>
   Quarter ended
   September 30, 2000
   ------------------
   <S>              <C>          <C>       <C>        <C>         <C>            <C>
   Revenues:
     Outside        $  435,419     3,802    48,590     32,321          -           520,132
     Intersegment          -      17,102     1,079        358      (18,539)            -
                     ---------   -------   -------    -------     --------       ---------

     Total revenue  $  435,419    20,904    49,669     32,679      (18,539)        520,132
   Depreciation/
     amortization   $   25,843     2,632     3,298      5,556          -            37,329
   Interest expense $   26,161    10,911       -          -        (10,911)         26,161
   Pretax earnings  $   55,613     4,190      (446)     1,489          -            60,846
   Income tax       $  (21,598)   (1,459)      273        (56)         -           (22,840)
   Identifiable
     assets         $1,505,996   747,255   665,137    727,455     (342,530)      3,303,313
</TABLE>

























<PAGE> 20
      AMERCO AND CONSOLIDATED SUBSIDIARIES AND SAC HOLDING CORPORATION AND
                            CONSOLIDATED SUBSIDIARIES

         Notes to Condensed Consolidated Financial Statements, Continued
                                   (Unaudited)


 9. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued
 <TABLE>
 <CAPTION>

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

   Six months ended
   September 30, 2001
   ------------------
   <S>           <C>         <C>      <C>       <C>       <C>            <C>
   Revenues:
    Outside      $  876,974    6,031  141,985    89,943        -         1,114,933
    Intersegment        -     33,653    2,145       779    (36,577)            -
                  ---------  -------  ------    ------    --------       ---------
    Total
     revenues    $  876,974   39,684  144,130    90,722    (36,577)      1,114,933
   Depreciation/
    amortization $   54,454    5,550   12,262     9,411        -            81,677
   Interest
    expense      $   52,541   19,724      -         -      (19,724)         52,541
   Pretax
    earnings
     (loss)      $   96,573   22,693  (18,912)    3,859        -           104,213
   Income tax
    benefit
     (expense)   $  (35,269)  (7,943)   6,687    (1,232)       -           (37,757)
   Identifiable
    assets       $1,664,653  685,777  735,071   875,270   (357,101)      3,603,670
</TABLE>



<TABLE>
<CAPTION>
   Six months ended
   September 30, 2000
   ------------------
   <S>           <C>         <C>      <C>       <C>       <C>            <C>
   Revenues:
    Outside      $  836,431    6,318   86,418    63,192        -           992,359
    Intersegment        -     34,845    1,666       695    (37,206)            -
                  ---------  -------  ------    ------    --------       ---------
    Total
     revenues    $  836,431   41,163   88,084    63,887    (37,206)        992,359
   Depreciation/
    amortization $   50,757    5,384    6,755    10,625        -            73,521
   Interest
    expense      $   53,214   22,244      -         -      (22,244)         53,214
   Pretax
    earnings     $  103,127    8,100    1,895     4,744        -           117,866
   Income tax    $  (39,430)  (2,835)    (590)   (1,125)       -           (43,980)
   Identifiable
    assets       $1,505,996  747,255  665,137   727,455   (342,530)      3,303,313
</TABLE>


















<PAGE> 21
      AMERCO AND CONSOLIDATED SUBSIDIARIES AND SAC HOLDING CORPORATION AND
                            CONSOLIDATED SUBSIDIARIES

         Notes to Condensed Consolidated Financial Statements, Continued
                                   (Unaudited)


9. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued
<TABLE>
<CAPTION>

   Geographic Area Data -                       AMERCO                             AMERCO
     (All amounts are in   United                and        United                   and
      U.S. $'s)            States    Canada  SAC Holdings   States    Canada    SAC Holdings
                          -------------------------------  ---------------------------------
                                   Quarter ended                   Six months ended
                          -------------------------------  ---------------------------------
                                                        (in thousands)
   <S>                   <C>          <C>      <C>         <C>         <C>         <C>
   September 30, 2001
   ------------------
   Total revenues        $  559,939   12,440     572,379   1,091,351   23,582      1,114,933
   Depreciation/
     amortization        $   36,875      736      37,611      79,928    1,749         81,677
   Interest expense      $   26,457      (13)     26,444      52,502       39         52,541
   Pretax earnings       $   62,091    3,312      65,403      98,395    5,818        104,213
   Income tax            $  (24,272)     -       (24,272)    (37,757)     -          (37,757)
   Identifiable assets   $3,546,987   56,683   3,603,670   3,546,987   56,683      3,603,670

   September 30, 2000
   ------------------
   Total revenues        $  507,438   12,694     520,132     969,078   23,281        992,359
   Depreciation/
     amortization        $   36,227    1,102      37,329      71,351    2,170         73,521
   Interest expense      $   26,160        1      26,161      53,207        7         53,214
   Pretax earnings       $   57,932    2,914      60,846     112,651    5,215        117,866
   Income tax            $  (22,834)      (6)    (22,840)    (43,974)      (6)       (43,980)
   Identifiable assets   $3,245,622   57,691   3,303,313   3,245,622   57,691      3,303,313
</TABLE>





10. SUBSEQUENT EVENTS OF AMERCO

     On May 7, 2002, AMERCO declared a cash dividend of $3,241,000 ($0.53125 per
preferred share) to preferred stockholders of record as of May 17, 2002.

     In March 2002, Real Estate completed the sale of fifty-eight storage
properties to Twenty-Four SAC Self-Storage Limited Partnership, Twenty-Five SAC
Self-Storage Limited Partnership, Twenty-Six SAC Self-Storage Limited
Partnership and Twenty-Seven SAC Self-Storage Limited Partnership for
$146,852,000.  The Company received cash and notes from the sale.  The gain on
sale will be eliminated in consolidation.

     On February 6, 2002, AMERCO declared a cash dividend of $3,241,000
($0.53125 per preferred share) to preferred stockholders of record as of
February 18, 2002.

     In January 2002, Real Estate completed the sale of thirty-seven storage
properties to Twenty SAC Self-Storage Corporation, Twenty-One SAC Self-Storage
Corporation, Twenty-Two SAC Self-Storage Corporation and Twenty-Three SAC Self-
Storage Corporation, subsidiaries of SAC Holdings, for $93,679,000.  Real Estate
received cash and notes from the sale.  The gain on sale will be eliminated in
consolidation.

     On November 5, 2001, AMERCO declared a cash dividend of $3,241,000
($0.53125 per preferred share) to preferred stockholders of record as of
November 15, 2001.
















<PAGE> 22
NOTE 11 - CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED)


<TABLE>
<CAPTION>
                                           AMERCO AND CONSOLIDATED      SAC HOLDING CORPORATION AND
                                                SUBSIDIARIES             CONSOLIDATED SUBSIDIARIES
                                                  (AMERCO)                     (SAC HOLDINGS)
                                           --------------------------   ---------------------------
                                           SEPTEMBER 30,    MARCH 31,    SEPTEMBER 30,    MARCH 31,
                                               2001          2001            2001           2001
                                           -------------   ----------    -----------     ----------
                                                  (IN THOUSANDS)                  (IN THOUSANDS)
<S>                                         <C>            <C>            <C>            <C>
                   ASSETS
Cash and cash equivalents                   $   33,243     $   52,778     $       10     $       10
Inventories, net                                80,319         84,005          1,325          1,325
Prepaid expenses                                17,571         14,416             --             --
Investments, fixed maturities                  974,405        952,482             --             --
Investments, other                             420,923        464,958          3,910          3,910
Other assets                                   477,065        452,781         13,750          8,991
Minority interest assets                            --             --             --             --
                                            ----------     ----------     ----------     ----------
Property, plant and equipment, at cost:
   Buildings and improvements                  888,397        832,372        376,463        355,531
   Rental trucks                             1,075,263      1,037,653             --             --
   Other property, plant and equipment         669,120        660,802        162,632        173,661
                                            ----------     ----------     ----------     ----------
                                             2,632,780      2,530,827        539,095        529,192
                                            ----------     ----------     ----------     ----------
       Less accumulated depreciation         1,208,013      1,168,183         26,998         23,320
                                            ----------     ----------     ----------     ----------
       Total property, plant and equipment   1,424,767      1,362,644        512,097        505,872
                                            ----------     ----------     ----------     ----------
       Total assets                         $3,428,293     $3,384,064     $  531,092     $  520,108
                                            ==========     ==========     ==========     ==========
</TABLE>

