<PAGE>
                                                                   Exhibit 10.68


                           Wells Fargo Foothill, Inc.
                              2450 Colorado Avenue
                                   Suite 3000W
                         Santa Monica, California 90404

June 19, 2003

VIA TELEFAX AND OVERNIGHT DELIVERY

Mr. E. J. Shoen
Chairman of the Board
U-Haul International, Inc.
2727 North Central Avenue
Phoenix, Arizona 85004

         Re:      $300,000,000 debtor-in-possession financing and $650,000,000
                  emergence financing for AMERCO, a Nevada corporation
                  ("AMERCO"), Amerco Real Estate Company, and certain of their
                  wholly-owned subsidiaries to be determined that file for
                  bankruptcy protection under Chapter 11 of the United States
                  Bankruptcy Code (collectively, the "Borrowers" and each,
                  individually, a "Borrower"), plus such additional related
                  entities as may be guarantors under such financings

Dear Mr. Shoen:

         In accordance with our recent discussions, Wells Fargo Foothill, Inc.
(formerly known as Foothill Capital Corporation, "Foothill") is pleased to issue
this financing commitment (the "Commitment Letter") to the Borrowers. Foothill
commits to underwrite a debtor-in-possession credit facility of up to
$300,000,000 (the "DIP Facility") for the purposes of financing the Borrowers'
operations during the contemplated Chapter 11 reorganization cases to be filed
by the Borrowers and certain of their direct and indirect subsidiaries, upon the
entry of a final order (the "Final Order") approving the DIP Facility. The
commitment of Foothill under the DIP Facility will be irrevocably reduced by the
amount of the commitments of any other prospective lenders that execute
commitments relating to the DIP Facility to the extent expressly stated in such
commitment of such other prospective lenders.

         In addition, Foothill hereby commits, subject to the terms and
conditions set forth herein and in the Term Sheet (as defined below), to
underwrite a $650,000,000 credit facility to be provided concurrent with a
confirmed reorganization plan acceptable to Foothill of the respective Chapter
11 cases (the "Emergence Facility"). The commitments of Foothill under the
Emergence

<PAGE>

AMERCO--Commitment Letter
June 19, 2003
Page 2 of 9

Facility will be irrevocably reduced by the amount of the commitments of any
other prospective lenders that execute commitments relating to the Emergence
Facility to the extent expressly stated in such commitment of such other
prospective lenders.

         Foothill would act as lead arranger, collateral agent, syndication
agent and administrative agent for the proposed DIP Facility and for the
proposed Emergence Facility. The terms of both the proposed DIP Facility and the
proposed Emergence Facility are set forth in the "Financing Commitment" dated
June 19, 2003 attached hereto as Annex A (the "Term Sheet").

         The DIP Facility and the Emergence Facility outlined in this Commitment
Letter are fully underwritten with no underwriting contingency, but are subject
to the satisfaction of each of the conditions contained in this Commitment
Letter and the Term Sheet, including syndication of the Emergence Facility to
the satisfaction of Foothill in its sole discretion. Foothill reserves the right
to revise or modify any provision contained in the Term Sheet if it reasonably
determines in its sole discretion that such changes are necessary during the
course of preparing and negotiating the loan documentation.

         If the DIP Facility contemplated by this Commitment Letter is not
consummated on or before July 31,2003, then, without any requirement of notice
or other formality, Foothill's commitment to underwrite the DIP Facility shall
terminate and no party hereto would have any obligation to pursue the financing
arrangement outlined in this letter; provided, however, that prior thereto the
Borrowers and Foothill agree to use their respective reasonable efforts to cause
the DIP Facility to be consummated on or before such date. The date on which the
first advance is made under the DIP Facility provided for herein and in the Term
Sheet would be deemed the "Closing Date."

         If the Emergence Facility contemplated by this Commitment Letter is not
consummated on or before July 31,2004, then, without any requirement of notice
or other formality, Foothill's commitment to underwrite the Emergence Facility
shall terminate and no party hereto would have any obligation to pursue the
financing arrangement outlined in this letter; provided, however, that prior
thereto the Borrowers and Foothill agree to use their respective reasonable
efforts to cause the Emergence Facility to be consummated on or before such
date.

         As set forth herein, while Foothill has committed to underwrite the
entire amount of the DIP Facility and the Emergence Facility subject to the
terms and conditions of this Commitment Letter and the Term Sheet, it is the
intent of Foothill to syndicate the DIP Facility and Emergence Facility and, as
a material inducement to Foothill to issue the commitments set forth herein, the
Borrowers have agreed to cooperate in such syndication process. Foothill will
manage all aspects of such syndication, including the timing of all offers to
potential lenders, the allocation of commitments and the determination of
compensation provided and titles (such as co-agent, managing agent, etc.), if
any. The Borrowers also agree that no lender will receive any

<PAGE>

AMERCO--Commitment Letter
June 19, 2003
Page 3 of 9

compensation for its participation in the DIP Facility or the Emergence Facility
except as expressly set forth in the Term Sheet or as otherwise agreed to and
offered by Foothill.

         The Borrowers agree to use commercially reasonable efforts to assist
Foothill in forming a syndicate acceptable to Foothill. The Borrowers'
assistance shall include but not be limited to (i) using commercially reasonable
efforts to make senior management and representatives of the Borrowers available
to participate in meetings and to provide information to potential lenders and
participants at such times and places as Foothill may reasonably request; (ii)
using commercially reasonable efforts to provide to Foothill all information
reasonably deemed necessary by Foothill to complete the syndication, subject to
confidentiality agreements in form and substance reasonably satisfactory to the
Borrowers and Foothill; (iii) using best efforts to ensure that the syndication
efforts benefit from the Borrowers' existing lending relationships; and (iv)
assisting (including using best efforts to cause affiliates and advisors of the
Borrowers to assist) in the preparation of a confidential information memorandum
for the Emergence Facility and other marketing materials to be used in
connection with the syndications.

