<PAGE>
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
            FORM 10-K - Annual Report Pursuant to Section 13 or 15(d)
                      of the Securities Exchange Act of 1934
(Mark One)

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

For the fiscal year ended             March 31, 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, Suite 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

   Securities registered pursuant to Section 12(b) of the Act:

                                                           Name of Each Exchange
Registrant                       Title of Class             on Which Registered
----------                       --------------            ---------------------
AMERCO                           Series A 8 1/2%         New York Stock Exchange
                                 Preferred Stock
U-Haul International, Inc.            None

   Securities registered pursuant to Section 12(g) of the Act:

             Registrant                       Title of Class
             ----------                       --------------
             AMERCO                           Common
             U-Haul International, Inc.       None

       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
                                              -----   -----

       Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.  [  ]

       21,892,737 shares of AMERCO common stock, $0.25 par value, were
outstanding at June 29, 2001.  The aggregate market value of AMERCO common stock
held by non-affiliates (i.e., stock held by persons other than officers,
directors and 5% shareholders of AMERCO) was $141,937,624.  The aggregate market
value was computed using the closing price for the common stock trading on
NASDAQ on June 28, 2001.

       5,385 shares of U-Haul International, Inc. common stock, $0.01 par value,
were outstanding at June 29, 2001.  None of these shares were held by non-
affiliates.  U-Haul International, Inc. meets the conditions set forth in
General Instructions (I)(1)(a) and (b) of Form 10-K and is therefore filing this
Form with the reduced disclosure format.

       Portions of AMERCO's Proxy Statement relating to its Annual Meeting of
Stockholders to be held on August 31, 2001, are incorporated by reference in
Part III hereof.
<PAGE>   2

                                TABLE OF CONTENTS

                                                          PAGE NO.
                                     PART I

ITEM   1.  BUSINESS......................................     3

           A.   AMERCO...................................     3

           B.   HISTORY..................................     3

           C.   MOVING AND STORAGE OPERATIONS............     4

           D.   REAL ESTATE OPERATIONS...................     5

           E.   INSURANCE OPERATIONS.....................     6

ITEM   2.  PROPERTIES....................................     9

ITEM   3.  LEGAL PROCEEDINGS.............................     9

ITEM   4.  SUBMISSION OF MATTERS TO A VOTE OF
           SECURITY HOLDERS..............................     9

                                     PART II

ITEM   5.  MARKET FOR THE REGISTRANT'S COMMON EQUITY
           AND RELATED STOCKHOLDER MATTERS...............    10

ITEM   6.  SELECTED FINANCIAL DATA.......................    11

ITEM   7.  MANAGEMENT'S DISCUSSION AND ANALYSIS
           OF FINANCIAL CONDITION AND RESULTS OF
           OPERATIONS....................................    13

ITEM   7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES
           ABOUT MARKET RISK.............................    23

ITEM   8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY
           DATA..........................................    23

ITEM   9.  CHANGES IN AND DISAGREEMENTS WITH
           ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
           DISCLOSURE ...................................    23

                                    PART III

ITEM  10.  DIRECTORS AND EXECUTIVE OFFICERS OF
           THE REGISTRANTS...............................    24

ITEM  11.  EXECUTIVE COMPENSATION........................    24

ITEM  12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
           OWNERS AND MANAGEMENT.........................    24

ITEM  13.  CERTAIN RELATIONSHIPS AND RELATED
           TRANSACTIONS..................................    24

                                     PART IV

ITEM  14.  EXHIBITS, FINANCIAL STATEMENT
           SCHEDULES AND REPORTS ON FORM 8-K.............    25
<PAGE>   3
                                     PART I

                                ITEM 1.  BUSINESS

                                    A. AMERCO

     AMERCO, a Nevada corporation (AMERCO), is the holding company for U-Haul
International, Inc. (U-Haul), Amerco Real Estate Company (Real Estate), Republic
Western Insurance Company (RepWest) and Oxford Life Insurance Company (Oxford).
Throughout this Form 10-K, unless the context otherwise requires, the term
"AMERCO" includes all of its subsidiaries.  AMERCO's executive offices are
located at 1325 Airmotive Way, Suite 100, Reno, Nevada 89502-3239, and the
telephone number is (775) 688-6300.  As used in this Form 10-K, all references
to a fiscal year refer to AMERCO's fiscal year ended March 31 of that year.
RepWest and Oxford are consolidated on the basis of calendar years ended
December 31.  Accordingly, all references to the years 2000, 1999 and 1998
correspond to AMERCO's fiscal years 2001, 2000 and 1999, respectively.  AMERCO
has four industry segments represented by Moving and Storage Operations
(U-Haul), Real Estate, Property and Casualty Insurance (RepWest) and Life
Insurance (Oxford).  See Note 21 of Notes to Consolidated Financial Statements
in Item 8 for financial information regarding the industry segments.

Moving and Storage Operations
     Moving and self-storage operations consist of the rental of trucks and
trailers, the sale of moving aids such as boxes and the rental of self-storage
spaces to the do-it-yourself mover.  Operations are conducted using the
registered tradename U-Haul REGISTERED TRADEMARK throughout the United States
and Canada.

Real Estate Operations
     Real Estate owns approximately 90% of U-Haul's real estate assets,
including U-Haul Center and Storage locations.  The remainder of the real estate
assets are owned by various U-Haul entities.  Real Estate is responsible for
managing all of the properties including the environmental risks of the
properties.  Real Estate is responsible for the purchase of all properties used
by AMERCO or any of its subsidiaries.  Real Estate also handles all the
dispositions (sale or lease) of unused real estate.

Property and Casualty Insurance
     RepWest originates and reinsures property and casualty-type insurance
products for various market participants, including independent third parties,
U-Haul's customers, independent dealers and AMERCO.

Life Insurance
     Oxford originates and reinsures annuities, credit life and disability, life
insurance and supplemental health products.  Oxford also administers the self-
insured employee health and dental plans for AMERCO.

     On November 13, 2000, Oxford acquired all of the issued and outstanding
shares of Christian Fidelity Life Insurance Company (CFLIC) in an exchange of
cash for stock.  CFLIC is a Texas-based insurance company specializing in
providing supplemental health insurance and is licensed in 31 states.  The
acquisition was accounted for using the purchase method of accounting and,
accordingly, CFLIC's results of operations have been included in the
consolidated financial statements since the date of acquisition.  Oxford
funded the acquisition from available cash and short-term funds.


                                   B. HISTORY

     U-Haul was founded in 1945 under the name "U-Haul Trailer Rental Company".
From 1945 to 1974, U-Haul rented trailers and, starting in 1959, trucks on a
one-way and In-Town REGISTERD TRADEMARK basis through independent dealers.
Since 1974, U-Haul has developed a network of Company owned rental centers
(U-Haul Centers) through which U-Haul rents its trucks and trailers and
provides related products and services (e.g., the sale and installation of
hitches, as well as the sale of boxes and moving supplies).  At March 31, 2001,
U-Haul's distribution network included 1,380 U-Haul Centers and 15,300
independent dealers.
<PAGE>  4
                        C. MOVING AND STORAGE OPERATIONS

Business Strategies
     The U-Haul business strategy remains focused on do-it-yourself moving and
self-storage customers.  U-Haul believes that customer access, in terms of truck
or trailer availability and proximity of rental locations, is critical to its
success.  Under the U-Haul name, our strategy is to offer, in an integrated
manner over an extensive and geographically diverse network of 16,680 Company
operated Centers and independent dealers, a wide range of products and services
to do-it-yourself moving and self-storage customers.

Moving Operations
     U-Haul has a variety of product offerings.  Rental trucks are designed with
do-it-yourself customers in mind.  U-Haul trailers are suited to the low profile
of many newly manufactured automobiles.  As of March 31, 2001, the U-Haul rental
equipment fleet consisted of 100,400 trucks, 85,300 trailers and 20,400 tow
dollies.  Additionally, U-Haul provides support rental items such as furniture
pads and bumper hitches.

     Approximately 90% of U-Haul's rental revenue is from do-it-yourself movers.
Moving rentals include:
     (i)  In-Town REGISTERD TRADEMARK rentals, where the equipment is returned
          to the originating U-Haul location and
     (ii) one-way rentals, where the equipment is returned to a U-Haul location
          in another city.

     U-Haul's truck and trailer rental business tends to be seasonal, with
proportionally more transactions and revenues generated in the spring and summer
months than during the balance of the year.

     U-Haul also sells a wide selection of moving supplies that include boxes,
tape and packaging materials.  U-Haul Centers also sell and install hitches and
towing systems, and sell propane.

     U-Haul offers protection packages such as:
     (i)  Safemove REGISTERED TRADEMARK - which provides moving customers with
          a damage waiver, cargo protection and medical and life coverage; and,
     (ii) Safestor REGISTERED TRADEMARK - which provides self-storage rental
          customers with various types of protection for their goods in storage.

     Independent dealers receive U-Haul equipment on a consignment basis and are
paid a commission on gross revenues generated from their rentals. U-Haul
maintains contracts with its independent dealers that may typically be
terminated upon 30 days written notice by either party.

     U-Haul designs and manufactures its truck van boxes, trailers and various
other support rental equipment items.  Truck chassis are manufactured by both
foreign and domestic truck manufacturers.  These chassis receive certain post-
delivery modifications and are joined with van boxes at strategically located
Company-owned manufacturing and assembly facilities in the United States.

     U-Haul services and maintains its trucks and trailers through an extensive
preventive-maintenance program, generally performed at Company-owned facilities
located at or near U-Haul Centers.  Major repairs are performed either by the
chassis manufacturers' dealers or by Company-owned repair shops, and U-Haul
takes advantage of manufacturers' warranties.

Competition
     The moving truck and trailer rental market is highly competitive and
dominated by national operators in both the In-Town REGISTERED TRADEMARK and
one-way markets.  Recently two major competitors combined.  Budget Rent-A-Car
acquired Ryder TRS (Ryder Truck Rentals).  Management believes that this merger
will not have a material adverse effect on AMERCO's financial position or
operating results.  Management believes that there are two distinct users of
rental trucks:  commercial users and do-it-yourself users.  U-Haul focuses on
the do-it-yourself mover.  U-Haul believes that the principal competitive
factors are convenience of rental locations, availability of quality rental
equipment and price.
<PAGE>   5

Self-Storage Business
     U-Haul entered the self-storage business in 1974 and since then has
increased the rentable square footage of its storage locations through the
acquisition of existing facilities and new construction.  In addition, U-Haul
has entered into management agreements to manage self-storage properties owned
by others.  U-Haul has also entered into a strategic and financial partnership
with Private Mini Storage Realty, L.P., a Texas-based operator of self-storage
properties.

     Through over 1,000 owned or managed storage locations in the United States
and Canada, U-Haul offers for rent more than 32.5 million square feet of self-
storage space.  U-Haul's self-storage facility locations range in sizes up to
152,600 square feet of storage space, with individual storage units in sizes
from 15 square feet to 400 square feet.

     The primary market for storage rooms is the storage of household goods.
With the addition of 32,784 storage rooms during fiscal year 2001, the average
occupancy rate of facilities operating over one year was 83.19%, with modest
seasonal variations.  During fiscal year 2001, delinquent rentals as a
percentage of total storage rentals were approximately 7.7%.  U-Haul considers
this rate to be satisfactory.

Competition
     The primary competition for a U-Haul self-storage location is other storage
facilities within a trade area offering a comparable level of convenience to the
customer.

Employees
     As of March 31, 2001, U-Haul's non-seasonal work force consisted of 16,800
full and part-time employees.

                            D. REAL ESTATE OPERATIONS

Real Estate Operations
     Real Estate has responsibility for actively marketing properties available
for sale or lease.  Real Estate is also responsible for managing any
environmental risks associated with AMERCO's real estate.

Environmental Matters
     Compliance with environmental requirements of federal, state and local
governments significantly affects Real Estate's business operations.  Among
other things, these requirements regulate the discharge of materials into the
water, air and land and govern the use and disposal of hazardous substances.
Real Estate is aware of issues regarding hazardous substances on the properties.
Real Estate regularly makes capital and operating expenditures to stay in
compliance with environmental laws.  Since 1988, Real Estate has managed a
testing and removal program for underground storage tanks.  Under this program,
over 3,000 tanks have been removed at a cost of $42.6 million.

     A subsidiary of U-Haul, INW Company (INW), owns one property located within
two different state hazardous substance sites in the State of Washington.  The
sites are referred to as the "Yakima Valley Spray Site" and the "Yakima Railroad
Area."  INW has been named as a "potentially liable party" (PLP) under state law
with respect to this property as it relates to both sites. As a result of the
cleanup costs of approximately $3.0 to $9.0 million required by the State of
Washington, INW filed for reorganization under the federal bankruptcy laws in
May of 2001.

     Based upon the information currently available to Real Estate, compliance
with the environmental laws and its share of the costs of investigation and
cleanup of known hazardous waste sites are not expected to have a material
adverse effect on AMERCO's financial position or operating results.
<PAGE>   6

                             E. INSURANCE OPERATIONS

Business Strategies
     RepWest's principal business strategy is to provide specialty insurance for
personal, commercial and reinsurance markets.  RepWest focuses on selected
regional and under-served customers through managing general agents, independent
agents, brokers and direct sales.

     Oxford's business strategy is long-term capital growth through direct
writing and reinsuring of annuity, credit life and disability and supplemental
health insurance.  Oxford is pursuing this growth strategy of increased direct
writing via acquisitions of insurance companies, expanded distribution channels
and product development.  The acquisitions of North American Insurance Company
and Safe Mate Life Insurance Company in 1997 and Christian Fidelity Life
Insurance Company in 2000 represent a significant movement toward this long-term
goal.  Oxford has significantly expanded product offerings, distribution
channels and administrative capabilities through these acquisitions.

Investments
     RepWest and Oxford investments must comply with the insurance laws of the
state of domicile.  These laws prescribe the type, quality and concentration of
investments that may be made.  Moreover, in order to be considered an acceptable
reinsurer by cedents and intermediaries, a reinsurer must offer financial
security.  The quality and liquidity of invested assets are important
considerations in determining such security.

     The investment philosophies of RepWest and Oxford emphasize protection of
principal through the purchase of investment grade fixed-income securities.
Approximately 88.0% of RepWest's and 93.2% of Oxford's fixed-income securities
consist of investment grade securities (NAIC-2 or greater).  The maturity
distributions are designed to provide sufficient liquidity to meet future cash
needs.

Reinsurance
     RepWest and Oxford assume and cede insurance from and to other insurers and
members of various reinsurance pools and associations.  Reinsurance arrangements
are utilized to provide greater diversification of risk and to minimize exposure
to large risks.  However, the original insurer retains primary liability to the
policyholder should the assuming insurer not be able to meet its obligations
under the reinsurance agreements.

Regulation
     RepWest and Oxford are subject to regulation and supervision throughout the
United States.  The regulation extends to such matters as licensing companies
and agents, restricting the types, quality or quantity of investments,
regulating capital and surplus and actuarial reserve maintenance, setting
solvency standards, filing of annual and other reports on financial position,
and regulating trade practices.  State laws also regulate transactions and
dividends between an insurance company and its parent or affiliates, and
generally require prior approval or notification for any change in control of
the insurance subsidiary.  RepWest's unpaid losses and loss expenses are
certified annually by an independent actuarial consulting firm as required by
state regulation.