<TABLE>
<CAPTION>

                                                  ADJUSTMENTS AND
                                                    ELIMINATIONS
                                             ----------------------------
                                             SEPTEMBER 30,         MARCH 31,           SEPTEMBER 30,   MARCH 31,
                                                 2001                2001                  2001          2001
                                             -------------        ------------         -------------   ----------
                                                      (IN THOUSANDS)                         (IN THOUSANDS)
<S>                                          <C>                  <C>                   <C>            <C>
                   ASSETS
Cash and cash equivalents                    $         --         $         --          $   33,253     $   52,788
Inventories, net                                       --                   --              81,644         85,330
Prepaid expenses                                       --                   --              17,571         14,416
Investments, fixed maturities                          --                   --             974,405        952,482
Investments, other                               (248,993)a,b,c)      (261,374)a,b,c)      175,840        207,494
Other assets                                       (9,859)b)           (12,392)b)          480,956        449,380
Minority interest assets                           15,992 c,g)          17,907 c,g)         15,992         17,907
                                             ------------         ------------          ----------     ----------
Property, plant and equipment, at cost:
   Buildings and improvements                    (118,947)d)          (118,947)d)        1,145,913      1,068,956
   Rental trucks                                       --                   --           1,075,263      1,037,653
   Other property, plant and equipment                 --                   --             831,752        834,463
                                             ------------         ------------          ----------     ----------
                                                 (118,947)           (118,947)           3,052,928      2,941,072
                                             ------------         ------------          ----------     ----------
       Less accumulated depreciation               (6,092)d)           (4,400)d)         1,228,919      1,187,103
                                             ------------         ------------          ----------     ----------
       Total property, plant and equipment       (112,855)            (114,547)          1,824,009      1,753,969
                                             ------------         ------------          ----------     ----------
       Total assets                          $   (355,715)        $   (370,406)         $3,603,670     $3,533,766
                                             ============         ============          ==========     ==========
</TABLE>

                            See accompanying notes.


<PAGE> 23
NOTE 11 - CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED), CONTINUED




<TABLE>
<CAPTION>
                                               AMERCO AND CONSOLIDATED         SAC HOLDING CORPORATION AND
                                                    SUBSIDIARIES                CONSOLIDATED SUBSIDIARIES
                                                      (AMERCO)                        (SAC HOLDINGS)
                                              ----------------------------     ----------------------------
                                              SEPTEMBER 30,      MARCH 31,     SEPTEMBER 30,      MARCH 31,
                                                  2001            2001             2001             2001
                                              -------------    -----------      -----------      -----------
                                                    (IN THOUSANDS)                  (IN THOUSANDS)
<S>                                           <C>              <C>             <C>               <C>

    LIABILITIES AND STOCKHOLDERS' EQUITY
AMERCO's notes and loans payable              $ 1,095,574      $ 1,156,848          $    --          $    --
SAC Holdings' notes and loans payable,
   non-recourse to AMERCO                              --               --          514,797          504,157
Policy benefits and losses, claims and
   loss expenses payable                          686,705          668,830               --               --
Liabilities from premium deposits                 532,993          522,207               --               --
Deferred income                                    22,334           24,546               --               --
Deferred income taxes                             176,706          139,419               --               --
Other liabilities                                 243,003          256,848           28,494           27,842
                                              -----------      -----------      -----------      -----------

       Total liabilities                        2,757,315        2,768,698          543,291          531,999

Minority interest                                      --               --            9,885           10,416

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                     312,347          312,128            5,912            3,312
   Accumulated other comprehensive income         (39,704)         (40,709)          (3,031)          (1,398)
   Retained earnings                              815,383          755,174          (24,965)         (24,221)
   Cost of common shares in treasury, net        (412,692)        (406,617)              --               --
   Unearned ESOP shares                           (14,919)         (15,173)              --               --
                                              -----------      -----------      -----------      -----------
       Total stockholders' equity                 670,978          615,366          (22,084)         (22,307)

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

       Total liabilities and stock
         stockholders' equity                 $ 3,428,293      $ 3,384,064      $   531,092      $   520,108
                                              ===========      ===========      ===========      ===========
</TABLE>


<TABLE>
<CAPTION>

                                                      ADJUSTMENTS AND
                                                       ELIMINATIONS
                                                 -----------------------------
                                                 SEPTEMBER 30,      MARCH 31,        SEPTEMBER 30,    MARCH 31,
                                                     2001              2001              2001            2001
                                                 -------------     ------------      -------------    -----------
                                                    (IN THOUSANDS)                        (IN THOUSANDS)
<S>                                              <C>               <C>                <C>              <C>

    LIABILITIES AND STOCKHOLDERS' EQUITY
AMERCO's notes and loans payable                 $         --      $         --       $ 1,095,574      $ 1,156,848
SAC Holdings' notes and loans payable,
   non-recourse to AMERCO                            (235,198)b)       (247,048)b)        279,599          257,109
Policy benefits and losses, claims and
   loss expenses payable                                   --                --           686,705          668,830
Liabilities from premium deposits                          --                --           532,993          522,207
Deferred income                                            --                --            22,334           24,546
Deferred income taxes                                 (42,821)d)        (42,821)d)        133,885           96,598
Other liabilities                                      (9,859)b)        (12,392)b)        261,638          272,298
                                                 ------------      ------------       -----------      -----------

       Total liabilities                             (287,878)         (302,261)        3,012,728        2,998,436

Minority interest                                      (9,885)c)        (10,416)c)             --               --

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                         (82,038)d,g)      (79,438)d,g)      236,221          236,002
   Accumulated other comprehensive income               3,031 g)          1,398 g)        (39,704)         (40,709)
   Retained earnings                                   24,965 g)         24,221 g)        815,383          755,174
   Cost of common shares in treasury, net              (3,910)a)         (3,910)a)       (416,602)        (410,527)
   Unearned ESOP shares                                    --                --           (14,919)         (15,173)
                                                 ------------      ------------       -----------      -----------
       Total stockholders' equity                     (57,952)          (57,729)          590,942          535,330

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

       Total liabilities and stock
         stockholders' equity                    $   (355,715)     $   (370,406)      $ 3,603,670      $ 3,533,766
                                                 ============      ============       ===========      ===========
</TABLE>

                           See accompanying notes.