         To ensure an orderly and effective syndication of the Emergence
Facility, the Borrowers agree that, from the date hereof until the termination
of the syndication of the Emergence Facility (as determined by Foothill in its
sole discretion), the Borrowers will not, and will not permit any of their
affiliates to, syndicate or issue, attempt to syndicate or issue, announce or
authorize the announcement of the syndication or issuance of, any senior secured
debt security or commercial bank or other debt facility (including any renewals
thereof), without the prior written consent of Foothill, which consent shall not
be unreasonably withheld, conditioned or delayed; provided, that the foregoing
shall not limit Foothill's ability to syndicate the DIP Facility or the
Borrowers' ability to negotiate with creditors, other than creditors that are
likely participants in an emergence facility such as the Emergence Facility
contemplated by this letter, as part of the Borrowers' restructuring.
Notwithstanding anything in this letter to the contrary, nothing contained
herein shall prohibit or restrict the Borrowers from entering into discussions
or negotiations with an alternative lending source or sources with respect to an
emergence facility if the Borrowers determine, in their reasonable discretion,
that they can obtain substantially more favorable terms from an alternative
lender or lenders.

         This Commitment Letter, the Term Sheet and the Fee Letters (as defined
below) embody the entire agreement between the parties hereto with respect to
the subject matter hereof and supersedes all prior proposals, negotiations, or
agreements whether written or oral, relating to the subject matter hereof
including any letter of intent. This letter may not be modified, amended,
supplemented, or otherwise changed, except by a document in writing signed by
the parties hereto.

         This Commitment Letter shall be governed by and construed in accordance
with the laws of the State of New York as applied to contracts entered into and
to be performed wholly within the State of New York. Each party hereto waives
any right it may have to a trial by jury, in the

<PAGE>

AMERCO--Commitment Letter
June 19, 2003
Page 4 of 9

event of any dispute pertaining to this Commitment Letter, the Term Sheet, the
Fee Letters or the transactions contemplated hereby and thereby.

         In connection with the requested DIP Facility, the Borrowers understand
that it will be necessary for Foothill to make certain financial, legal, and
collateral investigations and determinations. In connection with the Proposal
Letter dated March 25, 2003 (the "Proposal Letter"), the Borrowers have paid to
Foothill, from time to time, an expense deposit (the "Prior Expense Deposit")
against the expenses that have been or may be incurred by Foothill. From time to
time until the Closing Date, the Borrowers shall pay Foothill an additional
expense deposit as requested by Foothill against the expenses that have been or
may be incurred by Foothill, whether under the Proposal Letter, this Commitment
Letter, or otherwise (the "Additional Expense Deposit"; and together with the
Prior Expense Deposit, hereinafter referred to as the "Expense Deposit"). This
Expense Deposit will be applied to Foothill's expenses as and when they are
incurred. If Foothill concludes for any reason, that it will not make the
financing outlined herein available to the Borrowers, Foothill will return the
unused balance of the Expense Deposit. If, on the other hand, Foothill continues
to be prepared to extend the credit described herein to the Borrowers and the
Borrowers decline for any reason, to accept such financial accommodations,
Foothill shall be entitled to retain the full amount of the Expense Deposit for
the benefit of Foothill, irrespective of the amount of expenses incurred
Foothill. Foothill's retention of the balance of the Expense Deposit results
from its reasonable endeavor to estimate the added administrative costs incurred
and the amount of damage sustained by Foothill as a result of Borrowers'
decision to decline to accept the financing. If the financing is funded, the
Expense Deposit will be returned to the Borrowers after deducting all of
Foothill's expenses actually incurred. Foothill shall not be obligated to
segregate the Expense Deposit from its other funds and the Borrowers are not
entitled to receive interest on any portion of the Expense Deposit. The
Borrowers hereby agree to pay the full amount of Foothill's expenses incurred in
connection with the transaction contemplated herein and the preparation,
negotiation, execution and delivery of this Commitment Letter, the Term Sheet,
the Fee Letters, the loan documents and any security arrangements in connection
therewith, including the reasonable fees and disbursements of counsel (whether
incurred before or after the date hereof), irrespective of the amount of the
Expense Deposit and whether the transaction is actually consummated. The
Borrowers further agree to pay all costs and expenses of Foothill (including,
without limitation, reasonable fees and disbursements of counsel) incurred in
connection with the enforcement of any of its rights and remedies hereunder.
From time to time, Foothill shall be entitled to request, and the Borrowers
shall be obligated to provide, supplements to the Expense Deposit to the extent
that actual or anticipated expenses exceed the Expense Deposit.

         The Borrowers represent and warrant that (i) all information (other
than financial projections) that has been or will hereafter be made available to
Foothill, any lender or any potential lender by or on behalf of the Borrowers or
any of their respective representatives in connection with the transactions
contemplated hereby is and will be complete and correct in all material respects
and does not and will not contain any untrue statement of a material fact or
omit

<PAGE>

AMERCO--Commitment Letter
June 19, 2003
Page 5 of 9

to state a material fact necessary in order to make the statements contained
therein not misleading in light of the circumstances under which such statements
were or are made and (ii) all financial projections, if any, that have been or
will be prepared by or on behalf of the Borrowers or any of their respective
representatives and made available to Foothill, any lender or any potential
lender have been or will be prepared in good faith based upon assumptions that
are reasonable at the time made and at the time the related financial
projections are made available to Foothill. If, at any time from the date hereof
until the date of the initial borrowings under the Emergence Facility, any of
the representations and warranties in the preceding sentence would be incorrect
if the information or financial projections were being furnished, and such
representations and warranties were being made, at such time, then the Borrowers
will promptly supplement the information and the financial projections so that
such representations and warranties will be correct under those circumstances.
The Borrowers acknowledge that information and documents relating to the
transactions contemplated hereby may be transmitted through Intralinks, the
internet or similar electronic information transmission systems.