     In the past few years, the insurance and reinsurance regulatory framework
has been subjected to increased scrutiny by the National Association of
Insurance Commissioners (NAIC), federal and state legislatures and insurance
regulators.  These regulators are considering increased regulations, with an
emphasis on insurance company investment and solvency issues.  It is not
possible to predict the future impact of changing state and federal regulations
on the operations of RepWest and Oxford.

     In 1998, the NAIC adopted the Codification of Statutory Accounting
Principles guidance, which will replace the current Accounting Practices and
Procedures manual as the NAIC's primary guidance for statutory accounting as of
January 1, 2001.  The Codification provides guidance for areas where statutory
accounting has been silent and changes current statutory accounting in some
areas.  The Insurance Departments of the State of Arizona and Louisiana has
adopted the Codification guidance, effective January 1, 2001.  The effect of
adoption on RepWest's statutory surplus are increases of approximately
$11,301,000 respectively, as filed in the entities' March 31, 2001 quarterly
statements as a result of a recording of a net deferred tax asset.

     RepWest and Oxford are in compliance with NAIC minimum risk-based
capitalization requirements for insurance companies as of December 31, 2000.
<PAGE>   7

Competition
     The highly competitive insurance industry includes a large number of
property and casualty insurance companies and life insurance companies.  In
addition, the marketplace now includes financial service firms offering both
insurance and financial products.  Some of the insurance companies are owned by
stockholders and others are owned by policyholders (mutual).  Many competitors
have been in business for a longer period of time or possess substantially
greater financial resources.  Competition in the insurance business is based
upon price, product design and services rendered to producers and policyholders.

Employees
     RepWest's non-seasonal work force consists of 394 full and part-time
employees.

     Oxford's non-seasonal work force consists of 227 full and part-time
employees.

Life Insurance
     Oxford offers annuities, credit life and disability, life insurance and
supplemental health insurance products, both as a direct writer and as an
assuming reinsurer.  In addition, Oxford administers self-insured group health
and dental plans for AMERCO.  Reinsurance arrangements are entered into with
unaffiliated reinsurers.

Property and Casualty
     RepWest's business activities consist of three basic areas:  U-Haul, direct
and assumed reinsurance underwriting.  U-Haul underwritings include coverage for
U-Haul customers, independent dealers and employees of AMERCO.  For the year
ended December 31, 2000, approximately 11.4% of RepWest's written premiums
resulted from U-Haul underwriting activities.  RepWest's direct underwriting is
done through company-employed underwriters and selected general agents.  The
products provided include liability coverage for rental vehicle lessees, storage
rental properties, coverage for commercial multiple peril, commercial auto,
mobile homes and excess workers' compensation.  RepWest's assumed reinsurance
underwriting is done via broker markets.  In an effort to decrease risk, RepWest
has entered into various catastrophe cover policies to limit its exposure.

     The liability for reported and unreported losses is based on both RepWest's
historical and industry averages.  Unpaid loss adjustment expenses are based on
historical ratios of loss adjustment expenses paid to losses paid.  The
liability for unpaid losses and loss adjustment expenses is based on estimates
of the amount necessary to settle all claims as of the statement date.  Both
reported and unreported losses are included in the liability.  RepWest updates
the liability estimate as additional facts regarding claim costs become
available.  These estimates are subject to uncertainty and variation due to
numerous factors.  In estimating reserves, no attempt is made to isolate
inflation from the combined effect of other factors including inflation.
Unpaid losses and unpaid loss adjustment expense are not discounted.

     Activity in the liability for unpaid losses and loss adjustment expenses
is summarized as follows:

                                         2000      1999      1998
                                       ---------------------------
                                             (in thousands)
Balance at January 1                 $ 334,857   344,748   384,816
  Less reinsurance recoverable          58,403    68,135    75,286
                                       ---------------------------
Net balance at January 1               276,454   276,613   309,530
Incurred related to:
  Current year                         155,073   121,861   116,069
  Prior years                           35,387    16,052    (8,827)
                                       ---------------------------
Total incurred                         190,460   137,913   107,242
Paid related to:
  Current year                          61,196    55,136    36,407
  Prior years                          117,025    82,936   103,752
                                       ---------------------------
Total paid                             178,221   138,072   140,159
Net balance at December 31             288,693   276,454   276,613
  Plus reinsurance recoverable          80,599    58,403    68,135
                                       ---------------------------
Balance at December 31               $ 369,292   334,857   344,748
                                       ===========================

     As a result of changes in estimates of insured events in prior years, the
provision for unpaid losses and loss adjustment expenses (net of reinsurance
recoveries of $36.5 million) increased by $35.3 million in 2000.
<PAGE>   8
     The table on page 9 illustrates the change in unpaid loss and loss
adjustment expenses.  First line - reserves as originally reported at the end of
the stated year.  Second section, reading down, - cumulative amounts paid as of
the end of successive years with respect to that reserve.  Third section,
reading down, - revised estimates of the original recorded reserve as of the end
of successive years.  Last section - compares the latest revised estimated
reserve amount to the reserve amount as originally established.  This last
section is cumulative and should not be summed.
<PAGE>   9
<TABLE>
<CAPTION>
                                                  Unpaid Loss and Loss Adjustment Expenses

                                                               December 31
--------------------------------------------------------------------------------------------------------------------------
                           1990     1991     1992     1993     1994     1995     1996     1997     1998     1999     2000
--------------------------------------------------------------------------------------------------------------------------
                                                              (in thousands)


<S>                     <C>       <C>      <C>      <C>      <C>     <C>       <C>      <C>      <C>      <C>      <C>
Unpaid Loss and Loss
Adjustment Expenses:    $226,324  236,019  238,762  314,482  329,741  341,981  332,674  384,816  344,748  334,857  369,292

  Paid (Cumulative)
        as of:
   One year later         55,128   65,532   83,923   70,382   86,796   89,041   89,336  103,752   82,936  117,025
   Two years later        97,014  105,432  123,310  115,467  139,247  150,001  161,613  174,867  164,318
   Three years later     120,994  126,390  153,030  146,640  173,787  195,855  208,168  216,966
   Four years later      133,338  143,433  173,841  166,068  198,434  226,815  232,726
   Five years later      144,764  153,730  181,677  181,174  219,425  243,855
   Six years later       152,424  160,875  191,938  194,652  231,447
   Seven years later     157,979  168,975  200,281  203,535
   Eight years later     163,860  175,364  207,719
   Nine years later      169,681  182,235
   Ten years later       175,696

Reserve Reestimated
        as of:
   One year later        229,447  231,779  251,450  321,058  338,033  353,508  354,776  357,733  339,602  377,096
   Two years later       221,450  224,783  254,532  323,368  340,732  369,852  342,164  361,306  371,431
   Three years later     211,998  223,403  253,844  309,936  349,459  328,445  346,578  369,598
   Four years later      207,642  214,854  231,536  317,687  302,808  331,897  349,810
   Five years later      200,629  198,320  239,888  267,005  300,180  339,665
   Six years later       189,601  210,872  263,843  262,517  307,306
   Seven years later     200,556  231,407  259,798  267,948
   Eight years later     217,005  227,603  265,285
   Nine years later      213,981  230,851
   Ten years later       215,801

Cumulative Redundancy
   (Deficiency)         $ 10,523    5,168  (26,523)   46,534  22,435    2,316  (17,136)  15,218  (26,686) (42,239)
Retro Premium
   Recoverable          $  7,427    2,549     (988)    6,061   5,458   10,183   10,645   10,532    6,797   12,411
Reestimated Reserve:
Amount (Cumulative)     $ 17,950    7,717  (27,511)   52,595  27,893   12,499   (6,491)  25,750  (19,889) (29,828)
</TABLE>
<PAGE>  10
                               ITEM 2. PROPERTIES

     AMERCO subsidiaries own property, plant and equipment that are utilized in
the manufacture, repair and rental of U-Haul equipment and that provide office
space for the Company.  Such facilities exist throughout the United States and
Canada.  The majority of land and buildings used by U-Haul is owned in fee and
is substantially unencumbered.  U-Haul also manages storage facilities owned by
others.  In addition, U-Haul owns certain real estate not currently used in its
operations.  U-Haul owns or operates 1,380 U-Haul Centers (including Company-
owned storage locations), and operates 12 manufacturing and assembly facilities.
U-Haul also operates 102 repair facilities located at or near a U-Haul Center.


                           ITEM 3.  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.  See "Item 1.  Business -
Environmental Matters".

     Reference is made to Note 15 in Notes to Consolidated Financial Statements
in Item 8 for a discussion of stockholder litigation and California overtime
litigation.


          ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     No matter was submitted to a vote of the security holders during the fourth
quarter of the fiscal year covered by this report, through the solicitation of
proxies or otherwise.
<PAGE>  11

                                     PART II

   ITEM 5.  MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
            MATTERS

     As of June 29, 2001, there were approximately 1,283 holders of record of
AMERCO's common stock.

     AMERCO's common stock has been traded on NASDAQ National Market (NASDAQ)
since November 1994 under the symbol "UHAL".  The following table sets forth the
high and low closing prices of the common stock of AMERCO trading on NASDAQ for
the periods indicated.


                                         For the Years Ended March 31,
                              ----------------------------------------------
                                        2001                      2000
                              ----------------------------------------------
                                  High        Low           High        Low
                              -----------------------------------------------
       First quarter          20              16 1/4        25 1/2      20 3/8
       Second quarter         21 1/8          18 5/16       28 9/16     22 1/4
       Third quarter          24 3/8          18 9/16       29 3/4      23 3/8
       Fourth quarter         22 3/8          17 7/32       26 63/64    16 1/2

     AMERCO has not declared any cash dividends to common stockholders for the
two most recent fiscal years.

     AMERCO does not have a formal dividend policy.  AMERCO's Board of Directors
periodically considers the advisability of declaring and paying dividends in
light of existing circumstances.  AMERCO does not intend to pay dividends in the
foreseeable future.  See Note 20 of Notes to Consolidated Financial Statements
in Item 8 for a discussion of certain statutory restrictions on the ability of
the insurance subsidiaries to pay dividends to AMERCO.

     See Note 16 of Notes to Consolidated Financial Statements in Item 8 for a
discussion of AMERCO's non-cash dividends.  See Note 6 of Notes to Consolidated
Financial Statements in Item 8 for a discussion of changes to common shares
outstanding.

     The common stock of U-Haul is wholly-owned by AMERCO.  As a result, no
active trading market exists for the purchase and sale of such common stock.  No
cash dividends were declared to AMERCO by U-Haul during the two most recent
fiscal years.
<PAGE>  12
<TABLE>
<CAPTION>
                                                         ITEM 6. SELECTED FINANCIAL DATA
                                                      AMERCO AND CONSOLIDATED SUBSIDIARIES

                                                                     For the Years Ended March 31,
                                                 -------------------------------------------------------------------
                                                       2001          2000          1999          1998          1997
                                                 -------------------------------------------------------------------
                                                          (in thousands, except share, per share data and ratios)
<S>                                             <C>             <C>           <C>           <C>           <C>
Summary of Operations:
Rental revenue and net sales                    $  1,399,279     1,339,348     1,255,493     1,194,948     1,146,751
Premiums, net investment and interest income         414,359       344,269       300,219       231,430       239,081
                                                   ---------     ---------     ---------     ---------     ---------
                                                   1,813,638     1,683,617     1,555,712     1,426,378     1,385,832
                                                   ---------     ---------     ---------     ---------     ---------

Operating expenses
  and cost of sales (4)                            1,116,006     1,031,068       984,355       921,406       882,925
Benefits, losses and amortization of
  deferred acquisition costs                         319,312       244,579       208,281       189,770       190,623
Lease expense                                        178,458       136,044       118,742        89,879        85,973
Depreciation, net (3)                                 88,091        87,647        73,066        69,655        66,742
                                                   ---------     ---------     ---------     ---------     ---------
                                                   1,701,867     1,499,338     1,384,444     1,270,710     1,226,263
                                                   ---------     ---------     ---------     ---------     ---------
Earnings                                             111,771       184,279       171,268       155,668       159,569
Interest expense                                      87,773        81,532        73,658        79,369        76,041
                                                   ---------     ---------     ---------     ---------     ---------

Pretax earnings                                       23,998       102,747        97,610        76,299        83,528
Income tax expense                                    (8,912)      (36,922)      (35,101)      (27,643)      (29,344)
                                                   ---------     ---------     ---------     ---------     ---------
Earnings from operations before
  extraordinary loss on early
  extinguishment of debt                              15,086        65,825        62,509        48,656        54,184
Extraordinary loss on early
  extinguishment of debt, net
  (7) (8) (9) (10) (11)                              (2,121)         (334)          -         (13,672)       (2,319)
                                                   ---------     ---------     ---------     ---------     ---------

Net earnings                                    $     12,965        65,491        62,509        34,984        51,865
                                                   =========     =========     =========     =========     =========

Earnings per common share
  (both basic and diluted):
Earnings from operations before
  extraordinary loss on early
  extinguishment of debt per
  common share (2)                              $       0.10          2.39          2.07          1.28          1.44
Net earnings (2) (7) (8) (9) (10) (11)                  0.00          2.37          2.07          0.66          1.35
Weighted average common shares
  outstanding                                     21,486,370    21,934,390    21,937,686    21,896,101    25,479,651
Cash dividends declared:
  Preferred stock                               $     12,963        13,641        17,414        20,766        16,875
  Common stock                                           -             -             -             -             -
Ratio of earnings to fixed charges (1)                  1.13          1.71          1.73          1.56          1.64
</TABLE>
<PAGE>  13
<TABLE>
<CAPTION>

                                                  ITEM 6. SELECTED FINANCIAL DATA, continued
                                                     AMERCO AND CONSOLIDATED SUBSIDIARIES

                                                                      For the Years Ended March 31,
                                                  -------------------------------------------------------------------
                                                        2001          2000          1999          1998          1997
                                                  -------------------------------------------------------------------
                                                     (in thousands, except share, per share data and ratios)
<S>                                             <C>              <C>            <C>           <C>          <C>
Balance Sheet Data:
Property, plant and
   equipment, net                               $   1,362,644     1,382,662     1,294,824     1,275,756     1,247,066
Total assets                                        3,384,064     3,125,225     3,087,503     2,913,277     2,718,994
Notes and loans payable                             1,156,848     1,137,840     1,114,748     1,025,323       983,550
Stockholder's equity (10)                             615,366       585,294       616,025       595,059       602,320
Other information:
EBITDAR (5)                                           434,414       455,804       404,112       359,369       339,906
Operating profit margin (6)                              9.4%         13.6%         13.6%         13.0%         13.6%

 (1)  For purposes of computing the ratio of earnings to fixed charges, "earnings" consists of pretax earnings from operations plus
      total fixed charges excluding interest capitalized during the period and "fixed charges" consists of interest expense,
      preferred stock dividends, capitalized interest, amortization of debt expense and discounts and one-third of the Company's
      annual rental expense (which AMERCO believes is a reasonable approximation of the interest factor of such rentals).