<PAGE> 24
NOTE 11 - CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS
SIX MONTHS ENDED SEPTEMBER 30 (UNAUDITED)


<TABLE>
<CAPTION>
                                                 AMERCO AND CONSOLIDATED         SAC HOLDING CORPORATION AND
                                                      SUBSIDIARIES                CONSOLIDATED SUBSIDIARIES
                                                        (AMERCO)                       (SAC HOLDINGS)
                                               ----------------------------      ----------------------------
                                                   2001            2000             2001             2000
                                               -----------      -----------      -----------      -----------
                                                    (IN THOUSANDS)                      (IN THOUSANDS)

<S>                                            <C>              <C>              <C>              <C>
Revenues:
   Rental revenue                              $   700,981      $   680,283      $    53,007      $    39,899
   Net sales                                       118,272          113,961           12,320            7,914
   Premiums                                        202,880          121,495               --               --
   Net investment and interest income               46,959           46,604               --               --
                                               -----------      -----------      -----------      -----------
       Total revenues                            1,069,092          962,343           65,327           47,813
                                               -----------      -----------      -----------      -----------
Costs and expenses:
   Operating expenses                              526,723          486,839           29,046           21,178
   Cost of sales                                    65,166           65,974            5,947            4,415
   Benefits and losses                             180,773           95,815               --               --
   Amortization of deferred policy
     acquisition costs                              20,933           16,558               --               --
   Lease expense                                    90,225           86,536              389              277
   Depreciation, net                                40,831           44,485            4,134            3,069
                                               -----------      -----------      -----------      -----------
       Total costs and expenses                    924,651          796,207           39,516           28,939
                                               -----------      -----------      -----------      -----------
       Earnings from operations                    144,441          166,136           25,811           18,874
                                               -----------      -----------      -----------      -----------
   Interest expense                                 40,856           44,052           27,283           24,091
                                               -----------      -----------      -----------      -----------
       Pretax earnings (loss)                      103,585          122,084           (1,472)          (5,217)
                                               -----------      -----------      -----------      -----------
   Income tax expense                              (36,896)         (43,239)            (111)            (392)

Earnings (loss) from operations
   before minority interest                         66,689           78,845           (1,583)          (5,609)


</TABLE>


<TABLE>
<CAPTION>

                                                    ADJUSTMENTS AND
                                                      ELIMINATIONS
                                              ----------------------------
                                                  2001             2000             2001            2000
                                              -----------      -----------      -----------      -----------
                                                     (IN THOUSANDS)                   (IN THOUSANDS, EXCEPT
                                                                                    SHARE AND PER SHARE DATA)
<S>                                           <C>              <C>              <C>              <C>
Revenues:
   Rental revenue                             $  (3,888)e)     $  (2,868)e)     $   750,100      $   717,314
   Net sales                                         --               --            130,592          121,875
   Premiums                                          --               --            202,880          121,495
   Net investment and interest income           (15,598)f)       (14,929)f)          31,361           31,675
                                              ---------        ---------        -----------      -----------
       Total revenues                           (19,486)         (17,797)         1,114,933          992,359
                                              ---------        ---------        -----------      -----------
Costs and expenses:
   Operating expenses                            (3,888)e)        (2,868)e)         551,881          505,149
   Cost of sales                                     --               --             71,113           70,389
   Benefits and losses                               --               --            180,773           95,815
   Amortization of deferred policy
     acquisition costs                               --               --             20,933           16,558
   Lease expense                                     --               --             90,614           86,813
   Depreciation, net                             (2,100)d)          (999)d)          42,865           46,555
                                              ---------        ---------        -----------      -----------
       Total costs and expenses                  (5,988)          (3,867)           958,179          821,279
                                              ---------        ---------        -----------      -----------
       Earnings from operations                 (13,498)         (13,930)           156,754          171,080
                                              ---------        ---------        -----------      -----------
   Interest expense                             (15,598)f)       (14,929)f)          52,541           53,214
                                              ---------        ---------        -----------      -----------
       Pretax earnings (loss)                     2,100              999            104,213          117,866
                                              ---------        ---------        -----------      -----------
   Income tax expense                              (750)            (349)           (37,757)         (43,980)

Earnings (loss) from operations
   before minority interest                       1,350              650             66,456           73,886


</TABLE>

                            See accompanying notes.


<PAGE> 25
NOTE 11 - CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS,CONTINUED
SIX MONTHS ENDED SEPTEMBER 30 (UNAUDITED)


<TABLE>
<CAPTION>
                                                 AMERCO AND CONSOLIDATED         SAC HOLDING CORPORATION AND
                                                      SUBSIDIARIES                CONSOLIDATED SUBSIDIARIES
                                                        (AMERCO)                       (SAC HOLDINGS)
                                               ----------------------------      ----------------------------
                                                   2001            2000             2001             2000
                                               -----------      -----------      -----------      -----------
                                                    (IN THOUSANDS)                      (IN THOUSANDS)

<S>                                            <C>              <C>              <C>              <C>


Minority interest                                       --               --               --               --
                                               -----------      -----------      -----------      -----------
       Net earnings (loss)                     $    66,689      $    78,845      $    (1,583)     $    (5,609)
                                               ===========      ===========      ===========      ===========


Basic and diluted earnings per common share:

Basic and diluted average common
   shares outstanding

</TABLE>


<TABLE>
<CAPTION>

                                                      ADJUSTMENTS AND
                                                        ELIMINATIONS
                                                ----------------------------
                                                    2001             2000              2001            2000
                                                -----------      -----------      -----------      -----------
                                                       (IN THOUSANDS)                   (IN THOUSANDS, EXCEPT
                                                                                      SHARE AND PER SHARE DATA)
<S>                                            <C>              <C>              <C>              <C>


Minority interest                                    233            4,959                233            4,959
                                               ---------        ---------        -----------      -----------
       Net earnings (loss)                     $   1,583        $   5,609        $    66,689      $    78,845
                                               =========        =========        ===========      ===========


Basic and diluted earnings per common share:                                     $      2.84      $      3.35
                                                                                 ===========      ===========
Basic and diluted average common
   shares outstanding                                                             21,192,166       21,606,388
                                                                                 ===========      ===========
</TABLE>

                           See accompanying notes.


<PAGE> 26
NOTE 11 - CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS
QUARTERS ENDED SEPTEMBER 30 (UNAUDITED)

<TABLE>
<CAPTION>
                                               AMERCO AND CONSOLIDATED      SAC HOLDING CORPORATION AND
                                                    SUBSIDIARIES            CONSOLIDATED SUBSIDIARIES
                                                      (AMERCO)                    (SAC HOLDINGS)
                                               ------------------------      ------------------------
                                                  2001           2000           2001           2000
                                               ---------      ---------      ---------      ---------
                                                    (IN THOUSANDS)                  (IN THOUSANDS)

<S>                                           <C>             <C>           <C>             <C>
Revenues:
   Rental revenue                              $ 366,438      $ 357,535      $  27,569      $  23,537
   Net sales                                      55,849         53,815          5,954          4,764
   Premiums                                      102,550         66,508             --             --
   Net investment and interest income             24,373         25,048             --             --
                                               ---------      ---------      ---------      ---------
       Total revenues                            549,210        502,906         33,523         28,301
                                               ---------      ---------      ---------      ---------

Costs and expenses:
   Operating expenses                            277,756        255,189         13,904         11,955
   Cost of sales                                  31,398         32,777          3,306          3,117
   Benefits and losses                            89,341         53,580             --             --
   Amortization of deferred policy
     acquisition costs                            11,139          8,689             --             --
   Lease expense                                  43,883         46,102            389            277
   Depreciation, net                              10,581         21,675          2,152          1,954
                                               ---------      ---------      ---------      ---------
       Total costs and expenses                  464,098        418,012         19,751         17,303
                                               ---------      ---------      ---------      ---------
       Earnings from operations                   85,112         84,894         13,772         10,998
                                               ---------      ---------      ---------      ---------
   Interest expense                               19,736         21,242         15,083         14,296
                                               ---------      ---------      ---------      ---------
       Pretax earnings (loss)                     65,376         63,652         (1,311)        (3,298)
                                               ---------      ---------      ---------      ---------
   Income tax expense                            (23,690)       (22,419)           (99)          (247)

Earnings (loss) from operations
   before minority interest                       41,686         41,233         (1,410)        (3,545)