         In issuing this Commitment Letter and in arranging the Emergence
Facility, including the syndication thereof, Foothill will be entitled to use,
and to rely on the accuracy of, the information furnished to them by or on
behalf of the Borrowers or any of their respective representatives without
responsibility for independent verification thereof.

         Regardless of whether the commitment herein is terminated or the
proposed DIP Facility or Emergence Facility closes, the Borrowers shall
indemnify and hold harmless Foothill and its affiliates, directors, officers,
employees, attorneys and representatives (each, an "Indemnified Person"), from
and against all suits, actions, proceedings, claims, damages, losses,
liabilities and expenses (including, but not limited to, attorneys' fees and
disbursements and other costs of investigation or defense, including those
incurred upon any appeal), that may be instituted or asserted against or
incurred by any such Indemnified Person in connection with, or arising out of,
this Commitment Letter or the proposed DIP Facility or Emergence Facility under
consideration, the documentation related thereto, any other financing related
thereto, any actions or failure to act in connection therewith, and any and all
environmental liabilities and legal costs and expenses arising out of or
incurred in connection with any disputes between or among any parties to any of
the foregoing, and any investigation, litigation, or proceeding related to any
such matters, whether or not such suit, action, proceeding, investigation or
litigation is brought by a Borrower, any of its equity holders or creditors, an
Indemnified Person or any other person or entity, and whether or not an
Indemnified Person is otherwise a party thereto. Notwithstanding the preceding
sentence, indemnitors shall not be liable for any indemnification to an
Indemnified Person to the extent that any such suit, action proceeding, claim,
damage, loss, liability or expense results solely from that Indemnified Persons
gross negligence or willful misconduct, as finally determined by a court of
competent jurisdiction. Under no circumstances shall Foothill or any of its
affiliates be liable to you or any other person for any punitive, exemplary,
consequential or indirect damages in connection with this Commitment Letter, the
proposed DIP Facility, the proposed Emergence Facility, the documentation
related thereto or any other
<PAGE>

AMERCO--Commitment Letter
June 19, 2003
Page 6 of 9

financing, regardless of whether the commitment herein is terminated or the
transaction or the financing closes.

         You may not assign this Commitment Letter without the prior written
consent of Foothill, and any attempted assignment without such consent shall be
void.

         This Commitment Letter supersedes all prior written proposals or
letters of interest with regard to any proposed financing that previously may
have been issued by Foothill.

         You acknowledge that Foothill may provide debt financing, equity
capital or other services (including financial advisory services) to parties
whose interests may conflict with the Borrowers' interests. Foothill will not
furnish confidential information obtained from the Borrowers or their respective
affiliates to any of its customers. Furthermore, Foothill has no obligation to,
use in connection with the transactions contemplated hereby, or to furnish to
the Borrowers, confidential information obtained by Foothill from any other
person.

         We are very enthusiastic about the opportunity to finance the
operations of AMERCO and its subsidiaries and affiliates, and believe we can
proceed very quickly to the signing of the designated documents and subsequent
closing of the DIP Facility. As you know, we have already completed a great deal
of diligence with respect to your real property, your corporate structure and
various third party relationships. If you wish to proceed on the basis outlined
above, please execute this Commitment Letter in the space provided below and
return it to the undersigned no later than 5:00 p.m., Los Angeles, California
time, on or before June 20,2003, accompanied by payment of the DIP Facility
Commitment Fee more fully described and payable under the letter dated the date
hereof and referred to in the Term Sheet as one of the "Fee Letters". Such DIP
Facility Commitment Fee is fully earned upon the execution of delivery of this
Commitment Letter by Foothill and non-refundable when paid. If you fail to make
any required fee payment by the applicable deadline, this Commitment Letter
shall expire automatically and Foothill's commitments shall terminate and be of
no further force and effect. This Commitment Letter is being provided to the
Borrowers on a confidential basis and is not for the benefit of, nor should it
be relied upon by, any third party. Prior to the filing of the Chapter 11
reorganization case by AMERCO and filing of this Commitment Letter and Term
Sheet with the United States Bankruptcy Court, other than the disclosure by the
Borrowers of this Commitment Letter and Term Sheet to insurance regulatory
bodies, neither the existence of this Commitment Letter and Term Sheet nor the
terms hereof and thereof will be disclosed to any person other than the
officers, directors, employees, accountants, attorneys and other advisors of the
Borrowers, and then only on a confidential and "need to know" basis in
connection with the transactions contemplated hereby. Notwithstanding the
foregoing, this Commitment Letter may be filed, if required with any reports the
Borrowers are required to file with respect to any regulatory agencies such as
the Securities and Exchange Commission or similar regulatory entity or with the
United States Bankruptcy Court.

<PAGE>

AMERCO--Commitment Letter
June 19,2003
Page 7 of 9

         This Commitment Letter may be executed in any number of counterparts,
each of which, when so executed, shall be deemed to be an original and all of
which, taken together, shall constitute one and the same Commitment Letter.
Delivery of an executed counterpart of a signature page to this Commitment
Letter and the Fee Letters by telecopier shall be as effective as delivery of an
original executed counterpart thereof. The Borrowers' obligations with respect
to payment of costs and expenses, indemnities and confidentiality shall survive
the expiration or termination of this Commitment Letter whether or not the loan
documents shall be executed and delivered.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

AMERCO--Commitment Letter
June 19, 2003
Page 8 of 9

         This Commitment Letter may be executed in any number of counterparts,
each of which when executed and delivered, shall be deemed to be an original,
and all of which, when taken together, shall constitute but one and the same
agreement. Delivery of an executed counterpart of this letter by telefacsimile
shall be equally as effective as delivery of the original executed counterpart
of this letter.

                                          Very truly yours,

                                          WELLS FARGO FOOTHILL, INC.,
                                          formerly known as Foothill Capital
                                          Corporation

                                          By: /s/ Scott Glassberg
                                              ----------------------------------
                                          Title: Senior vice president

                    [SIGNATURES CONTINUED ON FOLLOWING PAGE]

COMMITMENT LETTER

<PAGE>

AMERCO--Commitment Letter
June 19, 2003
Page 9 of 9

         The foregoing terms and conditions are hereby accepted and agreed to as
of June ___, 2003.