 (2)  Earnings and net earnings per common share were computed after giving effect to the dividends on the Company's Series B
      floating rate stock for all years presented.

 (3)  Reflects the change in estimated residual values during the year ended March 31, 1998.

 (4)  Reflects the adoption of Statement of Position 98-1, "Accounting for the Costs of Computer Software Developed or Obtained for
      Internal Use" during the year ended March 31, 1998.

 (5)  EBITDAR is defined as earnings before interest expense, taxes, depreciation, amortization and lease expense (100%).
      EBITDAR is presented because the Company believes it is a widely accepted financial indicator of an entity's ability to incur
      and service debt.

 (6)  Operating profit margin - Earnings from operations plus 1/3 lease expense divided by total revenues.

 (7)  Reflects the early extinguishment of debt and long-term notes with notional amounts totaling $76.3 million and $86.2 million,
      respectively, during fiscal year 1997.

 (8)  Reflects the early extinguishment of debt and long-term notes with notional amounts totaling $76.0 million and $255.0
      million, respectively, during fiscal year 1998.

 (9)  Reflects the early extinguishment of Medium-Term Notes and Bond Backed Asset Trust certificates with notional amounts
      totaling $50.0 million and $100.0 million, respectively, during fiscal year 2000.

(10)  Reflects the redemption of $25 million, $50 million and $25 million of Series B Preferred Stock in fiscal years 2000, 1999
      and 1998, respectively.

(11)  Reflects the early extinguishment of Medium-Term Notes and Bond Backed Asset Trust certificates with notional amounts
      totaling $25.0 million and $100.0 million, respectively, during fiscal year 2001.
</TABLE>
<PAGE>  14
           ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

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

General
-------
     Information on fiscal year and industry segments is incorporated by
reference to "Item 8. Financial Statements and Supplementary Data - Notes 1, 20
and 21 of Notes to Consolidated Financial Statements".  The notes discuss the
principles of consolidation, summarized consolidated financial information and
industry segment and geographic area data, respectively.  In consolidation, all
intersegment premiums are eliminated and the benefits, losses and expenses are
retained by the insurance companies.

Liquidity and Capital Resources
-------------------------------

Consolidated Group
     To meet the needs of its customers, U-Haul must maintain a large inventory
of fixed asset rental items.  At March 31, 2001, net property, plant and
equipment represented approximately 63.1% of total assets from non-insurance
operations and approximately 40.2% of consolidated assets.  In fiscal year
2001, gross capital expenditures for property, plant and equipment were $358.9
million, as compared to $417.6 million and $298.5 million in fiscal years 2000
and 1999, respectively.  These expenditures primarily reflect the replacement
of certain rental trucks and trailers.  The capital needs required to fund
these acquisitions were funded with internally generated funds from operations
and lease financings.

     During each of the fiscal years ending March 31, 2002, 2003 and 2004,
U-Haul estimates gross capital expenditures will average approximately $232
million primarily reflecting rental fleet rotation.  This level of capital
expenditures, combined with a potential range of $77.5-$175 million in annual
long-term debt maturities, are expected to create annual average funding needs
of approximately $333-$408 million.  Management estimates that U-Haul will
fund 100% of these requirements with leases and internally generated funds,
including proceeds from the disposition of older trucks and other asset sales.

Consolidated Net Cash Provided by Operating Activities
     Net cash provided by operating activities was $126.1 million, $237.7
million and $159.5 million in fiscal years 2001, 2000 and 1999, respectively.
Details by material segment follows:

  Moving and Storage Operations
     Cash provided by operating activities was $39.7 million, $147.5 million and
$128.5 million in fiscal years 2001, 2000 and 1999, respectively. The decrease
from fiscal year 2000 to fiscal year 2001 is mainly due to a decrease in
intercompany payable. The increase from fiscal year 1999 to fiscal year 2000 is
partially due to an increase in net income.
<PAGE>  15

  Real Estate Operations
     Cash provided by operating activities was $50.5 million, $24.8 million and
$38.0 million in fiscal years 2001, 2000 and 1999, respectively.  The increase
in fiscal year 2001, is due to an increase in intercompany payable. This is
due to dividends paid related to the sale of property.  The decrease in
fiscal year 2000, is due to a decrease in the intercompany payable.

  Property and Casualty
     Cash provided (used) by operating activities was $21.1 million, $(11.1)
million and $(21.7) million for the years ended December 31, 2000, 1999 and
1998, respectively. The 2000 to 1999 change resulted from increased premium
collections and funds withheld, offset by increased loss and loss adjustment
expense payments and policy acquisition costs associated with new business
production. The 1999 to 1998 change resulted from the increased funds withheld
liability, decreased paid losses recoverable and a smaller decrease in loss and
loss adjustment expense reserves.  This was offset by increased premiums and
agents' balances and the intercompany receivable due from affiliates.

     RepWest's cash and cash equivalents and short-term investment portfolio
were $17.0 million, $6.0 million and $6.1 million at December 31, 2000, 1999 and
1998, respectively.  This balance reflects funds in transition from maturity
proceeds to long-term investments.  This level of liquid assets, combined with
budgeted cash flow, is adequate to meet periodic needs.  Capital and operating
budgets allow RepWest to schedule cash needs in accordance with investment and
underwriting proceeds.
<PAGE>  16
  LIFE INSURANCE
     Cash provided by operating activities was $8.7 million, $22.2 million and
$34.6 million for the years ended December 31, 2000, 1999 and 1998,
respectively. The decrease in cash flows from operating activities in 2000 and
1999 relates to paid loss experience.  In 2000, cash flows provided by financing
activities were $14.7 million, $3.2 million and $32.0 million for the years
ended December 31, 2000, 1999 and 1998, respectively.  Cash flows from deferred
annuity sales increase investment contract deposits, which are a component of
financing activities, as well as the purchase of fixed maturities, which are a
component of investing activities.  The increase in 2000 from 1999 is due to a
higher ratio of annuity deposits versus withdrawals, the opposite occurred in
1999 compared to 1998.

     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.  Benefit and claim statistics are continually monitored
to provide projections of future cash requirements.

     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 amounted to $45.0 million, $30.7 million and
$63.4 million at December 31, 2000, 1999 and 1998, respectively.  Management
believes that the overall sources of liquidity will continue to meet foreseeable
cash needs.

Consolidated Stockholder's Equity
     Consolidated stockholder's equity was $615.4, $585.3 and $616.0 million for
the fiscal years 2001, 2000 and 1999, respectively.  Details by material segment
follow:

Moving and Storage Operations
     U-Haul's stockholder's equity was $522.9 million, $435.2 million and $384.7
million for the fiscal years 2001, 2000 and 1999, respectively.  The increase
in fiscal year 2001 is mainly the result of increased additional paid in capital
due to the sale of property to a related party.  The increase in fiscal year
2000 was due to earnings.

Real Estate Operations
     Real Estate stockholder's equity was $89.1 million, $96.1 million and $79.5
million in fiscal years 2001, 2000 and 1999, respectively. The decrease in
fiscal year 2001 relates to the payment of a dividend to U-Haul partially
offset by increased earnings.  The increase in fiscal year 2000 was due to
earnings.
<PAGE>  17

   Property and Casualty
     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 81.8% of total
liabilities.

     The liability for reported and unreported losses are based upon both
RepWest's 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.

     RepWest's stockholder's equity was $192.1 million, $208.5 million and
$211.4 million at December 31, 2000, 1999 and 1998, respectively.  The decrease
from 1999 to 2000 is a result of an operating loss and a change in market value
for the available for sale investment portfolio.  RepWest considers current
stockholder's equity to be adequate to support future growth and absorb
unforeseen risk events.  RepWest does not use debt or equity issues to increase
capital and therefore has no exposure to capital market conditions.

   Life Insurance
     Oxford's stockholder's equity was $99.8 million, $88.1 million and $93.6
million in 2000, 1999 and 1998, respectively.  The increase from 1999 to 2000 is
a result of earnings and change in market value for the available for sale
investment portfolio.  The decrease from 1998 to 1999 was due to the change in
market value for the available for sale investment portfolio offset by earnings.
Oxford did not pay dividends to its parent during 2000, 1999 or 1998.

Insurance Operations
--------------------
     Applicable laws and regulations of the State of Arizona require RepWest and
Oxford to maintain minimum capital determined in accordance with statutory
accounting practices.  Such amount is $1.0 million and $0.4 million, for RepWest
and Oxford, respectively.  In addition, the amount of dividends that can be paid
to stockholders by insurance companies domiciled in the State of Arizona is
limited.  Any dividend in excess of the limit requires prior regulatory
approval.  Statutory surplus which can be distributed as dividends without
regulatory approval is $11.7 million and $0.7 million for RepWest and Oxford,
respectively at December 31, 2000.  These restrictions are not expected to have
a material adverse effect on the ability of the Company to meet its cash
obligations.  Oxford issued a surplus note to AMERCO on December 31, 1998 for
$10.0 million.  Approval by the Arizona Department of Insurance is required
prior to payment of principal and interest.

Credit Agreements
-----------------
     AMERCO's operations are funded by various credit and financing
arrangements, including unsecured long-term borrowings, unsecured medium-term
notes and revolving lines of credit with domestic and foreign banks.  To finance
its fleet of trucks and trailers, U-Haul routinely enters into sale and
leaseback transactions.  As of March 31, 2001, AMERCO had $1,156.8 million in
total notes and loans outstanding and unutilized committed lines of credit of
approximately $94.9 million.

     Certain of AMERCO's credit agreements contain restrictive financial and
other covenants, including, among others, covenants with respect to incurring
additional indebtedness, issuing mandatory repayment preferred stock,
maintaining certain financial ratios and placing certain additional liens on its
properties and assets.  At March 31, 2001, AMERCO was in compliance with these
covenants.

     Reference is made to Note 5 in Item 8 of Notes to Consolidated Financial
Statements.

Results of Operations - Consolidated
------------------------------------

Consolidated Rental Revenue
     Rental revenue, net of commission expense was $1,205.0 million, $1,150.5
million, and $1,074.2 million in fiscal years 2001, 2000 and 1999, respectively.
Details by material segment follow:
<PAGE>  18

   Moving and Storage Operations
     Rental revenue was $1,202.4 million, $1,148.2 million and $1,072.1 million
in fiscal years 2001, 2000 and 1999, respectively.  The increase from fiscal
year 2000 to fiscal year 2001 is due to an increase in one way transactions with
an improved average dollar per transaction on one way rentals as well as growth
in transactions in trailer rentals and support rental items.  The increase from
fiscal year 1999 to fiscal year 2000 was primarily due to the growth in truck
rental revenues which benefited from transactional growth and reflects a higher
average revenue per transaction.

   Real Estate Operations
     Rental revenue, before intercompany eliminations, were $71.9 million, $73.4
million and $74.0 million in fiscal years 2001, 2000 and 1999, respectively.
Intercompany rental revenue was $71.1 million, $71.0 million and $71.9 million
in fiscal years 2001, 2000 and 1999, respectively.  The decrease in fiscal year
2001 is related to the sale of properties to a related party while rental
revenue was consistent between fiscal year 1999 and fiscal year 2000.

Consolidated Net Sales
     Net sales revenues were $194.3 million, $188.8 million and $181.3 million
in fiscal years 2001, 2000 and 1999, respectively.  Revenue growth from the sale
of moving support items (i.e. boxes, etc.) and propane resulted in the increase
for each year.

Consolidated Premiums
     Premium revenues, after intercompany eliminations, were $323.2 million,
$262.1 million and $226.8 million in fiscal years 2001, 2000 and 1999,
respectively.  Details by material segment follow:

   Property and Casualty
     Premium revenues, before intercompany eliminations, were $218.1 million,
$173.8 million and $145.3 million for the years ended December 31, 2000, 1999
and 1998, respectively.  General agency premiums were $64.3 million, $17.8
million and $6.5 million for the years ended December 31, 2000, 1999 and 1998,
respectively.  The increase from 1999 to 2000 was the result of two new agency
programs.  Assumed treaty reinsurance premiums were $83.2 million, $80.7 million
and $51.2 million for the years ended December 31, 2000, 1999 and 1998,
respectively.  Rental industry revenues were $43.3 million, $50.3 million and
$66.6 million for the years ended December 31, 2000, 1999 and 1998,
respectively.  This decline was caused by cost measures implemented on the
U-Haul rental industry Business Auto General Liability Policy.

   Life Insurance
     Premium revenues, before intercompany eliminations, were $112.6 million,
$96.4 million and $94.5 million for the years ended December 31, 2000, 1999 and
1998, respectively.  Oxford increased Medicare supplement premiums through
direct writings and the acquisition of Christian Fidelity Life Insurance Company
(CFLIC); these actions increased premiums by $12.5 million and $19.1 million
in 2000 and 1999, respectively.  Premiums from Oxford's life insurance lines
decreased $1.7 million and increased $1.1 million from 2000 and 1999,
respectively due to production fluctuations from year to year.  In the area
of credit insurance, Oxford increased direct writings as well as reduced
the amount ceded to outside reinsurers.  These factors contributed to
a $3.3 million and $6.7 million increase in premium from 2000 and 1999,
respectively.  Annuitizations increased by $1.1 million and decreased $3.0
million in 2000 and 1999, respectively.  Premiums decreased $5.3 million in
1999 due to the sale of NAFCIC.  Other health insurance premiums increased
$1.0 million in 2000 due to a higher reinsurance retention level and decreased
$0.5 million in 1999 due to the elimination of certain NAI health lines.

Consolidated Net Investment and Interest Income
     Net investment and interest income was $91.2 million, $82.2 million and
$73.4 million in fiscal years 2001, 2000 and 1999, respectively.  Details by
material segment follow:

  Moving and Storage Operations
     Interest income was $27.9 million, $19.5 million and $12.9 million in
fiscal years 2001, 2000 and 1999, respectively.  The increase in fiscal year
2001 is mainly related to increased storage loan activity.  The increase in
interest during fiscal year 2000 reflects higher average note receivable
balances.
<PAGE>  19

  Real Estate Operations
     Net investment and interest income was $11.0 million, $7.0 million and $4.5
million in fiscal years 2001, 2000 and 1999, respectively.  The increase in
fiscal year 2001 is related to increased investments.  The increase in fiscal
year 2000 is due to interest income received on notes receivable.

  Property and Casualty
     Net investment income was $29.1 million, $33.0 million and $35.8 million
for the years ended December 31, 2000, 1999 and 1998, respectively.  The
reductions are attributable to decreased gains and lower annual average invested
assets, as well as the write down of $3.0 million of fixed maturity investments
during 2000.

  Life Insurance
     Net investment income was $22.2 million, $21.5 million and $20.1 million
for the years ended December 31, 2000, 1999 and 1998, respectively.  This
increase is due to improved interest rate spreads on the retirement savings
products offset by write downs of $3.5 million of fixed maturity investments
during 2000.