</TABLE>


<TABLE>
<CAPTION>

                                               ADJUSTMENTS AND
                                                 ELIMINATIONS
                                           ------------------------      ---------      ---------
                                              2001           2000           2001            2000
                                           ---------      ---------      ---------      ---------
                                                 (IN THOUSANDS)              (IN THOUSANDS, EXCEPT
                                                                           SHARE AND PER SHARE DATA)
<S>                                        <C>            <C>             <C>             <C>
Revenues:
   Rental revenue                          $  (1,979)e)   $  (1,698)e)    $  392,028      $ 379,374
   Net sales                                      --             --           61,803         58,579
   Premiums                                       --             --          102,550         66,508
   Net investment and interest income         (8,375)f)      (9,377)f)        15,998         15,671
                                           ---------      ---------       ----------      ---------
       Total revenues                        (10,354)       (11,075)         572,379        520,132
                                           ---------      ---------       ----------      ---------

Costs and expenses:
   Operating expenses                         (1,979)e)      (1,698)e)       289,681        265,446
   Cost of sales                                  --             --           34,704         35,894
   Benefits and losses                            --             --           89,341         53,580
   Amortization of deferred policy
     acquisition costs                            --             --           11,139          8,689
   Lease expense                                  --             --           44,272         46,379
   Depreciation, net                          (1,338)d)        (492)d)        11,395         23,137
                                           ---------      ---------      -----------      ---------
       Total costs and expenses               (3,317)        (2,190)         480,532        433,125
                                           ---------      ---------      -----------      ---------
       Earnings from operations               (7,037)        (8,885)          91,847         87,007
                                           ---------      ---------      -----------      ---------
   Interest expense                           (8,375)f)      (9,377)f)        26,444         26,161
                                           ---------      ---------      -----------      ---------
       Pretax earnings (loss)                  1,338            492           65,403         60,846
                                           ---------      ---------      -----------      ---------
   Income tax expense                           (483)          (174)         (24,272)       (22,840)

Earnings (loss) from operations
   before minority interest                      855            318           41,131         38,006


</TABLE>

                           See accompanying notes.


<PAGE> 27
NOTE 11 - CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS, CONTINUED
QUARTERS ENDED SEPTEMBER 30 (UNAUDITED)

<TABLE>
<CAPTION>
                                               AMERCO AND CONSOLIDATED      SAC HOLDING CORPORATION AND
                                                    SUBSIDIARIES            CONSOLIDATED SUBSIDIARIES
                                                      (AMERCO)                    (SAC HOLDINGS)
                                               ------------------------      ------------------------
                                                  2001           2000           2001           2000
                                               ---------      ---------      ---------      ---------
                                                    (IN THOUSANDS)                  (IN THOUSANDS)

<S>                                           <C>             <C>            <C>            <C>

Minority interest                                     --             --             --             --
                                               ---------      ---------      ---------      ---------
       Net earnings (loss)                     $  41,686      $  41,233      $  (1,410)     $  (3,545)
                                               =========      =========      =========      =========


Basic and diluted earnings per common share:

Basic and diluted average common
   shares outstanding

</TABLE>


<TABLE>
<CAPTION>

                                                  ADJUSTMENTS AND
                                                    ELIMINATIONS
                                              ------------------------      ---------      ---------
                                                 2001           2000           2001            2000
                                              ---------      ---------      ---------      ---------
                                                    (IN THOUSANDS)              (IN THOUSANDS, EXCEPT
                                                                              SHARE AND PER SHARE DATA)
<S>                                           <C>            <C>            <C>             <C>

Minority interest                                   555          3,227             555           3,227
                                              ---------      ---------      ----------      ----------
       Net earnings (loss)                    $   1,410      $   3,545      $   41,686      $   41,233
                                              =========      =========      ==========      ==========


Basic and diluted earnings per common share:                                $     1.82      $     1.77
                                                                            ==========      ==========
Basic and diluted average common
   shares outstanding                                                       21,106,343      21,489,970
                                                                            ==========      ==========
</TABLE>

                           See accompanying notes.



<PAGE> 28
      AMERCO AND CONSOLIDATED SUBSIDIARIES AND SAC HOLDING CORPORATION AND
                            CONSOLIDATED SUBSIDIARIES

Note 11 - Notes to Consolidating Information

September 30, 2001 and 2000

a) To eliminate the investment of AMERCO stock held by SAC Holdings.
b) To eliminate notes payable and other liabilities payable to AMERCO from SAC
   Holdings.
c) To eliminate minority interest investment held by RepWest and Oxford.
d) To eliminate the gain on sale of assets and related deferred taxes from
   AMERCO to SAC Holdings.
e) To eliminate management fees received by AMERCO from SAC Holdings.
f) To eliminate interest income received by AMERCO from SAC Holdings.
g) To eliminate SAC equity.



<PAGE> 29
           ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS
     This Quarterly Report on Form 10-Q/A contains forward-looking statements.
Additional written or oral forward-looking statements may be made by AMERCO or
the consolidated group 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 are not limited to, projections of revenues, income
or loss, estimates of capital expenditures, the anticipated results of legal
proceedings against the Company, 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.
Some of the important factors that could cause our actual results, performance
or financial condition to differ materially from our expectations are:
fluctuations in our costs to maintain and update our fleet and facilities;
changes in government regulations, particularly environmental regulations; our
credit ratings; changes in demand for our products; changes in the general
domestic economy; degree and nature of our competition; and other factors
described in this Quarterly Report on Form 10-Q/A or the other documents we file
with the Securities and Exchange Commission.  As a result of these factors
AMERCO's stock price may fluctuate dramatically.

GENERAL
     Information on industry segments is incorporated by reference from "Item 1.
Financial Statements - Notes 1, 3 and 9 of Notes to Condensed Consolidated
Financial Statements".  The notes discuss the principles of combination and
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.
     For a discussion of new accounting standards please refer to Note 8 of the
Consolidated Financial Statements.




































<PAGE> 30
RESULTS OF OPERATIONS

SIX MONTHS ENDED SEPTEMBER 30, 2001 VERSUS SIX MONTHS ENDED SEPTEMBER 30, 2000

Moving and Storage Operations

                                                         Adjustments
                                                             and
                                  AMERCO   SAC Holdings  Eliminations    Total
                               -----------------------------------------------
                                               (in thousands)

Six months ended
September 30, 2001
Revenues:
 Outside                      $   831,133      65,327      (19,486)     876,974
 Intersegment                         -           -            -            -
                               -----------------------------------------------
 Total revenues               $   831,133      65,327      (19,486)     876,974
Depreciation/amortization     $    52,420       4,134       (2,100)      54,454
Interest expense              $    40,856      27,283      (15,598)      52,541
Pretax earnings (loss)        $    95,945      (1,472)       2,100       96,573
Income tax expense            $   (34,408)       (111)        (750)     (35,269)
Identifiable assets           $ 1,489,276     531,092     (355,715)   1,664,653


                                                         Adjustments
                                                             and
                                  AMERCO   SAC Holdings  Eliminations    Total
                               -----------------------------------------------
                                              (in thousands)

Six months ended
September 30, 2000
Revenues:
 Outside                      $   806,415      47,813      (17,797)     836,431
 Intersegment                         -           -            -            -
                               -----------------------------------------------
 Total revenues               $   806,415      47,813      (17,797)     836,431
Depreciation/amortization     $    48,687       3,069         (999)      50,757
Interest expense              $    44,052      24,091      (14,929)      53,214
Pretax earnings (loss)        $   107,345      (5,217)         999      103,127
Income tax expense            $   (38,689)       (392)        (349)     (39,430)
Identifiable assets           $ 1,437,776     495,255     (427,035)   1,505,996

AMERCO
     Revenues consist of rental revenues and net sales.  Total rental revenue
was $702.4 million and $679.1 million for the six months ended September 30,
2001 and 2000, respectively.  Net revenues from the rental of moving equipment
increased by $16.1 million. The increase was primarily attributable to higher
truck and trailer rental revenues and storage revenues.

     Net sales revenues were $118.2 million and $114.0 million for the six
months ended September 30, 2001 and 2000, respectively.  Revenue growth resulted
from an increase in the sale of moving support items and an increase in the sale
of propane.