                           AMERCO, a Nevada corporation, on behalf of itself and
                           its affiliates and subsidiaries that will be
                           Borrowers or Guarantors as contemplated by the Term
                           Sheet

                           By: /s/ Edward J. Shoen
                               -----------------------------------------
                           Title: President

cc:    Chris D. Molen, Esq.
       Jesse H. Austin, III, Esq.

COMMITMENT LETTER

<PAGE>

                                     ANNEX A

                  AMERCO AND AMERCO REAL ESTATE COMPANY, ET AL.

                              FINANCING COMMITMENT

                            $300,000,000 DIP FACILITY
                        $650,000,000 EMERGENCE FACILITY

                                  JUNE 19, 2003

The proposed terms and conditions summarized herein represent the terms and
conditions pursuant to which Wells Fargo Foothill, Inc., formerly known as
Foothill Capital Corporation ("Foothill"), will underwrite (i) a $300,000,000
debtor-in-possession credit facility (the "DIP Facility") for purposes of
financing Borrowers' operations during the contemplated Chapter 11
reorganization cases to be filed by Borrowers and Guarantors, and (ii) a
$650,000,000 credit facility (the "Emergence Facility") to be provided
concurrent with a confirmed reorganization plan acceptable to Foothill of the
respective Chapter 11 cases.

The proposed terms and conditions summarized herein with respect to the DIP
Facility and the Emergence Facility are provided to evidence the terms and
conditions by which Foothill hereby commits, in accordance with the terms of the
accompanying Commitment Letter, to provide financing to Borrowers and Guarantors
under the DIP Facility and the Emergence Facility.

BORROWERS:                 DIP FACILITY: AMERCO, a Nevada corporation, Amerco
                           Real Estate Company and certain of their wholly-owned
                           subsidiaries as required by Foothill (collectively,
                           "Companies" or "Borrowers"), each as a
                           debtor-in-possession under cases to be filed under
                           chapter 11 of the United States Bankruptcy Code (the
                           "Chapter 11 Cases").

                           EMERGENCE FACILITY: AMERCO, a Nevada corporation,
                           Amerco Real Estate Company, U-Haul International,
                           Inc. and such other of their wholly-owned
                           subsidiaries and affiliates as required by Foothill
                           (collectively, "Companies" or "Borrowers").

GUARANTORS:                DIP FACILITY: All U.S. affiliates and subsidiaries of
                           the Companies (that are not direct Borrowers under
                           the DIP Facility) as required by Foothill, including,
                           without limitation, U-Haul International, Inc. and
                           its subsidiaries (together with Borrowers, each a
                           "Loan Party" and collectively, the "Loan Parties").

                           EMERGENCE FACILITY: All U.S. affiliates and
                           subsidiaries of the Companies (that are not direct
                           Borrowers under the Emergence Facility) as required
                           by Foothill.

                                       A-1

<PAGE>

LEAD ARRANGER AND          DIP FACILITY: Wells Fargo Foothill, Inc., f/k/a
ADMINISTRATIVE             Foothill Capital Corporation ("Agent" or "Foothill"),
AGENT:                     as lead arranger, collateral agent, syndication agent
                           and administrative agent.

                           EMERGENCE FACILITY: Foothill, as lead arranger,
                           administrative agent, collateral agent and
                           syndication agent.

FINANCING FACILITIES:      TRANCHED FACILITIES: Two separate senior secured
                           credit facilities with Maximum Credit Amounts as
                           follows:

                           (1) A $300,000,000 debtor-in-possession credit
                           facility (the "DIP Facility"), with the Maximum
                           Credit Amount of $300,000,000 available upon the
                           entry of a final Order (the "Final Order") approving
                           such facility; and

                           (2) A $650,000,000 credit facility to be provided
                           concurrent with a confirmed reorganization plan of
                           Borrowers' and Guarantors' Chapter 11 cases
                           acceptable to Agent (the "Emergence Facility"). The
                           DIP Facility and the Emergence Facility shall
                           collectively be referred to as the "Financing
                           Facilities."

                           APPROVAL OF DIP FACILITY: A senior secured credit
                           facility with a Maximum Credit Amount of $300,000,000
                           consisting of a revolving credit facility of up to
                           $200,000,000 ("DIP Revolver"), with a $25,000,000
                           subfacility for the issuance of letters of credit,
                           plus an interest only term loan facility of
                           $100,000,000 ("DIP Term Loan"). Aggregate loans and
                           letters of credit under the DIP Facility upon entry
                           of the Final Order will be limited to the lesser of
                           (a) $300,000,000, and (b) the Borrowing Base (as
                           hereinafter defined).

                           NOTE: The DIP Facility is being presented on the
                           basis that Borrowers will not seek approval on an
                           interim basis but will seek approval for the DIP
                           Facility at a final hearing.

                           EMERGENCE FACILITY: A senior secured credit facility
                           with a Maximum Credit Amount of $650,000,000
                           consisting of (i) a revolving credit facility of up
                           to $200,000,000 ("Revolver"), with a $25,000,000
                           subfacility for the issuance of letters of credit,
                           plus (ii) a $350,000,000 amortizing term loan
                           facility ("Term Loan A") with amortization thereon to
                           be determined, plus (iii) a $100,000,000 term loan
                           facility with no scheduled amortization payments
                           ("Term Loan B"). Aggregate loans and letters of
                           credit under the Revolver and Term Loan A of the
                           Emergence Facility will be limited to the lesser of
                           (a) $550,000,000, and (b) the Borrowing Base.