Consolidated Operating Expenses
     Operating expenses were $998.8 million, $919.1 million and $877.6 million
in fiscal years 2001, 2000 and 1999, respectively.  Details by material segment
follow:

   Moving and Storage Operations
     Operating expenses, before intercompany eliminations, were $986.5 million,
$931.1 million and $893.0 million in fiscal years 2001, 2000 and 1999,
respectively.  The increased expense in fiscal year 2001 is due to increased
personnel cost, higher repair expense, a substantial lawsuit settlement and
other administrative costs.  Also, the addition of storage rooms will initially
cause an increase in operating expenses without corresponding increases in
earnings until the properties reach a stabilized level of occupancy.  The
increase in fiscal year 2000 is due to the increased cost of liability
insurance, due to transactional growth, increased personnel costs and other
administrative costs.

   Real Estate Operations
     Operating expenses, before intercompany eliminations, were $0.4 million,
$4.0 million and $6.2 million in fiscal years 2001, 2000 and 1999, respectively.
The decrease in fiscal year 2001 is due to an increase in intercompany lease
payments which lowers their operating expense.  Real Estate benefited from a
reduction in intercompany management fees charged by an affiliated segment
company during fiscal year 2000 compared to the prior two years.

  Property and Casualty
     Operating expenses, before intercompany eliminations, were $56.7 million,
$35.0 million and $35.6 million for the years ended December 31, 2000, 1999 and
1998, respectively.  The increase is due to commission expenses associated with
the growth in written premium and a $4.6 million decrease in the capitalization
of deferred acquisition costs for the year ended December 2000 as well as
general and administrative expenses required to support the new business
expansion.  Commission expenses were $33.1 million, $19.1 million and $18.8
million for the years ended December 2000, 1999 and 1998, respectively.
Lease expenses increased to $2.1 million, $1.9 million and $1.3 million for the
years ended December 2000, 1999 and 1998, respectively.  All other underwriting
expenses consisted of $21.4 million, $13.9 million and $15.5 million for the
years ended December 2000, 1999 and 1998, respectively.

   Life Insurance
     Operating expenses, before intercompany eliminations, were $29.0 million,
$23.1 million and $20.4 million for the years ended December 31, 2000, 1999 and
1998, respectively.  Commissions have increased $7.3 million and $9.1 million
in 2000 and 1999, respectively, primarily due to the increase in Medicare
supplement premiums.  General and administrative expenses net of fees collected
decreased $1.4 million and $0.5 million in 2000 and 1999, respectively.

Consolidated Cost of Sales
     Cost of sales was $117.2 million, $112.0 million and $106.8 million in
fiscal years 2001, 2000 and 1999, respectively.  Increased material costs and a
higher sales volume related to moving support items contributed to the increases
in both fiscal years 2001 and 2000.
<PAGE>  20

Consolidated Benefits and Losses
     Benefits and losses were $283.4 million, $209.6 million and $176.6 million
in fiscal years 2001, 2000 and 1999, respectively.  Details by material segment
follow:

   Property and Casualty
     Benefits and losses incurred were $204.1 million, $150.5 million and $118.9
million for the years ended December 31, 2000, 1999 and 1998, respectively.  The
increase from 1999 to 2000 resulted from two new general agency programs and
reserve strengthening in existing rental industry, assumed treaty reinsurance
and general agency programs.  The increase from 1998 to 1999 resulted from the
increased assumed treaty reinsurance claims as well as an arbitration loss.  The
arbitration loss caused $6.3 million of previously ceded reserves to be brought
back into RepWest's retention.
<PAGE>  21

   Life Insurance
     Benefits incurred were $79.2 million, $59.0 million and $57.7 million for
the years ended December 31, 2000, 1999 and 1998, respectively.  The increase
is primarily due to Medicare supplement benefits incurred, which accounts for
$16.7 million and $21.2 million of benefit increases in 2000 and 1999,
respectively.  These increases are due to larger volumes of business and poor
experience on blocks no longer actively marketed.  Credit insurance
benefits increased from $2.1 million and $2.8 million in 2000 and 1999,
respectively due to the increase in volume written and retained.  Benefits from
other health lines increased $2.5 million and $0.5 million in 2000 and 1999,
respectively as volume increased and loss experience worsened.  Annuity and life
benefits decreased $1.1 million and $2.1 million in 2000 and 1999,
respectively.  The sale of NAFCIC reduced benefits $0.9 million from 1998.

Consolidated Amortization of Deferred Acquisition Costs
     Amortization of deferred acquisition costs (DAC) and the value of business
acquired (VOBA) was $35.9 million, $35.0 million and $31.7 million in fiscal
years 2001, 2000 and 1999, respectively.  DAC consists of commissions and other
policy acquisition costs, which vary with and are primarily related to the
production of new business.  The prior year end commissions and other related
expenses are recognized ratably over the remainder of the policy year.  Details
by material segment follow:

   Property and Casualty
     The prior year-end commissions and other related expenses are amortized
over the following year.  The amortization expense was $16.3 million, $13.4
million and $7.4 million for the years ended December 31, 2000, 1999 and 1998,
respectively.  The increase from 1999 to 2000 is mainly due to the amortization
of Assumed Treaty expenses that were deferred in the 1999 year.  The increase
from 1998 to 1999 is due mainly to RepWest's subsidiary company's DAC expense,
which increased to $3.8 million from $0.2 million in 1998.  This was due to a
change in classification of the amortization expense of the subsidiary to
RepWest capitalization.

   Life Insurance
     The VOBA asset relates to the future profits of insurance policies in
force at the date of the NAI and CFLIC acquisitions.  Amortization of DAC and
VOBA was $19.6 million, $21.6 million and $24.3 million for the years ended
December 31, 2000, 1999 and 1998, respectively.  These costs are amortized as
the premium is earned over the term of the policy.  Amortization decreased $2.0
million from 1999 due to the annuity and credit segments and decreased $3.0
million from 1998 due to the sale of NAFCIC.

Consolidated Lease Expense
     Lease expense was $178.5 million, $136.0 million and $118.7 million in
fiscal years 2001, 2000 and 1999, respectively.  Details by material segment
follow:

   Moving and Storage Operations
     Lease expense was $166.2 million, $132.4 million and $118.4 million in
fiscal years 2001, 2000 and 1999, respectively.  The continued increase reflects
additional leasing activity of rental equipment.

   Real Estate Operations
     Lease expense before intercompany eliminations, for real estate
operations was $11.6 million, $3.0 million and $0.1 million for the fiscal
years 2001, 2000 and 1999, respectively.  The continued increase in fiscal
year 2001 and fiscal year 2000 over the prior years reflects payments under
an operating lease facility with a number of financial institutions whereby
the Company is both lessee and construction agent developing storage
properties.
<PAGE>  22

Consolidated Depreciation Expense, net
     Depreciation expense, net was $88.1 million, $87.6 million and $73.1
million in fiscal years 2001, 2000 and 1999, respectively.  Details by material
segment follow:

   Moving and Storage Operations
     Depreciation expense, net was $82.7 million, $79.0 million and $61.0
million in fiscal years 2001, 2000 and 1999, respectively.  The increase
in fiscal years 2001 and 2000 reflects an increase in depreciation expense
on the rental truck fleet.

   Real Estate Operations
     Depreciation expense, net was $5.3 million, $8.6 million and $12.0 million
in fiscal years 2001, 2000 and 1999, respectively.  The decrease in fiscal year
2001 reflects an increase in gains from the disposition of property, plant and
equipment.  The decrease in fiscal year 2000 reflects an increase in gains from
the disposition of property, plant and equipment and a decrease in depreciation
on buildings and non-rental equipment.

Consolidated Earnings from Operations
     Earnings from operations were $111.8 million, $184.3 million and $171.3
million  in fiscal years 2001, 2000 and 1999, respectively.  Details by material
segment follow:

   Moving and Storage Operations
     Earnings from operations, before intercompany eliminations, were $73.7
million, $102.0 million and $87.0 million in fiscal years 2001, 2000 and 1999,
respectively.  The decrease in fiscal year 2001 is due to increased
transactions, offset by increased operating and lease expenses.  In fiscal year
2000, increased rental transactions, offset by corresponding expenses,
contributed to the earnings gain.

   Real Estate Operations
     Earnings from operations, before intercompany eliminations, were $65.8
million, $64.7 million and $60.3 million in fiscal years 2001, 2000 and 1999,
respectively.  The increase in fiscal year 2001 is mainly related to higher net
investment interest income.  A decrease in intercompany management fees charged
contributed to the earnings increase for fiscal year 2000.

   Property and Casualty
     Earnings (loss) from operations were $(29.9) million, $7.9 million and
$19.1 million for the years ended December 31, 2000, 1999 and 1998,
respectively.  The decrease in 2000 was due to reserve strengthening and
losses on two new general agency programs as well as the write downs of fixed
maturity investments whose declines in value were determined to be other than
temporary.  The 1998 to 1999 decrease resulted mainly from RepWest's writing
off the 1995 American Bonding receivable, lower than forecasted premium volume
in 1999 and higher than expected losses on the agricultural business.

   Life Insurance
     Earnings from operations were $7.0 million, $14.2 million and $12.2 million
for the years ended December 31, 2000, 1999 and 1998, respectively.  The
decrease in 2000 from both 1999 and 1998 was due to write downs of fixed
maturity investments whose declines in value were determined to be other than
temporary and poor Medicare supplement loss experience.  The increase in
earnings from 1998 to 1999 was due to improved investment returns and improved
loss experience on the credit insurance business.

Consolidated Interest Expense
     Interest expense was $87.8 million, $81.5 million and $73.7 million in
fiscal years 2001, 2000 and 1999, respectively.  The increase can be attributed
to an increase in the average cost of debt in fiscal year 2001 over the past two
fiscal years.  The average debt level outstanding continued to increase in
fiscal year 2001 compared to fiscal years 2000 and 1999.
<PAGE>  23

Consolidated Extraordinary Loss on the Extinguishment of Debt

     During fiscal year 2001, AMERCO extinguished $100.0 million of 6.89% Bond
Backed Asset Trust certificates (BATs) originally due in fiscal year 2011 and
$25.0 million of 6.7% Medium-Term notes originally due in fiscal year 2009.
This resulted in an extraordinary loss of $2.1 million, net of tax of $1.2
million ($0.10 per share).

     During fiscal year 2000, AMERCO extinguished $100.0 million of 6.65% Bond
Backed Asset Trust certificates (BATs) originally due in fiscal year 2030 and
$50.0 million of 7.05% to 7.10% Medium-Term notes originally due in fiscal year
2007.  This resulted in an extraordinary loss of $0.3 million, net of tax of
$0.2 million ($0.02 per share).


Consolidated Earnings
     As a result of the foregoing, pretax earnings totaled $24.0 million, $102.7
million and $97.6 million in fiscal years 2001, 2000 and 1999, respectively.
After providing for income taxes, earnings from operations were $15.1 million,
$65.8 million and $62.5 million in fiscal years 2001, 2000 and 1999,
respectively.  Following deductions for an extraordinary loss from the early
extinguishment of debt, net earnings were $13.0 million, $65.5 million and $62.5
million in fiscal years 2001, 2000 and 1999, respectively.

Quarterly Results
     The table on page 24 presents unaudited quarterly results for the eight
quarters in the period beginning April 1, 1999 and ending March 31, 2001.
The Income Statement amounts for the quarter ended December 31, 2000 have
been restated to increase the net loss by $.10 per share due to necessary
revisions of certain fixed asset transactions.  The restated loss per share
was $1.05 for the third quarter fiscal year 2001 as compared to $.95 as
reported.  AMERCO believes that all necessary adjustments have been included
in the amounts stated below to present fairly, and in accordance with
generally accepted accounting principles, the selected quarterly information
when read in conjunction with the consolidated financial statements
incorporated herein by reference.  U-Haul moving and storage operations are
seasonal and proportionally more of AMERCO's revenues and net earnings from
its U-Haul moving and storage operations are generated in the first and second
quarters of each fiscal year (April through September).  The operating results
for the periods presented are not necessarily indicative of results for any
future period.
<PAGE>  24

                                            Quarter Ended
                                ----------------------------------------------
                                   Jun 30      Sep 30      Dec 31      Mar 31
                                     2000        2000        2000        2001
                                                          (Restated)
                                ----------------------------------------------
                                (in thousands, except share and per share data)
Total revenues                 $   459,437     502,906     425,977     425,318
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt (4)                  $    37,612      41,233     (17,109)    (46,650)
Net earnings (loss)            $    37,612      41,233     (19,230)    (46,650)
Weighted average common
  shares outstanding
    Basic                       21,718,988  21,489,970  21,406,688  21,326,015
Earnings (loss) from operations
  before extraordinary loss
  on early extinguishment
  of debt per common
  share (1) (4)                $      1.58        1.77       (0.95)      (2.34)
Earnings (loss) per common
  share
    Basic                      $      1.58        1.77       (1.05)      (2.34)

                                            Quarter Ended
                                ----------------------------------------------
                                   Jun 30      Sep 30      Dec 31      Mar 31
                                     1999        1999        1999        2000
                                ----------------------------------------------
                                (in thousands, except share and per share data)
Total revenues                 $   439,513     462,926     382,597     398,581
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt (2)                  $    42,307      42,127      (9,325)     (9,284)
Net earnings (loss)            $    42,307      42,127      (9,325)     (9,618)
Weighted average common
  shares outstanding
    Basic                       21,953,199  21,964,452  21,975,889  21,844,020
    Diluted                     22,953,199  22,131,119         -           -
Earnings (loss) from operations
  before extraordinary loss
  on early extinguishment
  of debt per common
  share (1) (2) (3)            $      1.77        1.77       (0.57)      (0.58)
Earnings (loss) per common
  share
    Basic                      $      1.77        1.77       (0.57)      (0.60)
    Diluted                    $      1.70        1.76          -           -

(1) Net earnings (loss) per common share amounts were computed after giving
    effect to the dividends on AMERCO's Preferred Stock.

(2) During fiscal year 2000, AMERCO extinguished $100.0 million of 6.65% BATs
    originally due in fiscal year 2030 and $50.0 million of 7.05% to 7.10%
    Medium-Term Notes originally due in fiscal year 2007.  This resulted in an
    extraordinary loss of $0.3 million, net of tax of $0.2 million ($0.02 per
    share).

(3) Reflects the redemption of $25 million shares of Series B preferred stock
    in fiscal year 2000.

(4) During fiscal year 2001, AMERCO extinguished $100.0 million of 6.89% BATs
    originally due in fiscal year 2011 and $25.0 million of 6.71% Medium-Term
    Notes originally due in fiscal year 2009.  This resulted in an
    extraordinary loss of $2.1 million, net of tax of $1.2 million ($0.10 per
    share).
<PAGE>  25

Stockholder Litigation
     AMERCO has deducted for income tax purposes approximately $372.0 million of
the payments made to former shareholders in a stockholder lawsuit.  While AMERCO
believes that such income tax deductions are appropriate, there can be no
assurance that such deductions ultimately will be allowed in full.  Reference is
made to Note 15 in Notes to Consolidated Financial Statements in Item 8 for a
discussion of the stockholder litigation.