     Cost of sales was $65.2 million and $66.0 million for the six months ended
September 30, 2001 and 2000, respectively.

     Operating expenses before intercompany eliminations were $521.0 million and
$491.8 million for the six months ended September 30, 2001 and 2000,
respectively.  Increased expenditure levels for personnel and rental equipment
maintenance, due to an increase in truck rental transactions, were primarily
responsible.

     Net depreciation expense was $46.9 million and $39.1 million for the six
months ended September 30, 2001 and 2000, respectively.  The increase reflects
increased depreciation on the rental truck fleet.

     Operating profit before tax and intercompany elimination was $112.2 million
and $121.6 million for the six months ended September 30, 2001 and 2000,
respectively.





<PAGE> 31
SAC Holdings
     Rental revenues of $53.0 million and $39.9 million were recognized during
the six months ended September 30, 2001 and 2000, respectively.  Increased
facility capacity through the acquisition of new locations and increased storage
rates accounted for the increase.  The occupancy of existing storage locations
has remained stable.

     Net sales revenue was $12.3 million and $7.9 million for the six months
ended September 30, 2001 and 2000, respectively.  The growth is related to the
acquisition of new locations.

     Operating expenses were $29.0 million and $21.2 million for the six months
ended September 30, 2001 and 2000, respectively.  Personnel costs, liability
insurance, property taxes and utility expenses all increased proportionately in
relation to the increased revenues from the acquisition of new locations.

     Net depreciation expense was $4.1 million and $3.1 million for the six
months ended September 30, 2001 and 2000, respectively.  The increase is
attributed to the acquisition of new locations.

     Operating profit before interest and tax was $25.8 million and $18.9
million for the six months ended September 30, 2001 and 2000, respectively.

AMERCO's Real Estate Operations
     Rental revenue was $34.9 million and $36.1 million for the six months
ended September 30, 2001 and 2000, respectively.

     Net investment and interest income was $4.8 million and $5.1 million for
the six months ended September 30, 2001 and 2000, respectively.

     Net depreciation expense (income) was $(6.0) million and $5.3 million for
the six months ended September 30, 2001 and 2000, respectively. The decrease is
due to an increase in the gain from the sale of property plant and equipment.

     Operating profit before tax and intercompany elimination was $22.7 million
and $8.1 million for the six months ended September 30, 2001 and 2000,
respectively.  The increase mainly reflects a gain of $11.4 million on sales of
property plant and equipment.

Property and Casualty
     RepWest's premiums were $128.3 million and $72.3 million for the six months
ended June 30, 2001 and 2000, respectively.  General agency premiums were $62.8
million and $20.3 million for the six months ended June 30, 2001 and 2000,
respectively.  The change from 2000 to 2001 was the result of two agency
programs, Non-Standard Auto and Transportation, which are responsible for $33.4
million of the increase.  Assumed treaty reinsurance premium was $31.7 million
and $22.9 million for the six months ended June 30, 2001 and 2000, respectively.
Of this increase, $6.3 million is associated with two Non-Standard Auto
treaties.  Rental industry revenue was $17.8 million and $17.0 million for the
six months ending June 30, 2001 and 2000, respectively.

     Net investment income was $15.9 million and $15.8 million for the six
months ended June 30, 2001 and 2000, respectively.  The increase is attributed
to increased invested assets and increased realized gains, offset by decreasing
market interest rates.

     Benefits and losses were $122.6 million and $60.1 million for the six
months ended June 30, 2001 and 2000, respectively.  This increase is due to
agency programs in Non-Standard Auto and Transportation that grew significantly
in the second half of 2000, as well as assumed treaty reinsurance and direct
multiple peril business.

     The amortization of deferred acquisition costs (DAC) was $11.6 million and
$6.4 million for the six months ended June 30, 2001 and 2000, respectively.  The
increase is mainly due to the premium growth and resultant deferral of
acquisition expenses in 2000 for the assumed treaty and general agency programs.

     Operating expenses were $28.8 million and $19.7 million for the six months
ended June 30, 2001 and 2000, respectively.  The increase is a result of
commissions on new agency business premium and premium taxes resulting from
increased premium writings.
<PAGE> 32

     Operating profit (loss) before tax and intercompany elimination was $(18.9)
million and $1.9 million for the six months ended June 30, 2001 and 2000,
respectively.  The decrease is mainly attributable to a significant increase in
incurred losses associated with Non-Standard Auto and Assumed Treaty business
and increased operating expense, offset by an increase in earned premiums.

Life Insurance
     Net premiums were $77.5 million and $51.5 million for the six months ended
June 30, 2001 and 2000, respectively.  Medicare Supplement premiums increased by
$26.2 million; driven by new business, rate increases, and the acquisition of
Christian Fidelity Life Insurance Company (CFLIC).  Other business segments had
premium decreases totaling $0.2 million.

     Net investment income before intercompany eliminations was $13.2 million
and $12.4 million for the six months ended June 30, 2001 and 2000, respectively.
The increase was primarily due to realized gains, offset by decreasing market
interest rates.

     Benefits were $58.1 million and $35.7 million for the six months ended June
30, 2001 and 2000, respectively.  This increase is primarily due to a greater
volume of Medicare supplement business in force after the acquisition of CFLIC,
which accounts for $21.7 million.  Other health benefits increased $0.7 million,
as loss ratios were worse year over year.

     Amortization of DAC and the value of business acquired (VOBA) was $9.3
million and $10.2 million for the six months ended June 30, 2001 and 2000,
respectively.  The decrease is primarily due to annuity DAC amortization.

     Operating expenses were $19.4 million and $13.2 million for the six months
ended June 30, 2001 and 2000, respectively.  Commissions have increased $3.8
million primarily due to the increase in Medicare supplement premiums.
Personnel and other operating expenses net of fees collected increased $2.4
million, largely due to the acquisition of CFLIC.

     Operating profit before tax and intercompany eliminations was $3.9 million
and $4.7 million for the six months ended June 30, 2001 and 2000, respectively.
The decrease is due to a decline in profits from the annuity line of business of
$1.4 million.  New annuity business contains a first year bonus interest
credited rate effecting initial spreads and there have been additional marketing
and administration costs associated with increased annuity sales.  All other
segments including Medicare Supplemented improved year over year by $0.6
million.

Interest Expense

AMERCO
     Interest expense was $40.9 million and $44.1 million for the six months
ended September 30, 2001 and 2000, respectively.  The decrease can be attributed
to total outstanding debt interest rate reductions.

SAC Holdings
     Interest expense was $27.3 million and $24.1 million for the six months
ended September 30, 2001 and 2000, respectively.  The increase is due to higher
amounts of debt outstanding related to the acquisition of new locations.

Consolidated Group
     As a result of the foregoing, pretax earnings totaled $104.2 million and
$117.9 million for the six months ended September 30, 2001 and 2000,
respectively.  After providing for income taxes, net earnings were $66.5 million
and $73.9 million for the six months ended September 30, 2001 and 2000,
respectively.  After the elimination of SAC Holdings, net earnings were $66.7
and $78.8 for the six months ended September 30, 2001 and 2000, respectively.
The net earnings of SAC Holdings are completely eliminated because AMERCO does
not have an equity interest in SAC Holdings.  The presentation of consolidated
statements is due to a revised interpretation of ETIF 90-15 by the AMERCO's
independent public accountants.  AMERCO agrees with this interpretation.