                                       A-2

<PAGE>

                           The Borrowing Base for the DIP Facility shall be 40%
                           of the fair market value of the Real Property
                           Collateral with respect to the DIP Revolver and the
                           DIP Term Loan thereof. The Borrowing Base for the
                           Emergence Facility shall be 55% of the fair market
                           value of owned Real Property Collateral and shall
                           apply to the Revolver and Term Loan A thereof. All
                           such amounts would also be net of a reserve for
                           anticipated environmental remediation costs for
                           certain properties, a reserve for any title defects
                           affecting the Real Property Collateral (as defined
                           below) deemed unacceptable to Agent, and other
                           customary and normal reserves (including, without
                           limitation, reserves for Carve-Out Expenses) which
                           may be established by Agent.

LETTERS OF CREDIT:         Each letter of credit will be issued for the account
                           of a Borrower by Wells Fargo Bank or another bank
                           selected by Agent, which shall be reasonably
                           satisfactory to Borrowers, and shall have an expiry
                           date that is not later than thirty (30) days prior to
                           the Maturity Date (as hereinafter defined) unless on
                           or prior to the Maturity Date such letter of credit
                           shall be cash collateralized in an amount equal to
                           105% of the face amount of such letter of credit.
                           Borrowers and Guarantors will be bound by the usual
                           and customary terms contained in the letter of credit
                           issuance documentation of the issuing bank and
                           Foothill.

MATURITY DATE:             FINANCING UNDER THE DIP FACILITY: The earlier of (i)
                           the date which is twelve (12) months following the
                           date of entry of the Final Order, (ii) ten (10) days
                           following the date of entry of an Order confirming
                           Borrowers' plan of reorganization (a "Plan") in the
                           Chapter 11 Cases acceptable to Foothill, and (iii)
                           the conversion of the Chapter 11 Cases to cases under
                           Chapter 7 of the Bankruptcy Code (such earliest date,
                           the "Maturity Date"). No confirmation order with
                           respect to a Plan entered in the Chapter 11 Cases
                           will discharge or otherwise affect in any way any of
                           the joint and several obligations of the Loan Parties
                           to Foothill under the DIP Facility, other than after
                           the payment in full and in cash to Foothill of all
                           obligations under the DIP Facility on or before the
                           effective date of the Plan.

                           EMERGENCE FACILITY: Five (5) years from closing date
                           of the Emergence Facility (the "Emergence Facility
                           Maturity Date").

                                       A-3

<PAGE>

EARLY TERMINATION:         Termination of the Emergence Facility prior to the
                           Emergence Facility Maturity Date shall be subject to
                           a prepayment premium payable to Foothill equal to the
                           percentage set forth in the following schedule of
                           then applicable Maximum Credit Amount for each full
                           and partial month remaining to the Emergence Facility
                           Maturity Date:

<TABLE>
<CAPTION>
------------------------------------------------------------------
YEAR 1           YEAR 2        YEAR 3         YEAR 4        YEAR 5
------------------------------------------------------------------
<S>              <C>           <C>            <C>           <C>
 2.00%           1.50%         1.00%          0.00%         0.00%
----------------------------------------------------------------
</TABLE>

                           Other customary prepayments to be included in
                           definitive loan documentation (including sale of
                           assets, casualty events, etc.), subject to levels to
                           be negotiated.

CLOSING DATE:              With respect to the DIP Facility on the earlier of
                           (i) July 31, 2003, or (ii) thirty (30) business days
                           following execution of the accompanying Commitment
                           Letter and satisfying the terms thereof (specifically
                           including payment of any required fees), subject only
                           to the Bankruptcy Court having entered the Final
                           Order in form and substance reasonably satisfactory
                           to Foothill. Borrowings under the DIP Facility are
                           subject to entry of the Final Order, in form and
                           substance reasonably satisfactory to Foothill.

COLLATERAL:                DIP Facility: All obligations of the Loan Parties to
                           Foothill shall be: (a) entitled to super-priority
                           administrative expense claim status pursuant to
                           Section 364(c)(l) of the Bankruptcy Code in each
                           Chapter 11 Case, subject only to (i) the payment of
                           allowed professional fees and disbursements incurred
                           by the Loan Parties and any official committees
                           appointed in the Chapter 11 Cases, in an aggregate
                           amount not in excess of $5,000,000 (plus all unpaid
                           professional fees and disbursements incurred, accrued
                           or invoiced prior to the occurrence of an Event of
                           Default, to the extent allowed by the Bankruptcy
                           Court) (ii) the payment of fees pursuant to 28 U.S.C.
                           Section 1930 (collectively, the "Carve-Out Expenses")
                           and (b) secured pursuant to Sections 364(c)(2),
                           (c)(3) and (d) of the Bankruptcy Code by a security
                           interest in and lien on all now owned or hereafter
                           acquired property and assets of the Loan Parties,
                           both tangible and intangible, and real property (the
                           "Real Property Collateral") and personal property
                           (including, without limitation, capital stock or
                           other equity interests of their subsidiaries), and
                           the proceeds thereof, excluding (i) Borrowers' real
                           estate subject to any currently existing synthetic
                           lease arrangements and to the existing promissory
                           notes issued to Amerco Real Estate Company by SAC
                           Holdings and its subsidiaries, and (ii) causes of
                           action arising under Sections 502(d), 544, 545, 547,
                           548, 549, 550 or

                                       A-4

<PAGE>

                           551 of the Bankruptcy Code. The security interests in
                           and liens on the aforementioned assets of the Loan
                           Parties shall be first priority, senior secured liens
                           not subject to subordination, but subject to the
                           Carve-Out Expenses.