Other
     New pronouncements issued by the Financial Accounting Standards Board
adopted during the year are not material to the consolidated financial
statements of AMERCO.  Further, pronouncements with future effective dates are
either not applicable or not material to the consolidated financial statements
of AMERCO.
<PAGE>  26


      ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk
     In the normal course of business, AMERCO is exposed to fluctuations in
interest rates.  AMERCO manages such exposure by the use of a variety of
derivative financial instruments when deemed prudent.  AMERCO does not enter
into leveraged financial transactions or use derivative financial instruments
for trading purposes.  The exposure to market risk for changes in interest rates
relates primarily to debt obligations.  AMERCO's objective is to mitigate the
impact of changes in interest rates on its variable rate debt.  AMERCO uses
interest rate swap agreements to provide for matching the gain or loss
recognition on the hedging instrument with the recognition of the changes in the
fair value of hedged asset or liability attributable to the hedged risk or the
earnings effect of the hedged forecasted transaction.  See Note 5 of Notes to
Consolidated Financial Statements in Item 8.  A fluctuation of the interest rate
by 100 basis points would change AMERCO's interest expense by $1.0 million.

Foreign Currency Exchange Rate Risk
     AMERCO's earnings are affected by fluctuations in the value of foreign
currency exchange rates.  Approximately 2.0% of AMERCO's revenue is generated in
Canada.  The result of a uniform 10% change in the value of the U.S. dollar
relative to the Canadian dollar would not be material.  AMERCO does not
typically hedge any foreign currency risk since the exposure is not considered
material.


              ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

     The Report of Independent Accountants and Consolidated Financial Statements
of AMERCO, including the notes to such statements and the related schedules, are
set forth on pages 31 through 80 and are thereby incorporated herein.


    ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
                              FINANCIAL DISCLOSURE

     The Registrants have had no disagreements with their independent
accountants in regard to accounting and financial disclosure matters and have
not changed their independent accountants during the two most recent fiscal
years.
<PAGE>  27


                                    PART III

          ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANTS

     Information regarding (i) directors and executive officers of AMERCO is set
forth under the captions "Election of Directors" and "Executive Officers of
the Company", and (ii) compliance with Section 16(a) is set forth under the
caption "Section 16(a) Beneficial Ownership Reporting Compliance" in AMERCO's
Proxy Statement relating to the 2001 Annual Meeting of Stockholders (the "2001
Proxy Statement") portions of which are incorporated by reference into this
Form 10-K Report, which will be filed with the Securities and Exchange
Commission in accordance with Rule 14a-6 promulgated under the Securities
Exchange Act of 1934, as amended.  With the exception of the foregoing
information and other information specifically incorporated by reference into
this report, the 2001 Proxy Statement is not being filed as a part hereof.

                        ITEM 11.  EXECUTIVE COMPENSATION

     Information regarding executive compensation is set forth under the caption
"Executive Compensation" in the 2001 Proxy Statement, which information is
incorporated herein by reference; provided, however, that the "Board Report on
Executive Compensation" and the "Performance Graph" contained in the 2001 Proxy
Statement are not incorporated by reference herein.

               ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
                              OWNERS AND MANAGEMENT

     Information regarding security ownership of certain beneficial owners and
management is set forth under the caption "Security Ownership of Certain
Beneficial Owners and Management" in the 2001 Proxy Statement, which information
is incorporated herein by reference.

            ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     Information regarding certain relationships and related transactions of
management is set forth under the captions "Certain Relationships and Related
Transactions" in the 2001 Proxy Statement, which information is incorporated
herein by reference.
<PAGE>  28


                                     PART IV

              ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND
                               REPORTS ON FORM 8-K

(a) The following documents are filed as part of this Report:
                                                           Page No.
                                                           -------
   1.  Financial Statements

       Report of Independent Accountants                      31
       Consolidated Balance Sheets -
         March 31, 2001 and 2000                              32
       Consolidated Statements of Earnings -
         Years ended March 31, 2001, 2000 and 1999            34
       Consolidated Statements of Changes in Stockholders'
         Equity - Years ended March 31, 2001, 2000 and 1999   36
       Consolidated Statements of Comprehensive Income -
         Years ended March 31, 2001, 2000 and 1999            38
       Consolidated Statements of Cash Flows - Years ended
         March 31, 2001, 2000 and 1999                        39
       Notes to Consolidated Financial Statements             41

   2.  Additional Information

       Summary of Earnings of Independent Trailer Fleets      73
       Notes to Summary of Earnings of Independent
         Trailer Fleets                                       74

   3.  Financial Statement Schedules required to be filed
         by Item 8 and Paragraph (d) of this Item 14

       Condensed Financial Information of Registrant --
         Schedule I                                           76
       Supplemental Information (For Property-Casualty
         Insurance Underwriters) -- Schedule V                80

   All other schedules are omitted as the required information is not
   applicable or the information is presented in the financial statements or
   related notes thereto.

(b)  No reports on Form 8-K were filed during the last quarter of the period
     covered by this report.

<PAGE>  29
(c)  Exhibits

       Exhibit No.              Description
       -----------              -----------

          2.1     Order Confirming Plan (1)
          2.2     Second Amended and Restated Debtor's Plan of
                    Reorganization Proposed by Edward J. Shoen (1)
          3.1     Restated Articles of Incorporation (2)
          3.2     Restated By-Laws of AMERCO as of August 27, 1996 (3)
          4.1     Debt Securities Indenture dated May 1, 1996 (1)
          4.2     First Supplemental Indenture, dated as of May 6, 1996 (4)
          4.3     Rights Agreement, dated as of August 7, 1998 (13)
          4.5     Second Supplemental Indenture, dated as of October 22, 1997
                    (11)
          4.6     Calculation Agency Agreement (11)
          4.7     6.65%-AMERCO Series 1997 A Bond Backed Asset Trust
                    Certificates ("BATs") due October 15, 1999 (11)
          4.8     Indenture dated September 10, 1996 (9)
          4.9     First Supplemental Indenture dated September 10, 1996 (9)
          4.10    Senior Indenture dated April 1, 1999 (14)
          4.11    First Supplemental Indenture dated April 5, 1999 (14)
          4.12    Second Supplemental Indenture dated February 4, 2000 (15)
         10.1*    AMERCO Employee Savings, Profit Sharing and
                    Employee Stock Ownership Plan
         10.1A*   First Amendment to the AMERCO Employee Savings, Profit Sharing
                    and Employee Stock Ownership Plan
         10.2     U-Haul Dealership Contract (5)
         10.3     Share Repurchase and Registration Rights Agreement with
                    Paul F. Shoen (5)
         10.4     AMERCO Stock Option and Incentive Plan (5)
         10.5     ESOP Loan Credit Agreement (6)
         10.6     ESOP Loan Agreement (6)
         10.7     Trust Agreement for the AMERCO Employee Savings,
                    Profit Sharing and Employee Stock Ownership Plan (6)
         10.8     Amended Indemnification Agreement (6)
         10.9     Indemnification Trust Agreement (6)
         10.10    Promissory Note between SAC Holding Corporation
                    and a subsidiary of AMERCO (12)
         10.11    Promissory Notes between Four SAC Self-Storage Corporation
                    and a subsidiary of AMERCO (12)
         10.12    Management Agreement between Three SAC Self-Storage
                    Corporation and a subsidiary of AMERCO (12)
         10.13    Management Agreement between Four SAC Self-Storage Corporation
                    and a subsidiary of AMERCO (12)
         10.14    Agreement, dated October 17, 1995, among AMERCO, Edward J.
                    Shoen, James P. Shoen, Aubrey K. Johnson, John M. Dodds
                    and William E. Carty (8)
         10.15    Directors' Release, dated October 17, 1995, executed by
                    Edward J. Shoen, James P. Shoen, Aubrey K. Johnson,
                    John M. Dodds and William E. Carty in favor of AMERCO (8)
         10.16    AMERCO Release, dated October 17, 1995, executed by AMERCO in
                    favor of Edward J. Shoen, James P. Shoen, Aubrey K.
                    Johnson, John M. Dodds and William E. Carty (8)
         10.21    Management Agreement between Five SAC Self-Storage
                    Corporation and a subsidiary of AMERCO (16)
         10.22    Management Agreement between Eight SAC Self-Storage
                    Corporation and a subsidiary of AMERCO (16)
         10.23    Management Agreement between Nine SAC Self-Storage
                    Corporation and a subsidiary of AMERCO (16)
         10.24    Management Agreement between Ten SAC Self-Storage Corporation
                    and a subsidiary of AMERCO (16)
         10.25    Management Agreement between Six-A SAC Self-Storage
                    Corporation and a subsidiary of AMERCO (17)
         10.26    Management Agreement between Six-B SAC Self-Storage
                    Corporation and a subsidiary of AMERCO (17)

* Indicates compensatory plan arrangement
<PAGE>  30

(c)  Exhibits, continued


         10.27    Management Agreement between Six-C SAC Self-Storage
                    Corporation and a subsidiary of AMERCO (17)
         10.28    Management Agreement between Eleven SAC Self-Storage
                    Corporation and a subsidiary of AMERCO (17)
         10.29    Management Agreement between Twelve SAC Self-Storage
                    Corporation and a subsidiary of AMERCO (18)
         10.30    Management Agreement between Thirteen SAC Self-Storage
                    Corporation and a subsidiary of AMERCO (18)
         10.31    Management Agreement between Fourteen SAC Self-Storage
                    Corporation and a subsidiary of AMERCO (18)
         10.32    Management Agreement between Fifteen SAC Self-Storage
                    Corporation and a subsidiary of AMERCO (19)
         10.33    Management Agreement between Sixteen SAC Self-Storage
                    Corporation and a subsidiary of AMERCO (19)
         10.34    Management Agreement between Seventeen SAC Self-Storage
                    Corporation and a subsidiary of AMERCO
         12       Statements Re:  Computation of Ratios
         21       Subsidiaries of AMERCO
         23       Consent of Independent Accountants
________________

(1)   Incorporated by reference to AMERCO's Registration Statement on Form S-3,
      Registration no. 333-1195.
(2)   Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for
      the quarter ended December 31, 1992, file no. 1-11255.
(3)   Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for
      the quarter ended September 30, 1996, file no. 1-11255.
(4)   Incorporated by reference to AMERCO's Current Report on Form 8-K, dated
      May 6, 1996, file no. 1-11255.
(5)   Incorporated by reference to AMERCO's Annual Report on Form 10-K for the
      year ended March 31, 1993, file no. 1-11255.
(6)   Incorporated by reference to AMERCO's Annual Report on Form 10-K for the
      year ended March 31, 1990, file no. 1-11255.
(7)   Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for
      the quarter ended September 30, 1994, file no. 1-11255.
(8)   Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for
      the quarter ended September 30, 1995, file no. 1-11255.
(9)   Incorporated by reference to AMERCO's Current Report on Form 8-K dated
      September 6, 1996, file no. 1-11255.
(10)  Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for
      the quarter ended June 30, 1997, file no. 1-11255.
(11)  Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for
      the quarter ended December 31, 1997, file no. 1-11255.
(12)  Incorporated by reference to AMERCO's Annual Report on Form 10-K for the
      year ended March 31, 1997, file no. 1-11255.
(13)  Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for
      the quarter ended June 30, 1998, file no. 1-11255.
(14)  Incorporated by reference to AMERCO's Current Report on Form 8-K dated
      April 5, 1999, file no. 1-11255.
(15)  Incorporated by reference to AMERCO's Current Report on Form 8-K dated
      February 4, 2000, file no. 1-11255.
(16)  Incorporated by reference to AMERCO's Annual Report on Form 10-K for the
      year ended March 31, 1999, file no. 1-11255.
(17)  Incorporated by reference to AMERCO's Annual Report on Form 10-K for the
      year ended March 31, 2000, file no. 1-11255.
(18)  Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for
      the quarter ended September 30, 2000, file no. 1-11255.
(19)  Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for
      the quarter ended December 31, 2000, file no. 1-11255.




<PAGE>  31







                       REPORT OF INDEPENDENT ACCOUNTANTS
                       ---------------------------------



To the Board of Directors
and Stockholders of AMERCO

In our opinion, the consolidated financial statements listed in the index
appearing under Item 14(a)(1) on page 28 of this Form 10-K present fairly,
in all material respects, the financial position of AMERCO and its subsidiaries
at March 31, 2001 and 2000, and the results of their operations and their cash
flows for each of the three years in the period ended March 31, 2001, in
conformity with accounting principles generally accepted in the United States
of America.  In addition, in our opinion, the financial statement schedules
listed in the index appearing under Item 14(a)(3) on page 28 present fairly,
in all material respects, the information set forth therein when read in
conjunction with the related consolidated financial statements.  These
consolidated financial statements and financial statement schedules are the
responsibility of the Company's management; our responsibility is to express
an opinion on these consolidated financial statements and financial statement
schedules based on our audits.  We conducted our audits of these statements in
accordance with auditing standards generally accepted in the United States of
America, which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the consolidated financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable basis for the
opinion expressed above.

As discussed in Note 1 to the consolidated financial statements, the Company
implemented Statement of Financial Accounting Standards No. 133, "Accounting
for Derivative Instruments and Hedging Activities" in fiscal 1999.

Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole.  The Summary of Earnings of Independent
Trailer Fleets included on pages 72 through 73 of this Form 10-K is presented
for purposes of additional analysis and is not a required part of the basic
financial statements.  Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.