<PAGE> 33
QUARTER ENDED SEPTEMBER 30, 2001 VERSUS QUARTER ENDED DECEMBER 31, 2000

Moving and Storage Operations

                                                         Adjustments
                                                             and
                                  AMERCO   SAC Holdings  Eliminations    Total
                               ------------------------------------------------
                                               (in thousands)

Quarter ended
September 30, 2001
------------------
Revenues:
 Outside                      $   428,620      33,523      (10,354)     451,789
 Intersegment                         -           -            -            -
                               ------------------------------------------------
 Total revenues               $   428,620      33,523      (10,354)     451,789
Depreciation/amortization     $    22,469       2,152       (1,338)      23,283
Interest expense              $    19,736      15,083       (8,375)      26,444
Pretax earnings (loss)        $    59,444      (1,311)       1,338       59,471
Income tax expense            $   (21,796)        (99)        (483)     (22,378)
Identifiable assets           $ 1,489,276     531,092     (355,715)   1,664,653


                                                         Adjustments
                                                             and
                                  AMERCO   SAC Holdings  Eliminations    Total
                               ------------------------------------------------
                                              (in thousands)

Quarter ended
September 30, 2000
------------------
Revenues:
 Outside                      $   418,193      28,301      (11,075)     435,419
 Intersegment                         -           -            -            -
                               ------------------------------------------------
 Total revenues               $   418,193      28,301      (11,075)     435,419
Depreciation/amortization     $    24,381       1,954         (492)      25,843
Interest expense              $    21,242      14,296       (9,377)      26,161
Pretax earnings (loss)        $    58,419      (3,298)         492       55,613
Income tax expense            $   (21,177)       (247)        (174)     (21,598)
Identifiable assets           $ 1,437,776     495,255     (427,035)   1,505,996

AMERCO
     Revenues consist of rental revenues and net sales.  Total rental revenue
was $367.0 million and $356.7 million for the quarters ended September 30, 2001
and 2000, respectively. Net revenues from the rental of moving related equipment
increased by $8.3 million. This increase is primarily attributable to higher
truck and trailer rental revenues and storage revenues increased $3.0 million
due to increases in rates and in the number of storage rooms rented.

     Net sales revenues were $55.8 million and $53.8 million for the quarters
ended September 30, 2001 and 2000, 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.

     Cost of sales was $31.4 million and $32.8 million for the quarters ended
September 30, 2001 and 2000, respectively.

     Operating expenses before intercompany elimination were $267.5 million and
$255.2 million for the quarters ended September 30, 2001 and 2000, respectively.
The increase reflects higher personnel and rental equipment maintenance
expenditures associated with an increase in truck rental transactions.

     Net depreciation expense was $19.8 million and $19.0 million for the
quarters ended September 30, 2001 and 2000, respectively.  The increase reflects
an increase in depreciation recognized on the rental truck fleet.

     Operating profit before tax and intercompany elimination was $67.9 million
and $65.7 million for the quarters ended September 30, 2001 and 2000,
respectively.  The increase reflects increases in revenues over increases in
operating expenses.




<PAGE> 34
SAC Holdings
     Rental revenues of $27.5 million and $23.5 million were recognized during
the quarters ended September 30, 2001 and 2000, respectively.  Increased
facility capacity through the acquisition of new locations and increased storage
rates accounted for the increase.  The occupancy of existing storage locations
has remained stable.

     Net sales revenue was $6.0 million and $4.8 million for the quarters ended
September 30, 2001 and 2000, respectively.  The growth is related to the
acquisition of new locations.

     Operating expenses were $13.9 million and $12.0 million for the quarters
ended September 30, 2001 and 2000, respectively.  Personnel costs, liability
insurance, property taxes and utility expenses all increased proportionately in
relation to the increased revenues from the acquisition of new locations.

     Net depreciation expense was $2.2 million and $2.0 million for the quarter
ended September 30, 2001 and 2000, respectively.  The increase is attributed to
the acquisition of new locations.

     Operating profit before interest and tax was $13.8 million and $11.0
million for the quarters ended September 30, 2001 and 2000, respectively.

AMERCO's Real Estate Operations
     Rental revenue was $17.0 million and $17.9 million for the quarters
ended September 30, 2001 and 2000, respectively.

     Net investment and interest income was $2.9 million and $3.0 million for
the quarters ended September 30, 2001 and 2000, respectively.

     Net depreciation expense (income) was $(9.2) million and $2.7 million for
the quarters ended September 30, 2001 and 2000, respectively.  The decrease
reflects the gain realized from the sale of property plant and equipment.

     Operating profit before tax and intercompany elimination was $18.1 million
and $4.2 million for the quarters ended September 30, 2001 and 2000,
respectively.  The increase reflects increases in the sale of property plant and
equipment.

Property and Casualty

     RepWest's premiums were $66.1 million and $41.9 million for the quarters
ended June 30, 2001 and 2000, respectively.  General agency premiums were $33.2
million and $12.7 million for the quarters ended June 30, 2001 and 2000,
respectively.  The change from 2000 to 2001 was the result of two agency
programs, Non-Standard Auto and Transportation, which are responsible for $14.4
million of the increase.  Assumed treaty reinsurance premium were $15.9 million
and $13.2 million for the quarters ended June 30, 2001 and 2000, respectively.

     Net investment income was $7.4 million and $7.7 million for the quarters
ended June 30, 2001 and 2000, respectively.

     Benefits and losses incurred were $62.4 million and $35.5 million for the
quarters ended June 30, 2001 and 2000, 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 and direct multiple peril business.

     The amortization of DAC was $6.6 million and $3.2 million for the quarters
ended June 30, 2001 and 2000, respectively.  The increase is due to the increase
in new business.

     Operating expenses were $17.9 million and $11.4 million for the quarters
ended June 30, 2001 and 2000, respectively.  The change is due to increased
commission expense resulting from new agency business premium writings on Non-
Standard Auto Transportation coverages, as well as assumed treaty business.
General and administrative expenses also increased due to taxes resulting from
increased premium writings.

     Operating loss before tax and intercompany elimination was $13.3 million
and $0.4 million for the quarters ended June 30, 2001 and 2000, respectively.
The increase is mainly attributable to a significant increase in incurred losses
associated with Non-Standard Auto and Assumed Treaty business and increased
operating expense, offset by an increase in earned premiums.

<PAGE> 35
Life Insurance
     Net premiums were $37.9 million and $26.0 million for the quarters ended
June 30, 2001 and 2000, respectively.  Medicare Supplement premiums increased by
$11.7 million from new business, rate increases and the acquisition of CFLIC.
Other business segments had premium increases totaling $0.2 million.

     Net investment income before intercompany eliminations was $7.0 million and
$6.7 million for the quarters ended June 30, 2001 and 2000, respectively.

     Benefits were $27.0 million and $18.1 million for the quarters ended June
30, 2001 and 2000, respectively.  $8.7 million of the increase is due to a
greater volume of Medicare supplement business in force, of which the
acquisition of CFLIC accounts for the majority.  All other segments had benefit
increases of $0.2 million for the quarter.

     Amortization of DAC and VOBA was $4.5 million and $5.5 million for the
quarters ended June 30, 2001 and 2000, respectively.  The decrease is due
primarily to annuity DAC amortization.

     Operating expenses were $12.2 million and $7.6 million for the quarters
ended June 30, 2001 and 2000, respectively.  Commissions have increased $3.2
million primarily due to the increase in Medicare supplement premiums.
Personnel and other operating expenses net of fees collected increased $1.4
million primarily from the acquisition of CFLIC.

     Operating profit before tax and intercompany eliminations was $1.2 million
and $1.5 million for the quarters ended June 30, 2001 and 2000, respectively.
The decrease is due to a decline in profits from the annuity line of business of
$0.9 million.  New annuity business contains a first year bonus interest
credited rate effecting initial spreads and there have been additional marketing
and administration costs associated with increased annuity sales.  All other
segments including Medicare Supplement improved year over year by $0.6 million.

Interest Expense

AMERCO
     Interest expense was $19.7 million and $21.2 million for the quarters ended
September 30, 2001 and 2000, respectively.  The decrease can be attributed to
interest rate reductions.