                           Emergence Facility: Subject to a confirmed Plan
                           acceptable to Foothill, all obligations of the Loan
                           Parties to Foothill shall be secured by a first
                           priority perfected security interest in substantially
                           all the assets of Borrowers and Guarantors, but
                           excluding (i) the existing promissory notes issued to
                           Amerco Real Estate Company by SAC Holdings and its
                           subsidiaries and (ii) Borrowers' real estate subject
                           to any currently existing synthetic lease
                           arrangements. The Emergence Facility shall include
                           provisions authorizing the granting of a junior lien
                           in substantially all of the assets of Borrowers in
                           favor of those parties receiving new notes in
                           connection with the confirmed Plan, subject to an
                           intercreditor agreement, the terms and conditions of
                           which shall be satisfactory to Foothill. Such
                           intercreditor agreement shall, at a minimum, provide
                           for both lien subordination and payment subordination
                           and shall, in all respects, be a "deeply
                           subordinated" instrument.

                           All borrowings by Borrowers, all reimbursement
                           obligations with respect to letters of credit, all
                           costs, fees and expenses of Foothill, and all other
                           obligations owed to Foothill shall be secured as
                           described above and charged to the loan account to be
                           established under the Facilities.

INTEREST RATES:            Advances outstanding under the DIP Facility shall
                           bear interest, at Borrowers' option, at (a) the
                           LIBOR Rate plus 3.50%, or (b) the Base Rate plus
                           1.00%.

                           Advances outstanding under (i) the Emergence Facility
                           Revolver would bear interest, at Borrowers' option,
                           at (a) the LIBOR Rate plus 4.00%, or (b) the Base
                           Rate plus 1.00%, and (ii) advances outstanding under
                           the Emergence Facility Term Loan A would bear
                           interest at the LIBOR Rate plus 4.00%. In addition,
                           the interest rate could be periodically reduced
                           subject to Borrowers achieving certain financial
                           performance and leverage ratios ("Performance Pricing
                           Grid") to be determined.

                           Advances outstanding under the Emergence Facility
                           Term Loan B would bear interest at (i) the greater of
                           the Base Rate plus 4.75% (ii) or 9.00% per annum;
                           provided that 1.75% of such interest will be
                           payment-in-kind (PIK).

                                       A-5

<PAGE>

                           As used herein (x) "Base Rate" means the rate of
                           interest publicly announced from time to time by
                           Wells Fargo Bank, N.A. at its principal office in San
                           Francisco, California, as its reference rate, base
                           rate or prime rate. The LIBOR Rate means the rate per
                           annum, determined by Foothill in accordance with its
                           customary procedures, at which dollar deposits are
                           offered to major banks in the London interbank
                           market, adjusted by the reserve percentage prescribed
                           by governmental authorities as determined by
                           Foothill. With respect to the Emergence Facility
                           only, at no time shall the LIBOR Rate utilized prior
                           to application of the appropriate margin be less than
                           2.00%. All interest and fees for the Financing
                           Facilities shall be computed on the basis of a year
                           of 360 days for the actual days elapsed. If any Event
                           of Default shall occur, interest shall accrue under
                           the Facilities at a rate per annum equal to 2.00% in
                           excess of the rate of interest otherwise in effect.

FEES:                      Unused Line Fee (for       One half of one percent
                           the Financing              (0.50%) on the unused
                           Facilities):               portion of the respective
                                                      Revolver Facility, payable
                                                      monthly in arrears.

                           Letter of Credit Fees      Three and one-half percent
                           (for the Financing         (3.50%) per annum of the
                           Facilities):               face amount of each letter
                                                      of credit issued under the
                                                      DIP Facility and four
                                                      percent (4.00%) per annum
                                                      of the face amount of each
                                                      letter of credit issued
                                                      under the Emergence
                                                      Facility, in each case,
                                                      payable monthly in
                                                      advance, plus the
                                                      customary charges imposed
                                                      by the letter of credit
                                                      issuing bank.

                           Field Examination Fee      Without limiting the
                           (for the Financing         foregoing, Borrowers would
                           Facilities):               be required to pay (a) a
                                                      fee of $850 per day, per
                                                      analyst, plus
                                                      out-of-pocket expenses,
                                                      for each financial audit
                                                      of Borrowers performed by
                                                      personnel employed by
                                                      Foothill, and (b) the
                                                      actual charges paid or
                                                      incurred by Foothill if it
                                                      elects to employ the
                                                      services of one or more
                                                      third parties to perform
                                                      financial audits of
                                                      Borrowers, to appraise
                                                      Borrowers' collateral, or
                                                      to assess Borrowers'
                                                      business valuation.

                                       A-6

<PAGE>

                           Borrowers shall also pay all applicable fees set
                           forth in one or more of the fee letters of even date
                           herewith (collectively, the "Fee Letters").

USE OF PROCEEDS:           DIP Facility: To refinance a certain amount of
                           Amerco's existing $205 million revolving credit
                           facility and fund working capital in the ordinary
                           course of business (including for the fees and
                           transaction costs in connection with the DIP Facility
                           and for the payment of such pre-petition claims as
                           may be permitted by the Court pursuant to "first day"
                           orders or other pre-petition claims permitted under
                           the DIP Facility) with agreed limitations on use of
                           proceeds to fund or capitalize non-debtor entities
                           affiliated with Borrowers and Guarantors.

                           Emergence Facility: To refinance the DIP Facility,
                           fund Borrowers' confirmed Plan and for general
                           corporate purposes including the financing of working
                           capital and capital expenditures.

CONDITIONS PRECEDENT:      Financing under DIP Facility:

                           The obligation of Foothill to make any loans in
                           connection with the DIP Facility will be subject to
                           customary conditions precedent including, without
                           limitation, the following:

                           (a)      Execution and delivery of appropriate legal
                                    documentation in form and substance
                                    satisfactory to Foothill and the
                                    satisfaction of the conditions precedent
                                    contained therein.

                           (b)      Amerco Real Estate Company shall have become
                                    a debtor-in-possession under the Chapter 11
                                    Cases

                           (c)      No material adverse change in the business
                                    operations, assets, financial condition or
                                    prospects of Borrowers and Guarantors
                                    ("Material Adverse Change") other than the
                                    filing of the Chapter 11 Cases and the
                                    events resulting from the filing of the
                                    Chapter 11 Cases, as determined by Foothill
                                    in its sole discretion.