PricewaterhouseCoopers LLP

Phoenix, Arizona
June 29, 2001
<PAGE>  32
                     AMERCO AND CONSOLIDATED SUBSIDIARIES

                         Consolidated Balance Sheets

                                 March 31,


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


Cash and cash equivalents                         $    52,778          48,435
Trade receivables, net                                252,890         197,992
Notes and mortgage receivables, net                    65,531          49,866
Inventories, net                                       84,005          84,614
Prepaid expenses                                       14,416          17,822
Investments, fixed maturities                         952,482         890,629
Investments, other                                    464,958         314,890
Deferred policy acquisition costs                      99,807          88,402
Other assets                                           34,553          49,913
                                                    -------------------------

Property, plant and equipment, at cost:
   Land                                               197,281         197,956
   Buildings and improvements                         832,372         853,403
   Furniture and equipment                            282,362         263,694
   Rental trailers and other rental equipment         181,159         210,472
   Rental trucks                                    1,037,653       1,035,585
                                                    -------------------------
                                                    2,530,827       2,561,110
   Less accumulated depreciation                    1,168,183       1,178,448
                                                    -------------------------

     Total property, plant and equipment            1,362,644       1,382,662
                                                    -------------------------


























Total Assets                                      $ 3,384,064       3,125,225
                                                    =========================




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

<PAGE>  33
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

                     Consolidated Balance Sheets, continued

                                   March 31,


Liabilities and Stockholders' Equity                    2001            2000
                                                    -------------------------
                                                      (in thousands, except
                                                    share and per share data)
Liabilities:
   Accounts payable and accrued expenses          $   151,192         152,654
   Notes and loans payable                          1,156,848       1,137,840
   Policy benefits and losses, claims and
     loss expenses payable                            668,830         548,043
   Liabilities from premium deposits                  522,207         461,673
   Cash overdraft                                      26,484          30,460
   Other policyholders' funds and liabilities          79,172          70,207
   Deferred income                                     24,546          29,641
   Deferred income taxes                              139,419         109,413
                                                    -------------------------
          Total liabilities                         2,768,698       2,539,931

Stockholders' equity:
   Serial preferred stock, with or without par
     value, 50,000,000 shares authorized -
     Series A preferred stock, with no par
       value, 6,100,000 shares authorized;
       6,100,000 shares issued and
       outstanding as of March 31, 2001
       and 2000                                           -               -
     Series B preferred stock, with no par
       value, 100,000 shares authorized;
       none issued and outstanding as of
       March 31, 2001 and 2000                            -               -
   Serial common stock, with or without par
     value, 150,000,000 shares authorized -
     Series A common stock of $0.25 par
       value, 10,000,000 shares authorized;
       5,762,495 shares issued as of
       March 31, 2001 and 2000                          1,441           1,441
   Common stock of $0.25 par value,
     150,000,000 shares authorized;
     36,487,505 issued as of
     March 31, 2001 and 2000                            9,122           9,122
   Additional paid-in capital                         312,128         275,242
   Accumulated other comprehensive income             (40,709)        (42,317)
   Retained earnings                                  755,174         755,172
   Cost of common shares in treasury, net
     (20,321,363 and 19,840,613 shares as of
      March 31, 2001 and 2000, respectively)         (406,617)       (397,000)
     Unearned employee stock ownership
       plan shares                                    (15,173)        (16,366)
                                                    -------------------------
          Total stockholders' equity                  615,366         585,294

Contingent liabilities and commitments              _________________________

Total Liabilities and Stockholders' Equity        $ 3,384,064       3,125,225
                                                    =========================




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

<PAGE>  34
                     AMERCO AND CONSOLIDATED SUBSIDIARIES

                       Consolidated Statements of Earnings

                              Years ended March 31,


                                              2001         2000         1999
                                     ----------------------------------------
                                                      (in thousands)


Revenues
  Rental revenue                       $  1,204,959    1,150,532    1,074,220
  Net sales                                 194,320      188,816      181,273
  Premiums                                  323,198      262,057      226,847
  Net investment and interest income         91,161       82,212       73,372
                                          -----------------------------------
       Total revenues                     1,813,638    1,683,617    1,555,712

Costs and expenses
  Operating expenses                        998,794      919,093      877,566
  Cost of sales                             117,212      111,975      106,789
  Benefits and losses                       283,366      209,592      176,560
  Amortization of deferred
    acquisition costs                        35,946       34,987       31,721
  Lease expense                             178,458      136,044      118,742
  Depreciation, net                          88,091       87,647       73,066
                                          -----------------------------------
       Total costs and expenses           1,701,867    1,499,338    1,384,444

Earnings from operations                    111,771      184,279      171,268

  Interest expense                           87,773       81,532       73,658
                                          -----------------------------------

Pretax earnings                              23,998      102,747       97,610

Income tax expense                           (8,912)     (36,922)     (35,101)
                                          -----------------------------------
Earnings from operations before
  extraordinary loss on early
  extinguishment of debt                     15,086       65,825       62,509
Extraordinary loss on early
  extinguishment of debt, net                (2,121)        (334)         -
                                          -----------------------------------
      Net earnings                     $     12,965       65,491       62,509
                                          ===================================











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

<PAGE>  35
                     AMERCO AND CONSOLIDATED SUBSIDIARIES

                  Consolidated Statements of Earnings, continued

                              Years ended March 31,


                                              2001         2000         1999
                                     ----------------------------------------
                                                 (in thousands, except
                                               share and per share data)
Basic earnings per common share:
  Earnings from operations before
    extraordinary loss on early
    extinguishment of debt             $       0.10         2.39         2.07
  Extraordinary loss on early
    extinguishment of debt, net               (0.10)       (0.02)         -
                                           ----------------------------------
      Net earnings                     $       0.00         2.37         2.07
                                           ==================================

Diluted earnings per common share:
  Earnings from operations before
    extraordinary loss on early
    extinguishment of debt             $       0.10         2.38         2.07
  Extraordinary loss on early
    extinguishment of debt, net               (0.10)       (0.02)         -
                                           ----------------------------------
      Net earnings                     $       0.00         2.36         2.07
                                           ==================================


Weighted average common shares
  outstanding:
    Basic                                  21,486,370   21,934,390   21,937,686
                                           ====================================
    Diluted                                21,486,370   22,226,057   23,940,623
                                           ====================================





















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

<PAGE>  36
                     AMERCO AND CONSOLIDATED SUBSIDIARIES

          Consolidated Statements of Changes in Stockholders' Equity

                            Years ended March 31,


                                              2001         2000         1999
                                      ---------------------------------------
                                                  (in thousands, except
                                                share and per share data)

Series A common stock of $0.25 par value:
  10,000,000 shares authorized; 5,762,495
  shares issued in 2001, 2000 and 1999
    Beginning and end of year             $   1,441        1,441        1,441
                                            ---------------------------------

Common stock of $0.25 par value:
  150,000,000 shares authorized;
  36,487,505 shares issued in
  2001, 2000 and 1999
    Beginning and end of year                 9,122        9,122        9,122
                                            ---------------------------------

Additional paid-in capital:
    Beginning of year                       275,242      299,905      313,444
      Repurchase of preferred stock             -        (25,000)     (50,000)
      Gain on sale of property to
        related party, net                   36,790          -         35,996
      Issuance of common shares under
        leveraged employee stock
        ownership plan                           96          337          465
                                            ---------------------------------
    End of year                             312,128      275,242      299,905
                                            ---------------------------------

Accumulated other comprehensive income:
    Beginning of year                       (42,317)     (17,740)      (9,384)
      Foreign currency translation           (7,252)      (2,899)      (6,736)
      Fair market value of cash
        flow hedge                           (1,185)       2,192       (3,631)
      Unrealized gain (loss) on
        investments                          10,045      (23,870)       2,011
                                            ---------------------------------

    End of year                             (40,709)     (42,317)     (17,740)
                                            ---------------------------------











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

<PAGE>  37
                     AMERCO AND CONSOLIDATED SUBSIDIARIES

     Consolidated Statements of Changes in Stockholders' Equity, continued

                             Years ended March 31,


                                              2001         2000         1999
                                      ---------------------------------------
                                                  (in thousands, except
                                                share and per share data)
Retained earnings:
    Beginning of year                       755,172      703,322      658,227
      Net earnings                           12,965       65,491       62,509
      Preferred stock dividends paid:
        Series A ($2.13 per share for
          2001, 2000 and 1999)              (12,963)     (12,964)     (12,964)
        Series B ($27.14 and $97.44
          per share for 2000 and
          1999, respectively)                   -           (677)      (4,450)
                                            ---------------------------------

    End of year                             755,174      755,172      703,322
                                            ---------------------------------

Less Treasury stock:
    Beginning of year                       397,000      363,533      359,723
      Net increase                            9,617       33,467        3,810
                                            ---------------------------------

    End of year                             406,617      397,000      363,533
                                            ---------------------------------

Less Unearned employee stock
  ownership plan shares:
    Beginning of year                        16,366       16,492       18,068
      Purchase of shares                         46        1,002          401
      Repayments from loan                   (1,239)      (1,128)      (1,977)
                                            ---------------------------------

    End of year                              15,173       16,366       16,492
                                            ---------------------------------

Total stockholders' equity                $ 615,366      585,294      616,025
                                            =================================















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

<PAGE>  38
                     AMERCO AND CONSOLIDATED SUBSIDIARIES

                Consolidated Statements of Comprehensive Income

                             Years ended March 31,


                                                    2001      2000      1999
                                                   --------------------------
                                                         (in thousands)
Comprehensive income:
  Net earnings                                   $ 12,965    65,491    62,509
   Other comprehensive income
    Foreign currency translation                   (7,252)   (2,899)   (6,736)
    Fair market value of cash flow hedges          (1,185)    2,192    (3,631)
    Unrealized gain (loss) on investments          10,045   (23,870)    2,011
                                                   --------------------------

    Total comprehensive income                   $ 14,573    40,914    54,153
                                                   ==========================



































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

<PAGE>  39
                     AMERCO AND CONSOLIDATED SUBSIDIARIES

                     Consolidated Statements of Cash Flows

                             Years ended March 31,


                                                    2001      2000      1999
                                                 ----------------------------
                                                         (in thousands)
Cash flows from operating activities:
Net earnings                                   $   12,965    65,491    62,509
  Depreciation and amortization                   144,185   135,481   114,102
  Provision for losses on accounts
    receivable                                      3,286     4,601     4,648
  Net gain on sale of real and
    personal property                             (16,776)   (8,705)     (524)
  Gain on sale of investments                      12,931      (873)   (3,372)
  Changes in policy liabilities
    and accruals                                   54,921    15,326   (23,448)
  Additions to deferred policy
    acquisition costs                             (42,535)  (31,804)  (40,859)
  Net change in other operating
    assets and liabilities                        (42,924)   58,140    46,493
                                                  ---------------------------
Net cash provided by operating activities         126,053   237,657   159,549

Cash flows from investing activities:
  Purchases of investments:
    Property, plant and equipment                (358,917) (417,647) (298,495)
    Fixed maturities                             (122,863) (158,304) (213,107)
    Common stock                                  (31,773)      -      (2,553)
    Preferred stock                                   -        (369)  (21,700)
    Other asset investment                         (5,915)      -         -
    Real estate                                    (5,938)      (70)     (334)
    Mortgage loans                                (24,084)  (27,367)  (93,243)
  Proceeds from sales of investments:
    Property, plant and equipment                 157,091   242,699   105,526
    Fixed maturities                              152,761   133,915   223,114
    Common stock                                      -         -       2,571
    Preferred stock                                   372       968     3,538
    Real estate                                     1,557     1,672     5,622
    Mortgage loans                                 22,463    11,555    21,826
  Changes in other investments                     88,506    31,269    62,453
                                                  ---------------------------
Net cash used by investing activities            (126,740) (181,679) (204,782)








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

<PAGE>  40
                     AMERCO AND CONSOLIDATED SUBSIDIARIES

               Consolidated Statements of Cash Flows, continued

                            Years ended March 31,


                                                    2001      2000      1999
                                                 ----------------------------
                                                         (in thousands)
Cash flows from financing activities:
  Net change in short-term borrowings             156,070  (146,836)  135,836
  Proceeds from notes                                 -     350,000       -
  Debt issuance costs                              (1,228)   (8,285)     (415)
  Leveraged Employee Stock Ownership Plan:
    Purchase of shares                                (46)   (1,002)     (401)
    Repayments from loan                            1,239     1,128     1,977
  Principal payments on notes                    (137,062) (180,072)  (46,411)
  Repurchase of preferred stock                       -     (25,000)  (50,000)
  Extraordinary loss on early
    extinguishment of debt, net                    (2,121)     (334)      -
  Net change in cash overdraft                     (3,976)    2,291     6,755
  Preferred stock dividends paid                  (12,963)  (13,641)  (17,414)
  Treasury stock acquisitions, net                 (9,617)  (33,467)   (3,810)
  Investment contract deposits                     87,687    63,978    93,688
  Investment contract withdrawals                 (72,953)  (60,808)  (61,673)
                                                 ----------------------------

Net cash provided (used) by
  financing activities                              5,030   (52,048)   58,132
                                                 ----------------------------

Increase (decrease) in cash
  and cash equivalents                              4,343     3,930    12,899
Cash and cash equivalents at
  beginning of year                                48,435    44,505    31,606
                                                 ----------------------------
Cash and cash equivalents at
  end of year                                  $   52,778    48,435    44,505
                                                 ============================




Summary of Non-cash investing and financing
  activity:  An investment was received in
  exchange for the sale of storage properties
  from a related party.                        $   98,530      -   $   99,685

















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

<PAGE>  41

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

                   Notes to Consolidated Financial Statements


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION
     AMERCO, a Nevada corporation (AMERCO), is the holding company for U-Haul
International, Inc. (U-Haul), Amerco Real Estate Company (Real Estate),
Republic Western Insurance Company (RepWest) and Oxford Life Insurance Company
(Oxford).  All references to a fiscal year refer to AMERCO's fiscal year ended
March 31 of that year.

PRINCIPLES OF CONSOLIDATION
     The consolidated financial statements include the accounts of the parent
corporation, AMERCO, and its wholly-owned subsidiaries.  All material
intercompany accounts and transactions of AMERCO and its subsidiaries have been
eliminated.

     RepWest and Oxford have been consolidated on the basis of calendar years
ended December 31.  Accordingly, all references to the years 2000, 1999, and
1998 and correspond to AMERCO's fiscal years 2001, 2000, and 1999, respectively.

     The operating results and financial position of AMERCO's consolidated
insurance operations are determined as of December 31 of each year.  There were
no effects related to intervening events between January 1 and March 31 of
2001, 2000, or 1999 that would materially affect the consolidated financial
position or results of operations for the financial statements presented
herein.  See Note 20 of Notes to Consolidated Financial Statements for
additional information regarding the insurance subsidiaries.

DESCRIPTION OF BUSINESS
     Moving and self-storage operations consist of the rental of trucks and
trailers, sale of moving supplies, trailer hitches and propane and the rental
of self-storage spaces to the do-it-yourself mover.  Operations are under the
registered tradename U-Haul REGISTERED TRADEMARK throughout the United States
and Canada.

     Real Estate owns approximately 90% of AMERCO's real estate assets,
including U-Haul's Center and Storage locations.  The remainder of the
properties are owned by various U-Haul entities.  Real Estate is responsible for
managing all of the properties including the environmental risks of the
properties.  Real Estate is responsible for the purchase of all properties used
by AMERCO or any of its subsidiaries.  Real Estate also handles all of the
dispositions (sale and lease) of unused real estate.

     RepWest originates and reinsures property and casualty type insurance
products for various market participants, including independent third parties,
U-Haul's customers, independent dealers and AMERCO.

     Oxford originates and reinsures annuities, credit life and disability,
life insurance, and supplemental health products.  Oxford also administers the
self-insured employee health and dental plans for AMERCO.

FOREIGN CURRENCY
     The consolidated financial statements include the accounts of U-Haul Co.
(Canada) Ltd., a subsidiary of U-Haul.  The assets and liabilities,
denominated in foreign currency, are translated into U.S. dollars at the
exchange rate as of the balance sheet date.  Revenue and expense amounts are
translated at average monthly exchange rates.  The related translation gains or
losses are included in the Consolidated Statements of Changes in Stockholders'
Equity and Consolidated Statements of Comprehensive Income.

ACCOUNTING ESTIMATES
     The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts in the financial statements and
accompanying notes.  Actual results could differ from those estimates.
<PAGE>  42

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

CASH AND CASH EQUIVALENTS
     AMERCO considers liquid investments with an original maturity of three
months or less to be cash equivalents (zero as of March 31, 2001 and 2000,
respectively).

RECEIVABLES
     Accounts receivable include trade accounts from customers and dealers.
RepWest and Oxford receivables include premiums and agents' balances due, net
of commissions payable and amounts due from ceding reinsurers.  Accounts
receivable are reduced by amounts considered by management to be uncollectible
based on historical collection loss experience and a review of the current
status of existing receivables.