SAC Holdings
     Interest expense was $15.1 million and $14.3 million for the quarters ended
September 30, 2001 and 2000, respectively.  The increase is due to higher
amounts of debt outstanding related to the acquisition of new locations.


Consolidated Group
     As a result of the foregoing, pretax earnings were $65.4 million and $60.8
million for the quarters ended September 30, 2001 and 2000, respectively.  After
providing for income taxes, net earnings were $41.1 million and $38.0 million
for the quarters ended September 30, 2001 and 2000, respectively.  After the
elimination of SAC Holdings, the net earnings were $41.7 million and $41.2
million for the quarters ended September 30, 2001 and 2000, respectively.




















<PAGE> 36
LIQUIDITY AND CAPITAL RESOURCES

AMERCO's Moving and Storage Operations
     To meet the needs of its customers, U-Haul maintains a large inventory of
rental items.  In the six months ended September 30, 2001 and 2000, capital
expenditures were $120.9 million and $260.9 million, respectively.  These
expenditures primarily reflect the renewal 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 by operating activities was $40.8 million and $61.0 million
for the six months ended September 30, 2001 and 2000, respectively.  The
decrease resulted primarily from a decrease in accounts payable and accrued
liabilities.

     At September 30, 2001, total outstanding notes and loans payable was
$1,095.6 million as compared to $1,156.8 million at March 31, 2001.

SAC Holdings
     Cash used by operating activities was $0.7 million and $0.6 million for the
six months ended September 30, 2001 and 2000, respectively.

     At September 30, 2001, total outstanding notes and mortgages payable were
$514.8 million compared to $504.2 million at March 31, 2001.

     SAC Holdings intends to meet its current debt obligations through cash
flows generated from its operating activities.

AMERCO's Real Estate Operations
     Cash provided (used) by operating activities was $(27.4) million and $8.3
million for the six months ended September 30, 2001 and 2000, respectively.  The
decrease resulted from a decrease in accrued liabilities and lower net earnings.

Property and Casualty
     Cash used by operating activities was $21.4 million and $1.8 million for
six months ended June 30, 2001 and 2000, respectively.  This change resulted
from increased accounts receibable and other assets and decreased net income
from December 2000 to June 2001, offset by an increase in loss and loss
adjusting expense and unearned premium reserves from December 2000 to June 2001.

     RepWest's cash and cash equivalents and short-term investment portfolio
were $8.9 million and $10.4 million at June 30, 2001 and 2000, respectively.

     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 75.6% 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.

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 $2.0 million and $(3.4)
million for the six months ended June 30, 2001 and 2000, respectively.  The
increase in cash flows from operating activities relates to increased premium
writings and the timing of a settlement offset by higher claim payments.  Cash
provided by financing activities were $9.1 million and $2.4 million for the six
months ended June 30, 2001 and 2000, respectively.  Cash flows from deferred
annuity sales increase investment contract deposits, which are a component of
financing activities.  The increase in investment contract deposits over 2000 is
due to growth in new deposits offset by withdrawals and terminations of existing
deposits.

     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 $53.9 million and $51.6 million for the
six months ending June 30, 2001 and 2000, respectively.  Management believes
that the overall sources of liquidity will continue to meet foreseeable cash
needs.
<PAGE> 37
Consolidated group
     At September 30, 2001, total outstanding notes and mortgages payable for
AMERCO and consolidated subsidiaries was $1,095.6 million compared to $1,156.8
million at March 31, 2001.  At September 30, 2001, total outstanding notes and
mortgages payable for SAC Holdings and consolidated subsidiaries was $514.8
million compared to $504.2 million at March 31, 2001.  SAC Holdings' loan
agreements have no guarantees, or triggers that could create a guarantee, from
AMERCO.  SAC Holdings' creditors have no recourse to AMERCO.  AMERCO is not
liable for the debts of SAC Holdings.  Further, there are no cross default
provisions on indebtedness between AMERCO and SAC Holdings.

     AMERCO has no (and has never had any) ownership interest in SAC Holdings or
its subsidiaries.  The presentation of the consolidated statements has no
bearing on the credit agreements or the operations of each.  The accounts of
AMERCO and SAC Holdings are presented as consolidated due to a revised
interpretation of EITF 90-15 by the Company's independent public accountants.

     During each of the fiscal years ended March 31, 2002, 2003 and 2004, AMERCO
estimates gross capital expenditures will average approximately $200 million
primarily reflecting rental fleet rotation.  This level of capital expenditures,
combined with a potential range of $150 - $300 million in annual long-term debt
maturities during this same period, are expected to create annual average
funding needs of approximately $350 - $500 million.  The Company plans to meet
these needs through cash flows, asset sales and various current and future
sources of credit (See Credit Agreements discussion below).  AMERCO has
historically enjoyed a substantial and predictable level of cashflow (EBITDAR)
from its non-insurance subsidiaries.  These cashflows are dependent on revenues
and expenses that can be impacted by economic trends.  In the past, the Company
has not been as affected by these economic trends as other businesses.  Cashflow
(defined as EBITDAR) is anticipated to range approximately from $400 million to
$425 million annually.  The sale of assets is less predictable and substantially
lower than the cashflows.  The sale of assets is dependant upon economic
conditions, the amount and nature of sale and leaseback transactions and
AMERCO's fleet rotation program.  In many cases, a decline in asset sales is
accompanied by a decrease in capital expenditures.

     The Company intends to meet these needs through cash flows, existing lines
of credit, additional borrowings and sale of assets.  We may be unable to secure
such additional
borrowings on satisfactory terms or in a timely manner.  Depending on the
results of our operations, and general economic and competitive conditions, many
of which we cannot control, we may take certain actions, including delaying or
reducing capital expenditures.

     From time to time, Real Estate sells storage properties to SAC Holdings.
These sales have in the past provided significant cash flows to the Company.
The ability of the Company to engage in similar transactions in the future is
dependent to a large degree on the ability of SAC Holdings to obtain third party
financing for its acquisition of the properties from Real Estate and in general,
its willingness to engage in such transactions.

Credit Agreements
     AMERCO's operations are funded by various credit and financing
arrangements, including unsecured long-term borrowings, unsecured medium-term
notes, revolving lines of credit with banks and operating leases.  The operating
leases are primarily used to finance the Company's fleet of trucks and trailers.
As of September 30, 2001, AMERCO had $1,095.6 million in total notes and loans
payable outstanding and total unutilized lines of credit of approximately $150.0
million.  In addition to the economic pressures, there has been a reduction in
the number of leasing companies and banks, which has had a negative impact on
the financial markets.  This has led to less availability and higher prices.
Management of AMERCO believes there are enough leasing companies and banks to
meet the Company's financing needs.

     Certain of AMERCO's credit agreements contain restrictive financial and
other covenants, including, among others, covenants with respect to incurring
additional indebtedness, making third party guarantees, entering into contingent
obligations, maintaining certain financial ratios and placing certain additional
liens on its properties, assets and restricting the issuance of certain types of
preferred stock.  At September 30, 2001, AMERCO was in compliance with these
covenants.  AMERCO's various credit and financing arrangements are affected by
its credit ratings such that were AMERCO to experience a credit downgrade, the
interest rates that it is charged might be increased, which would result in an
increase in the Company's interest expense and hinder its ability to obtain
additional financing on terms acceptable to it, if at all.




<PAGE> 38
     SAC Holdings' operations are funded by various mortgage loans and unsecured
notes, with interest rates ranging from 8.0% to 13.0%.  SAC does not utilize
revolving lines of credit or leasing facilities to finance its operations or
acquisitions.  Certain of SAC's agreements contain restrictive covenants
including coverage ratios and restrictions in incurring additional subsidiary
indebtedness.  At September 30, 2001, SAC Holdings was in compliance with all
of 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, 2001
for additional information about AMERCO's credit agreements.