                           (d)      Entry of the Final Order in the Chapter 11
                                    Cases, reasonably satisfactory in form and
                                    substance to Foothill, which Final Order (i)
                                    shall approve the transactions contemplated
                                    herein, grant the super priority
                                    administrative expense claim status and
                                    senior liens referred to above, (ii) shall
                                    not have been reversed, modified, amended,
                                    stayed or vacated, and (iii) shall have been
                                    entered no later than July 31,2003.

                                       A-7

<PAGE>

                           (e)      Foothill shall have been granted a deemed
                                    perfected, first priority senior lien on all
                                    Collateral, as defined earlier. Foothill
                                    shall have received real estate UCC, tax and
                                    judgment lien searches and other appropriate
                                    evidence, confirming the absence of any
                                    liens on the Collateral, except existing
                                    liens acceptable to Foothill. Foothill
                                    acknowledges that it has already reviewed
                                    real estate title reports on over 95% of
                                    Borrowers' properties, have negotiated a
                                    form of title insurance commitment and have
                                    reviewed issued title insurance commitments
                                    on over 350 of Borrowers' properties.

                           (f)      Opinions from the Loan Parties' counsel as
                                    to such matters as Foothill and its counsel
                                    may reasonably request.

                           (g)      Insurance satisfactory to Foothill, such
                                    insurance to include liability insurance for
                                    which Foothill, will be named as an
                                    additional insured and property insurance
                                    with respect to the Collateral for which
                                    Foothill will be named as loss payee.

                           (h)      Foothill's completion of and satisfaction in
                                    all respects with the results of its ongoing
                                    due diligence investigation of the business,
                                    assets, operations, properties (including
                                    compliance with FIRREA), condition
                                    (financial or otherwise), contingent
                                    liabilities, prospects and material
                                    agreements of Borrowers and their respective
                                    Subsidiaries.

                           (i)      Borrowers shall have paid to Foothill all
                                    fees and expenses, including all appraisal
                                    fees and expenses, then owing to Foothill.

                           (j)      Receipt of the Budget as provided to the
                                    Bankruptcy Court.

                           (k)      Borrowers shall, at loan closing, have a
                                    minimum of $40,000,000 in the aggregate of
                                    unrestricted cash and available but unused
                                    credit availability (defined as the
                                    difference between (i) the lesser of the (X)
                                    the Borrowing Base or (Y) $300,000,000 and
                                    (ii) the sum of the loans and LC's
                                    outstanding) under the DIP Facility.

                           (l)      Satisfying any conditions precedent in the
                                    Commitment Letter.

                                       A-8

<PAGE>

                           Emergence Facility:

                           The obligation of Foothill to make any loans or
                           assist in the issuance of any letters of credit in
                           connection with the $650,000,000 Emergence Facility
                           will be subject to customary conditions precedent
                           including, without limitation, the following:

                               (a)  Foothill shall have closed the DIP Facility
                                    with Borrowers as provided herein.

                               (b)  Receipt of evidence of the entry of a final
                                    Order confirming Borrowers' Plan and
                                    accompanying disclosure statement, and
                                    satisfaction of all other conditions to the
                                    confirmation of such Plan, which Plan,
                                    disclosure statement, and confirmation Order
                                    shall be in form and substance reasonably
                                    acceptable to Foothill and which Plan will
                                    include, among things, a level of assets
                                    both hi number and value, acceptable to
                                    Foothill.

                               (c)  Receipt of management's projections and
                                    business plan for the succeeding twelve (12)
                                    month period on a month-by-month basis and
                                    the succeeding four year period on an annual
                                    basis in form and substance acceptable to
                                    Foothill.

                               (d)  Payment of all reasonable fees and expenses
                                    owing to Foothill in connection with the
                                    Emergence Facility.

                               (e)  Execution and delivery of appropriate legal
                                    documentation in form and substance
                                    satisfactory to Foothill and the
                                    satisfaction of the conditions precedent
                                    contained therein and delivery of all
                                    appropriate opinions of counsel relating
                                    thereto, reasonably satisfactory in all
                                    respects to Foothill.

                               (f)  Payment in full of obligations owing and
                                    amounts outstanding under the DIP Facility.

                                       A-9

<PAGE>

                               (g)  Foothill shall have been granted a
                                    perfected, first priority lien on all
                                    Collateral including without limitation
                                    mortgages on all owned real property in form
                                    and substance satisfactory to Foothill.
                                    Foothill shall have received real estate,
                                    UCC, tax and judgment lien searches and
                                    other appropriate evidence, confirming the
                                    absence of any liens on the Collateral,
                                    except existing liens acceptable to
                                    Foothill.

                               (h)  No default or event of default shall exist
                                    under the loan documents for the DIP
                                    Facility or the Emergence Facility, and no
                                    pending claim, investigation or litigation
                                    by any governmental entity shall exist with
                                    respect to the Loan Parties or the
                                    transactions contemplated hereby.

                               (i)  The absence of (i) a Material Adverse Change
                                    in the business operations, assets,
                                    condition (financial or otherwise) or
                                    prospects of Borrowers and Guarantors since
                                    March 31, 2002, as determined by Foothill in
                                    its sole discretion, other than (x) the
                                    filing of the Chapter 11 Cases and the
                                    events resulting from the filing of the
                                    Chapter 11 Cases, (y) the withdrawal by
                                    PriceWaterhouseCoopers of its audit letter
                                    with respect to the Borrowers' financial
                                    statements for the fiscal year ended as of
                                    March 31, 2002, and (z) such other matters
                                    as have been disclosed in writing by
                                    Borrowers to Foothill on or before June 20,
                                    2003 or (ii) an adverse change or disruption
                                    in the loan syndication, financial, banking
                                    or capital markets generally that, in
                                    Foothill's judgment, could materially impair
                                    the syndication of the Emergence Facility.