     Notes and mortgage receivables include accrued interest and are reduced by
discounts and amounts considered by management to be uncollectible.

INVENTORIES
     Inventories are valued at the lower of cost or market.  Cost is primarily
determined using the LIFO (last-in, first-out) method.

INVESTMENTS
     Fixed maturities consist of bonds and redeemable preferred stocks.  Fair
values for investments are based on quoted market prices, dealer quotes or
discounted cash flows.  Fixed maturities are classified as follows:

     Held-to-maturity - recorded at cost adjusted for the amortization of
       premiums or accretion of discounts.
     Available-for-sale - recorded at fair value with unrealized gains or
       losses reported on a net basis in the Consolidated Statements of Changes
       in Stockholders' Equity unless such changes are deemed to be other than
       temporary.  Gains and losses on the sale of these securities are
       reported as a component of revenues using the specific identification
       method.
     Trading portfolio - AMERCO does not currently maintain a trading portfolio.
     Mortgage loans & notes on real estate held by AMERCO's subsidiaries - at
       unpaid balances, net of allowance for possible losses and any
       unamortized premium or discount.
     Real estate - at cost less accumulated depreciation.
     Policy loans - at their unpaid balance.

     Investment income is recognized as follows:
       Interest on bonds and mortgage loans & notes - recognized when earned.
       Dividends on common and redeemable preferred stocks - recognized on
         ex-dividend dates.
       Realized gains and losses on the sale of investments - recognized at the
         trade date and included in revenues using the specific identification
         method.

     Short-term investments consist of other securities scheduled to mature
within one year of their acquisition date.  See Note 4 of Notes to Consolidated
Financial Statements.

DEFERRED POLICY ACQUISITION COSTS
     Commissions and other costs which vary with and are primarily related to
the production of new business, have been deferred.

     Oxford - costs are amortized in relation to revenue such that profits are
realized as a level percentage of revenue.

     RepWest - costs are amortized over the related contract period which
generally do not exceed one year.
<PAGE>  43

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

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.
Interest expense of $2,450,000, $1,359,000 and $909,000 was capitalized during
fiscal years 2001, 2000 and 1999, respectively.  During fiscal year 2001,
based on an in-depth market analysis, U-Haul decreased the estimated salvage
value and increased the useful lives of certain service vehicles, rental trucks
and engines.  The effect of the change increased net earnings for fiscal year
2001 by $1,490,000 ($0.07 per share).  The adjustment reflects management's
best estimate, based on information available, of the estimated salvage value
and useful lives of these service vehicles, rental trucks and engines.

     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.

ENVIRONMENTAL COSTS
   Liabilities for future remediation costs are recorded when environmental
assessments and remedial efforts, if applicable, are probable and the costs can
be reasonably estimated.  The liability is based on AMERCO's best estimate of
undiscounted future costs.  Certain recoverable environmental costs related to
the removal of underground storage tanks or related contamination are
capitalized and depreciated over the estimated useful lives of the properties.
The capitalized costs improve the safety or efficiency of the property as
compared to when the property was originally acquired or are incurred in
preparing the property for sale.


FINANCIAL INSTRUMENTS
     AMERCO enters into interest rate swap agreements to reduce its floating
interest rate exposure and does not use the agreements for trading purposes.
Although AMERCO is exposed to credit loss for the interest rate differential in
the event of nonperformance by the counterparties to the agreements, it does
not anticipate nonperformance by the counterparties.

For the years ended March 31, 2001, 2000 and 1999, AMERCO recognized $16,000
and $27,000 as interest income and $89,000 as interest expense, respectively,
representing the ineffectiveness of the cash flow hedging activity.
<PAGE>  44

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

     AMERCO has mortgage receivables which potentially expose AMERCO to credit
risk.  The portfolio of notes is principally collateralized by mini-warehouse
storage facilities and other residential and commercial properties.  AMERCO has
not experienced losses related to the notes from individual notes or groups of
notes in any particular industry or geographic area.  The estimated fair values
were determined using the discounted cash flow method, using interest rates
currently offered for similar loans to borrowers with similar credit ratings.

Fair value summary of note and mortgage receivables:

                          March 31, 2001                March 31, 2000
                     ----------------------        ----------------------
                     Carrying    Estimated         Carrying    Estimated
                       value     fair value          value     fair value
                     ----------------------        ----------------------
                          (in thousands)                (in thousands)
                    $  15,214      18,484         $  21,230       27,268
                    =======================        ======================

     Other financial instruments that are subject to fair value disclosure
requirements are carried in the financial statements at amounts that
approximate fair value, unless elsewhere disclosed.  See below, as well as
Notes 4 and 5 of Notes to Consolidated Financial Statements.

     AMERCO's financial instruments that are exposed to concentrations of
credit risk consist primarily of temporary cash investments, trade receivables
and notes receivable.  AMERCO places its temporary cash investments with
financial institutions and limits the amount of credit exposure to any one
financial institution.  Concentrations of credit risk with respect to trade
receivables are limited due to the large number of customers and their
dispersion across many different industries and geographic areas.  As discussed
in Note 2 of Notes to Consolidated Financial Statements, at March 31, 2001 and
2000, notes receivable are primarily due from one related party.

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.  At December 31, 2000,
interest assumptions used to compute policy benefits payable range from 2.5% to
9.25%.

     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 are 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.

RENTAL REVENUE
     U-Haul recognizes its share of rental revenue less commission on the
accrual basis pursuant to contractual arrangements between AMERCO and its fleet
owners, rental dealers and customers.  See Note 10 of Notes to Consolidated
Financial Statements for further discussion.
<PAGE>  45

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

PREMIUM REVENUE
     Credit life and disability, Medicare supplement and property-casualty
gross premiums are earned on a pro rata basis over the term of the related
contracts.  The portion of premiums not earned at the end of the period is
recorded as unearned premiums.  Traditional life and annuity premiums are
recognized as revenue when due from policyholders.  Revenue for annuity
contracts which are accounted for as investment contracts are included in net
investment income as investment margins until the contractholder annuitizes,
at which time the contractholder's fund balance is recognized as premium.

REINSURANCE
     Reinsurance premiums, commissions and expense reimbursements, related to
ceded business, are accounted for on a basis consistent with those used in
accounting for the original policies issued and the terms of the reinsurance
contracts.  Premiums ceded to other companies have been reported as a reduction
of premium income.  Assets and liabilities relating to ceded contracts are
reported gross of the effects of reinsurance.  See also "Policy Benefits and
Losses, Claims and Loss Expenses Payable" above.

INCOME TAXES
     AMERCO files a consolidated federal income tax return with its
subsidiaries.  In addition to charging income for taxes paid or payable, the
provision for income taxes reflects deferred income taxes resulting from
changes in temporary differences between the tax bases of assets and
liabilities and their reported amounts in the financial statements.  The effect
on deferred income taxes of a change in tax rates is recognized in income in
the period that includes the enactment date.

ADVERTISING COSTS
     AMERCO expenses advertising costs as incurred.  Advertising expense of
$36,212,000, $34,772,000 and $33,567,000 was charged to operations for fiscal
years 2001, 2000 and 1999, respectively.

NEW ACCOUNTING STANDARDS
     New pronouncements issued by the Financial Accounting Standards Board
adopted during the year are not material to the consolidated financial
statements of AMERCO.  Further, pronouncements with future effective dates are
either not applicable or not material to the consolidated financial statements
of AMERCO.

EARNINGS PER SHARE
     Basic earnings per common share are computed based on the weighted average
number of shares outstanding for the year and quarterly periods, excluding
shares of the employee stock ownership plan that have not been committed to be
released.  Preferred dividends include undeclared or unpaid dividends of
AMERCO.  Net income is reduced for preferred dividends for the purpose of the
calculation.  The calculation of diluted earnings per share in fiscal years
2000 and 1999 included assumed conversions of the Series B preferred stock into
common stock.  In fiscal year 2001, the assumed conversions are not applicable.
In fiscal year 2000, the assumed conversions had a dilutive effect; in fiscal
year 1999 the assumed conversions had no material effect on the calculated
earnings per share amount.  See Notes 6 and 8 of Notes to Consolidated
Financial Statements for further discussion.

FOURTH QUARTER RESULTS
     For the quarter ended March 31, 2001, the Company recorded a net loss of
$46,650,000, compared to a net loss of $9,618,000 for the quarter ended
March 31, 2000.  The increased loss in 2001 was primarily due to a $19,300,000
decline in the insurance segment due to unprofitable lines of business, a
$6,500,000 write-down of investments and a $10,300,000 loss from the
supplement of litigation.  The remaining loss was due to weather problems and
other operating expenses impacting the moving and storage segment.  In
addition, third quarter 2001 financial information has been restated by the
Company to increase net loss $0.10 per share, respectively, due to necessary
revisions related to certain fixed asset transactions.  The restated loss
per share was $1.05 for the third quarter fiscal year 2001 as compared to
$0.95 as reported.
<PAGE>  46
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

COMPREHENSIVE INCOME
     Comprehensive income consists of net income, foreign currency translation
adjustment, unrealized gains and losses on investments and fair market value of
cash flow hedges.

FINANCIAL STATEMENT PRESENTATION
     Certain reclassifications have been made to the financial statements for
the fiscal years ended 2000 and 1999 to conform with the current year's
presentation.


2.  RECEIVABLES, NET

     A summary of trade receivables follows:
                                                                March 31,
                                                          -------------------
                                                            2001        2000
                                                          -------------------
                                                              (in thousands)

      Trade accounts receivable                         $  21,201      17,296
      Premiums and agents' balances in course
        of collection                                      87,641      73,536
      Reinsurance recoverable                             109,596      80,180
      Accrued investment income                            16,541      14,304
      Independent dealer receivable                         2,344       2,551
      Other receivables                                    17,698      12,085
                                                          -------------------
                                                          255,021     199,952
      Less allowance for doubtful accounts                  2,131       1,960
                                                          -------------------

                                                        $ 252,890     197,992
                                                          ===================

     A summary of notes and mortgage receivables follows:
                                                                March 31,
                                                           ------------------
                                                            2001        2000
                                                           ------------------
                                                              (in thousands)
      Notes receivable, including accrued interest from
        SAC Holding Corporation and its subsidiaries    $   5,115       4,120
      Notes and mortgage receivables, net of discount      60,486      45,816
                                                           ------------------
                                                           65,601      49,936
      Less allowance for doubtful accounts                     70          70
                                                           ------------------

                                                        $  65,531      49,866
                                                           ==================

     During fiscal year 2001, subsidiaries of AMERCO held various senior and
junior notes with SAC Holding Corporation and its subsidiaries (SAC Holdings).
The voting common stock of SAC Holdings is held by Mark V. Shoen, a major
stockholder of AMERCO.  AMERCO's subsidiaries received interest payments of
$27,592,000, $20,111,000, and $8,022,000 from SAC Holdings during fiscal years
2001, 2000, and 1999, respectively.  Principal payments of $97,953,000,
$105,689,000, and zero were received during fiscal years 2001, 2000, and 1999,
respectively.  The note receivable balance outstanding was, in the aggregate,
$251,021,000 and $154,528,000 at March 31, 2001 and 2000, respectively, bearing
interest rates ranging from 8.37% to 13.0%.  The principal balance is due in
full at maturity and interest is payable quarterly.  The terms of the notes
receivable are consistent with the terms of notes receivable held by U-Haul
for other properties owned by unrelated parties and managed by U-Haul.

     During fiscal years 2001, 2000 and 1999, a subsidiary of AMERCO funded
through notes receivable the purchase of properties and construction costs for
SAC Holdings of $187,595,000, $44,934,000 and $26,116,000, respectively.

     In June 2000, Real Estate completed the sale of twenty-four storage
properties to Twelve SAC Self-Storage Corporation, Thirteen SAC Self-Storage
Corporation and Fourteen SAC Self-Storage Corporation, subsidiaries of SAC
Holding Corporation, for $98,351,000.  Real Estate received cash and notes from
the sale.  The gain is reflected of consolidated statements of changes in
stockholders equity.
<PAGE>  47
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


2.  RECEIVABLES, NET, continued

     In December 1998, U-Haul and Real Estate completed the sale of twenty-six
storage properties to Six SAC Self-Storage Corporation, a subsidiary of SAC
Holdings, for $99,685,000.  Real Estate received cash and notes from the sale.
The gain is reflected of consolidated statements of changes in stockholders'
equity.

     U-Haul currently manages the properties owned by SAC Holdings under a
management agreement, whereby U-Haul receives a management fee equal to 6% of
the gross receipts from the properties.  Management fees of $6,243,000,
$4,482,000 and $2,483,000 were received during fiscal years 2001, 2000 and 1999,
respectively.  The 6% fee is consistent with the fees received by U-Haul for
other properties owned by unrelated parties and managed by U-Haul.

     Management believes that the foregoing transactions were consummated on
terms equivalent to those that prevail in arm's-length transactions.


3.  INVENTORIES, NET

     A summary of inventory components follows:

                                                     March 31,
                                                -------------------
                                                 2001         2000
                                                -------------------
                                                   (in thousands)
      Truck and trailer parts
        and accessories                      $  60,492       61,292
      Hitches and towing components             14,393       14,112
      Moving supplies and promotional items      9,120        9,210
                                                -------------------

                                             $  84,005       84,614
                                                ===================

     Inventories are stated net of reserve for obsolescence of $3,321,000 at
March 31, 2001 and 2000, respectively.  Certain general and administrative
expenses are allocated to ending inventories.  Such costs remaining in
inventory are estimated at $12,077,000 and $12,084,000  at March 31, 2001 and
2000, respectively.  For fiscal years 2001, 2000 and 1999, aggregate general
and administrative costs were $498,661,000, $461,722,000 and $562,745,000,
respectively.