CRITICAL ACCOUNTING POLICIES

PROPERTY, PLANT AND EQUIPMENT
     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.  Building and non-rental equipment have estimated lives ranging from
three to fifty-five years, while rental equipment have estimated lives ranging
from one to twenty years.  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.  Interest
costs incurred as part of the initial construction of assets are capitalized.
During fiscal year 2002, based on an in-depth market analysis, U-Haul increased
the estimated salvage value of certain rental trucks.  The effect of the changes
increased net earnings by $1,515,000 ($0.07 per share) for the six months ended
September 30, 2001.  The adjustment reflects management's best estimate, based
on information available, of the estimated salvage value of these rental trucks.

     AMERCO reviews property, plant and equipment for impairment whenever events
or changes in circumstances indicate that the carrying amount of an asset may
not be fully recoverable through expected undiscounted future operating cash
flows.

     The carrying value of AMERCO's real estate that is no longer necessary for
use in its current operations, and available for sale/lease, at March 31, 2001
and 2000, was approximately $27,691,000 and $27,732,000, respectively.  Such
properties available for sale are carried at cost, less accumulated
depreciation, which is less than fair market value.

POLICY BENEFITS AND LOSSES, CLAIMS AND LOSS EXPENSES PAYABLE
     Liabilities for policy benefits payable on traditional life and certain
annuity policies are established in amounts adequate to meet estimated future
obligations on policies in force.  These liabilities are computed using
mortality and withdrawal assumptions which are based upon recognized actuarial
tables and contain margins for adverse deviation.

     The liability for annuity contracts, which are accounted for as investment
contract deposits, consists of contract account balances that accrue to the
benefit of the policyholders, excluding surrender charges.  Carrying value of
investment contract deposits were $522,207,000 and $461,673,000 at December 31,
2000 and 1999, respectively.

     Liabilities for health and disability and other policy claims and benefits
payable  represent  estimates of payments to be made on  insurance  claims  for
reported  losses and estimates of losses incurred but not yet reported.   These
estimates are based on past claims experience and consider current claim trends
as well as social and economic conditions.

     RepWest's liability for reported and unreported losses is based on
RepWest's historical and industry averages.  The liability for unpaid loss
adjustment expenses is based on historical ratios of loss adjustment expenses
paid to losses paid.  Amounts recoverable from reinsurers on unpaid losses are
estimated in a manner consistent with the claim liability associated with the
reinsured policy.  Adjustments to the liability for unpaid losses and loss
expenses as well as amounts recoverable from reinsurers on unpaid losses are
charged or credited to expense in periods in which they are made.

LEASE EXPENSE
     AMERCO uses certain equipment and occupies certain facilities under
operating lease commitments.  The majority of the equipment leases are
"sale and leaseback transactions".   Certain leases contain renewal and fair
market value purchase options.  The leases contain various restrictions similar
to the Company's notes payable and loan agreements.  The treatment of these
leases is governed by various accounting pronouncements that include FAS 13,
FAS 66 and FAS 98.  Any changes in the treatment of operating leases could have
a material impact on the financial statements AMERCO.  At March 31, 2001 the
total lease commitments were approximately $691.7 million.
<PAGE> 39
       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, 2001.
<PAGE> 40
                           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, 2001 for a discussion of certain
environmental proceedings and to Note 15 of Notes to Consolidated Financial
Statements in AMERCO's Annual Report on Form 10-K for the fiscal year ended
March 31, 2001 for a discussion of the California overtime litigation.
<PAGE> 41
          ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

       The 2001 Annual Meeting of Stockholders was held on August 31, 2001.

      At the 2001 Annual Meeting of Stockholders James P. Shoen and
John M. Dodds were elected to serve until the 2005 Annual Meeting of
Stockholders.  William E. Carty and Charles J. Bayer continue as directors
with terms that expire at the 2002 Annual Meeting of Stockholders;
John P. Brogan and James J. Grogan continue as directors with terms that
expire at the 2003 Annual Meeting of Stockholders; and Edward J. Shoen
continues as a director with a term that expires at the 2004 Annual Meeting
of Stockholders.

     The following table sets forth the votes cast for, against or withheld,
as well as the number of abstentions and broker non-votes with respect to each
matter voted on at the 2001 Annual Meeting of Stockholders.
<TABLE>
<CAPTION>

Matters                                    Votes                                   Broker
Submitted                  Votes Cast      Cast        Votes                        Non-
To a Vote                     For         Against     Withheld     Abstentions     Votes

Election of Directors

    <S>                    <C>            <C>        <C>              <C>            <C>
    James P. Shoen         18,333,462     48,720     1,215,411        28,365         -

    John M. Dodds          18,183,710     31,285     1,377,451        33,812         -
</TABLE>
<PAGE> 42
                        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)
         10.1     Management Agreement between Eighteen SAC Self Storage
                  Corporation and subsidiaries of AMERCO(1)
         10.2     Management Agreement between Twenty SAC Self Storage
                  Corporation and subsidiaries of AMERCO(1)
         10.3     Management Agreement between Twenty-One SAC Self Storage
                  Corporation and subsidiaries of AMERCO(1)
         10.4     Management Agreement between Twenty-Two SAC Self Storage
                  Corporation and subsidiaries of AMERCO(1)
         10.5     Management Agreement between Twenty-Three SAC Self Storage
                  Corporation and subsidiaries of AMERCO(1)
         10.6     Promissory note between SAC Holding Corporation and a
                  subsidiary of AMERCO(3)
         10.7     Promissory note between SAC Holding Corporation and a
                  subsidiary of AMERCO(3)
         10.8     Promissory note between SAC Holding Corporation and Oxford
                  Life Insurance Company(3)
         10.9     Promissory note between SAC Holding Corporation and a
                  subsidiary of AMERCO(3)
         10.10    Promissory note between SAC Holding Corporation and a
                  subsidiary of AMERCO(3)
         10.11    Promissory note between SAC Holding Corporation and a
                  subsidiary of AMERCO(3)
         10.12    Promissory note between SAC Holding Corporation and a
                  subsidiary of AMERCO(3)
         10.13    Promissory note between SAC Holding Corporation and a
                  subsidiary of AMERCO(3)
         10.14    Management Agreement between Securespace Limited Partnership
                  and a subsidiary of AMERCO(3)
         10.15    Purchase and sale agreement between Eighteen SAC Self-Storage
                  Corporation subsidiaries of AMERCO(3)
         10.16    Purchase and sale agreement between Twenty SAC Self-Storage
                  Corporation, Twenty-One SAC Self-Storage Corporation,
                  Twenty-Two SAC Self-Storage Corporation, Twenty-Three SAC
                  Self-Storage Corporation and subsidiaries of AMERCO(3)
         10.17    Management Agreement between Twenty-Four SAC Self Storage
                  Limited Partnership and subsidiaries of AMERCO
         10.18    Management Agreement between Twenty-Five SAC Self Storage
                  Limited Partnership and subsidiaries of AMERCO
         10.19    Management Agreement between Twenty-Six SAC Self Storage
                  Limited Partnership and subsidiaries of AMERCO
         10.20    Management Agreement between Twenty-Seven SAC Self Storage
                  Limited Partnership and subsidiaries of AMERCO


(b) Reports on Form 8-K.

                        A report on Form 8-K was filed on October 5, 2001 in
   connection with the establishment of AMERCO's Medium-Term Note Program,
   which provides for the issuance to the public of up to $350 million of notes
   with maturities of nine months or more from the date of issuance.  To date,
   no notes have been issued under the program.

_________________

(1)  Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for the
     quarter ended December 31, 2001, 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.
(3)  Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q/A for
     the quarter ended December 31, 2001, file no. 1-11255.


<PAGE> 43
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: May 20, 2002                      By: /S/ GARY B. HORTON
                                  ____________________________________
                                       Gary B. Horton, Treasurer
                                     (Principal Financial Officer)