                               (j)  Foothill's commencement and completion of,
                                    and satisfaction in all respects with, the
                                    results of its ongoing due diligence
                                    investigation of the business, assets,
                                    operations, properties, condition (financial
                                    or otherwise), contingent liabilities,
                                    prospects and material agreements of
                                    Borrowers and their respective Subsidiaries.

                                      A-10

<PAGE>

REPRESENTATIONS AND        Usual representations and warranties, including, but
WARRANTIES:                not limited to, corporate existence and good
                           standing, permits and licenses, authority to enter
                           into the respective loan documents, occurrence of the
                           closing date for the respective Financing Facilities,
                           validity of the Final Order, governmental approvals,
                           non-violation of other agreements, financial
                           statements, litigation, compliance with
                           environmental, pension and other laws, taxes,
                           insurance, absence of Material Adverse Change,
                           absence of default or unmatured default and priority
                           of Foothill's liens.

COVENANTS:                 With respect to the DIP Facility, Borrowers will be
                           required to maintain agreed upon minimum levels of
                           EBITDA, EBITDAR and fixed charge coverage ratios.
                           With respect to the Emergence Facility, Borrowers
                           will be required to maintain agreed upon minimum
                           levels of EBITDA, EBITDAR, leverage and fixed charge
                           coverage ratios. All such covenants will be not less
                           than 80% of Borrowers' projected operating
                           performance. Borrowers will also have a limitation on
                           capital expenditures (to be determined). All such
                           financial covenants shall be tested quarterly.
                           Financial reporting shall include, without
                           limitation, the delivery to Agent of monthly
                           financial statements, audited annual financial
                           statements and annual updated projections and any
                           financial and other reporting material filed in the
                           Bankruptcy Cases or shared with any Committees
                           appointed in the Bankruptcy Cases.

                           Other customary covenants (both positive and
                           negative), including, but not limited to, notices of
                           litigation, defaults and unmatured defaults and other
                           information (including pleadings, motions,
                           applications and other documents filed with the
                           Bankruptcy Court or distributed to any official
                           committee appointed in the Chapter 11 Cases),
                           compliance with laws, permits and licenses,
                           inspection of properties, books and records,
                           maintenance of insurance, limitations with respect to
                           liens and encumbrances, dividends, retirement of
                           capital stock and repurchases of subordinated debt
                           (except for certain repurchases to be agreed upon
                           based on performance ratios and liquidity at levels
                           to be determined at the time of the proposed
                           repurchase), guarantees, sale and lease back
                           transactions, consolidations and mergers,
                           investments, capital expenditures, loans and
                           advances, indebtedness, compliance with pension,
                           environmental and other laws, operating leases,
                           transactions with affiliates and prepayment of other
                           indebtedness.

CASH MANAGEMENT:           Borrowers shall institute a cash management system
                           satisfactory to Agent, including without limitation,
                           establishing one or more concentration accounts at
                           financial institutions acceptable to

                                      A-11

<PAGE>

                           Agent.

EVENTS OF DEFAULT:         Usual events of default, including, but not limited
                           to, payment, cross-default, violation of covenants,
                           breach of representations or warranties, judgments,
                           ERISA, environmental, change of control and other
                           events of default which are customary in facilities
                           of this nature.

                           In addition, an Event of Default shall occur if: (i)
                           (A) any of the Chapter 11 Cases shall be dismissed or
                           converted to a chapter 7 case, a chapter 11 trustee
                           or an examiner with enlarged powers shall be
                           appointed in any of the cases, any other
                           superpriority administrative expense claim which is
                           senior to or pari passu with Foothill's claims shall
                           be granted and the Final Order shall be stayed,
                           amended, modified, reversed or vacated; (B) a Plan
                           shall be confirmed in any of the Chapter 11 Cases
                           which does not provide for termination of the
                           commitment under the DIP Facility and payment in full
                           in cash of the Loan Parties' obligations thereunder
                           on the effective date of the Plan; or an order shall
                           be entered which dismisses any of the Loan Parties'
                           Chapter 11 Cases and which order does not provide for
                           termination of the Financing Facility then
                           outstanding and payment in full in cash of all
                           obligations thereunder; (C) the Loan Parties shall
                           take any action, including the filing of an
                           application, in support of any of the foregoing or
                           any person other than the Loan Parties shall do so
                           and such application is not contested in good faith
                           by the Loan Parties and the relief requested is
                           granted in an order that is not stayed pending
                           appeal; (ii) the Bankruptcy Court shall enter an
                           order granting relief from the automatic stay to the
                           holder of any security interest in any asset of the
                           Loan Parties having a book value in an amount equal
                           to or exceeding an amount to be agreed upon; and
                           (iii) such other similar Events of Default as are
                           usual and customary in DIP credit facilities.

GOVERNING LAW:             All documentation in connection with the Financing
                           Facilities shall be governed by the laws of the State
                           of New York applicable to agreements made and
                           performed in such State except as governed by the
                           Bankruptcy Code.

ASSIGNMENTS AND            Foothill shall be permitted to assign its rights and
PARTICIPATIONS:            obligations hereunder, or any part thereof, to any
                           person or entity without the consent of the Loan
                           Parties. Foothill shall be permitted to grant
                           participations in such rights and obligations, or any
                           part thereof, to any person or entity without the
                           consent of the Loan Parties.

                                      A-12

<PAGE>

EXPENSES:                  The Loan Parties shall pay on demand all fees and
                           expenses of Foothill (including legal fees, financial
                           consultant fees (if any), audit fees, search fees,
                           filing fees, and documentation fees, and expenses in
                           excess of the Deposit), incurred in connection with
                           the transactions contemplated by this Term Sheet,
                           whether or not such transactions close.

SYNDICATION:               Foothill shall underwrite the DIP Facility and
                           syndicate to other qualified financial institutions
                           and, to the extent set forth in the Commitment
                           Letter, Foothill shall underwrite the Emergence
                           Facility and syndicate to other qualified financial
                           institutions.

                                      A-13