     LIFO inventories, which represent approximately 96% of total inventories
at March 31, 2001 and 2000, would have been $4,957,000 greater at
March 31, 2001 and 2000, if the consolidated group had used the FIFO (first-in,
first-out) method.
<PAGE>  48

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


4.  INVESTMENTS

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

December 31, 2000
-----------------    Par Value               Gross       Gross    Estimated
Consolidated         or number  Amortized  unrealized  unrealized   market
Held-to-Maturity     of shares     cost      gains       losses      value
                     ------------------------------------------------------
                                          (in thousands)
U.S. treasury
  securities
  and government
  obligations        $   4,150      3,627        144         (2)     3,769
U.S. government
  agency mortgage-
  backed securities  $  14,246     14,178        174       (130)    14,222
Corporate
  securities         $  55,908     53,422        739       (333)    53,828
Mortgage-backed
  securities         $  40,687     40,093        650       (191)    40,552
Redeemable preferred
  stocks               115,251    115,174         46     (9,736)   105,484
                                  ----------------------------------------

                                  226,494      1,753     (10,392)  217,855
                                  ----------------------------------------

December 31, 2000
-----------------    Par Value               Gross       Gross    Estimated
Consolidated         or number  Amortized  unrealized  unrealized   market
Available-for-Sale   of shares     cost      gains       losses      value
                     ------------------------------------------------------
                                          (in thousands)
U.S. treasury
  securities and
  government
  obligations        $  42,860     43,522      1,494        (141)   44,875
U.S. government
  agency mortgage-
  backed securities  $  33,891     33,644        557         (87)   34,114
Obligations of
  states and
  political
  subdivisions       $  16,505     16,678        448        (142)   16,984
Corporate
  securities         $ 568,394    562,187     10,714     (15,127)  557,774
Mortgage-backed
  securities         $  33,608     33,378        761        (402)   33,737
Redeemable preferred
  stocks                 1,308     32,969        141      (1,860)   31,250
Redeemable common
  stocks                   633      8,166        -          (912)    7,254
                                  ----------------------------------------
                                  730,544     14,115     (18,671)  725,988
                                  ----------------------------------------

       Total                    $ 957,038     15,868     (29,063)  943,843
                                  ========================================
<PAGE>  49

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


4.  INVESTMENTS, continued

December 31, 1999
-----------------    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        $   4,165      3,577         71         (84)    3,564
U.S. government
  agency mortgage-
  backed securities  $  18,538     18,448         51        (398)   18,101
Corporate
  securities         $  80,295     80,597      5,312      (2,050)   83,859
Mortgage-backed
  securities         $  35,960     48,386        314        (844)   47,856
Redeemable preferred
  stocks                 4,561    116,374         41     (19,344)   97,071
                                  ----------------------------------------

                                  267,382      5,789     (22,720)  250,451
                                  ----------------------------------------

December 31, 1999
-----------------    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        $  40,860     40,392        912      (1,240)   40,064
U.S. government
  agency mortgage-
  backed securities  $  36,998     39,167        342        (382)   39,127
Obligations of
  states and
  political
  subdivisions       $  19,320     19,585        856      (1,342)   19,099
Corporate
  securities         $ 468,131    460,416      2,717     (17,791)  445,342
Mortgage-backed
  securities         $  36,834     46,923        259        (562)   46,620
Redeemable preferred
  stocks                 1,311     32,675         49      (5,534)   27,190
Redeemable common
  stocks                   601      6,233        -          (428)    5,805
                                  ----------------------------------------
                                  645,391      5,135     (27,279)  623,247
                                  ----------------------------------------

       Total                    $ 912,773     10,924     (49,999)  873,698
                                  ========================================

     Fixed maturities estimated market values are based on publicly quoted
market prices at the close of trading on December 31, 2000 or December 31,
1999, as appropriate.
<PAGE>  50

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


4.  INVESTMENTS, continued

     The amortized cost and estimated market value of debt securities by
contractual maturity are shown below.  Expected maturities will differ from
contractual maturities as borrowers may have the right to call or prepay
obligations with or without call or prepayment penalties.

Consolidated                         December 31, 2000       December 31, 1999
------------                       ---------------------   ---------------------
Held-to-Maturity                   Amortized   Estimated   Amortized   Estimated
                                   cost     market value   cost     market value
                                   ---------------------   ---------------------
                                      (in thousands)            (in thousands)

Due in one year or less           $   4,786        4,810      18,865      18,950
Due after one year through
   five years                        46,496       46,513      58,066      61,486
Due after five years through
   ten years                            248          304       7,038       6,727
After ten years                       5,519        5,970         205         240
                                   ---------------------    --------------------
                                     57,049       57,597      84,174      87,403

Mortgage-backed securities           54,271       54,774      66,834      65,957
Redeemable preferred stock          115,174      105,484     116,374      97,091
                                   ---------------------    --------------------

                                    226,494      217,855     267,382     250,451
                                   ---------------------    --------------------


Consolidated                         December 31, 2000       December 31, 1999
------------                       ---------------------   ---------------------
Available-for-Sale                 Amortized   Estimated   Amortized   Estimated
                                   cost     market value   cost     market value
                                   ---------------------   ---------------------
                                      (in thousands)            (in thousands)

Due in one year or less              34,801       34,813      42,129      40,768
Due after one year through
   five years                       313,162      310,656     203,830     201,372
Due after five years through
   ten years                        197,027      198,592     188,419     180,888
After ten years                      77,397       75,572      86,015      81,477
                                   ---------------------   ---------------------
                                    622,387      619,633     520,393     504,505

Mortgage-backed securities           67,022       67,851      86,090      85,747
Redeemable preferred stock           32,969       31,250      32,675      27,190
Redeemable common stock               8,166        7,254       6,233       5,805
                                   ---------------------   ---------------------

                                    730,544      725,988     645,391     623,247
                                   ---------------------   ---------------------

            Total                 $ 957,038      943,843     912,773     873,698
                                   =====================   =====================


     Proceeds from sales of investments in debt securities for the years ended
December 31, 2000, 1999 and 1998 were $52,814,000, $29,889,000 and $53,948,000,
respectively.  Gross gains of $733,000, $912,000 and $1,472,000 and gross
losses of $646,000, $315,000 and $164,000 were realized on those sales for
the years ended December 31, 2000, 1999 and 1998, respectively.  During fiscal
2001, the Company realized a write-down of investments due to other than
temporary declines approximating $6,500,000.

     At December 31, 2000 and 1999 fixed maturities include bonds with an
amortized cost of $18,283,000 and $15,696,000, respectively, on deposit with
insurance regulatory authorities to meet statutory requirements.
<PAGE>  51

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued

4.  INVESTMENTS, continued

     Investments, other consists of the following:
                                                            March 31,
                                                     ----------------------
                                                       2001           2000
                                                     ----------------------
                                                          (in thousands)
Short-term investments                             $  58,923         35,347
Mortgage loans                                       102,571         73,716
Equity investment                                     36,466         24,613
Real estate, foreclosed properties                     1,023            554
Policy loans                                           6,763          6,594
Investments in SAC                                   251,021        154,528
Other                                                  8,191         19,538
                                                     ----------------------
                                                   $ 464,958        314,890
                                                     ======================

     A summary of net investment and interest income follows:
                                                    Year ended March 31,
                                                -----------------------------
                                                  2001       2000       1999
                                                -----------------------------
                                                        (in thousands)

      Fixed maturities                        $  61,003     66,993     68,745
      Real estate                                    12         58         15
      Policy loans                                  250        285        354
      Mortgage loans                              7,262      5,447      6,279
      Short-term, amounts held by ceding
        reinsurers, net and other investments     7,364      7,140      5,966
                                                -----------------------------
      Investment income                          75,891     79,923     81,359

      Less investment expenses                   22,712     23,964     23,734
                                                -----------------------------

      Net investment income                      53,180     55,959     57,625
      Interest income                            37,981     26,253     15,747
                                                -----------------------------

      Net investment and interest income      $  91,161     82,212     73,372
                                                =============================

     Short-term investments consist primarily of fixed maturities of three
months to one year from acquisition date.  Mortgage loans, representing first
lien mortgages held by the insurance subsidiaries, are carried at unpaid
balances, less allowance for possible losses and any unamortized premium or
discount.  Equity investments and real estate obtained through foreclosures and
held for sale are carried at the lower of cost or fair value.  U.S. government
securities mutual fund is carried at cost which approximates market value.
Policy loans are carried at their unpaid balance.

     At December 31, 2000 and 1999, mortgage loans held as investments with a
carrying value of $102,571,000 and $73,716,000, respectively, were outstanding.
The estimated fair value of the mortgage loans at December 31, 2000 and 1999
aggregated $94,669,000 and $74,559,000, respectively.  The estimated fair values
were determined using the discounted cash flow method, using interest rates
currently offered for similar loans to borrowers with similar credit ratings.
Investments in mortgage loans, included as a component of investments, are
reported net of allowance for possible losses of $402,000 and $225,000 in 2000
and 1999, respectively.

     In February 1997, AMERCO, through its insurance subsidiaries, invested in
the equity of a limited partnership in a Texas-based self-storage corporation.
RepWest invested $13,500,000 and has a 38% limited partnership interest and
Oxford invested $11,000,000 and has a 27% limited partnership interest.  U-Haul
is a 50% owner of a corporation which is a general partner in the Texas-based
self-storage corporation.  AMERCO has a $10,000,000 note receivable from PMSI
Investors L.L.C., a 30% limited partner in the corporation.  During 1997, the
corporation secured a line of credit in the amount of $225,000,000 with a
financing institution.  Under the terms of this credit facility, AMERCO entered
into a support party agreement with the corporation whereby upon default or
noncompliance with debt covenants by the corporation, AMERCO assumes
responsibility in fulfilling all obligations related to this credit facility.
<PAGE>  52

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


5.  NOTES AND LOANS PAYABLE

     Notes and loans payable consist of the following:

                                                               March 31,
                                                        --------------------
                                                           2001        2000
                                                        --------------------
                                                            (in thousands)

      Short-term borrowings, 5.96%
         interest rate                                $    15,000     16,500
      Notes payable to banks under
         commercial paper agreements, unsecured,
         5.00% to 6.20% interest rates                    119,570        -
      Notes payable to banks under
         revolving lines of credit, unsecured,
         5.31% to 5.56% interest rates                    185,000    159,000
      Medium-term notes payable, unsecured,
         7.23% to 8.08% interest
         rates, due through 2027                          212,000    237,000
      Notes payable under Bond Backed Asset Trust,
         unsecured, 7.14% interest
         rates, due through 2032                          100,000    200,000
      Notes payable to public,
         unsecured, 7.85% interest
         rate, due through 2003                           175,000    175,000
      Senior Note, unsecured, 7.20% interest
         rate, due through 2002                           150,000    150,000
      Senior Note, unsecured, 8.80% interest
         rate, due through 2005                           200,000    200,000
      Other notes payable, secured and
         unsecured, 7.00% to 11.25% interest
         rate, due through 2005                               278        340
                                                        --------------------
                                                      $ 1,156,848  1,137,840
                                                        ====================

     Other notes payable are secured by land and buildings at various locations
with a net carrying value of $6,473,962 and $6,504,302 at March 31, 2001 and
2000, respectively.

     AMERCO has a revolving credit loan (long-term) available from
participating banks under an agreement which provides for a credit line of
$400,000,000 through June 30, 2002.  Depending on the form of borrowing
elected, interest will be based on the London Interbank Offering Rate (LIBOR),
prime rate, the federal funds effective rate, or rates determined by a
competitive bid.  LIBOR loans include a spread based upon the senior debt
rates of AMERCO.  Facility fees paid are based upon the amount of credit line.

     At March 31, 2001, AMERCO had borrowed $305,100,000, representing
short-term borrowings, from its total committed lines of credit of
$94,900,000.

     As of March 31, 2001, loans outstanding under the revolving credit line
totaled $185,000,000.  Management intends to refinance the borrowings on a long-
term basis by either replacing them with long-term obligations, renewing or
extending them.
<TABLE>
<CAPTION>

                                  Revolving  credit activity         Short-term borrowing
                                         Year ended                    Year ended
                                 --------------------------------------------------------
                                   2001      2000      1999      2001      2000      1999
                                 --------------------------------------------------------
                                       (in thousands, except interest rates)
 <S>                        <C>         <C>       <C>        <C>       <C>       <C>
 Weighted average interest
   rate during the year          6.36%     5.90%     5.73%     6.67%     6.13%     5.63%
 Interest rate at year end       5.68%     6.26%     5.33%     5.96%     6.32%     6.19%
 Maximum amount outstanding
   during the year          $ 258,000   365,000   297,000    41,500    52,000    39,000
 Average amount outstanding
   during the year          $  86,000   235,500   220,083    18,458    13,542    21,208
 Facility fees              $     507       508       507       N/A       N/A       N/A
</TABLE>
<PAGE>  53

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


5.  NOTES AND LOANS PAYABLE, continued

     AMERCO has entered into interest rate swap agreements (SWAPS) to
potentially mitigate the impact of changes in interest rates on its floating
rate debt.  These agreements effectively change AMERCO's interest rate exposure
on $45,000,000 of floating rate notes to a weighted average fixed rate of
8.45%.  The SWAPS mature at the time the related notes mature.  Incremental
interest expense associated with SWAP activity was $1,027,000, $1,935,000 and
$2,593,000 during 2001, 2000 and 1999, respectively.

     At March 31, 2001, interest rate swap agreements with an aggregate notional
amount of $45,000,000 were outstanding.  Management estimates that at March 31,
2001 and 2000, AMERCO would be required to pay $3,696,000 and $1,888,000,
respectively, to terminate the agreements.  Such amounts were determined from
current treasury rates combined with SWAP spreads on agreements outstanding.

     During April 1999, AMERCO issued $150,000,000 of 7.20% Senior Notes due
2002.  During February 2000, AMERCO issued $200,000,000 of 8.80% Senior Notes
due 2005.

     During fiscal year 2001, AMERCO extinguished $100,000,000 of BATs with
interest of 6.89% originally due in fiscal year 2011, and $25,000,000 of 6.71%
Medium-Term notes originally due in fiscal year 2009.  This resulted in an
extraordinary loss of $2,121,000, net of tax of $1,160,000 ($0.10 per share).

     During fiscal year 2000, AMERCO extinguished $100,000,000 of BATs with
interest of 6.65% originally due in fiscal year 2030, and $50,000,000 of 7.05%
to 7.10% Medium-Term notes originally due in fiscal year 2007.  This resulted in
an extraordinary loss of $334,000, net of tax of $213,000 ($0.02 per share).

     Certain of AMERCO's credit agreements contain restrictive financial and
other covenants, including, among others, covenants with respect to incurring
additional indebtedness, maintaining certain financial ratios and placing
certain additional liens on its properties and assets.  At March 31, 2001,
AMERCO was in compliance with these covenants.

     The annual maturities of long-term debt for the next five years adjusted
for subsequent activity (if the revolving credit lines are outstanding to
maturity), are presented in the table below:

                                          Year Ended
                        ------------------------------------------------
                          2002      2003       2004      2005      2006
                        ------------------------------------------------
                                          (in thousands)
Mortgages             $      21        30          32        24       26
Medium-Term and
  Other Notes            77,512    150,014    175,015   205,001   55,000
Revolving Credit            -      185,000        -         -        -
                        ------------------------------------------------
                      $  77,533    335,044    175,047   205,025   55,026
                        ================================================

     Interest paid in cash amounted to $92,622,000, $77,529,000 and $74,026,000
for fiscal years 2001, 2000 and 1999, respectively.
<PAGE>  54





                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


6.  STOCKHOLDERS' EQUITY

     AMERCO has authorized capital stock consisting of 150,000,000 shares of
common stock, 150,000,000 shares of Serial common stock and 50,000,000 shares
of Serial preferred stock.  The Board of Directors (the Board) may authorize
the Serial common stock to be issued in such series and on such terms as the
Board shall determine.  Serial preferred stock issuance may be with or without
par value.

     AMERCO has issued 6,100,000 shares of 8.5% cumulative, no par, non-voting
Series A preferred stock (Series A).  The Series A is not convertible into, or
exchangeable for, shares of any other class or classes of stock of AMERCO.
Dividends are payable quarterly in arrears and have priority as to dividends
over AMERCO's common stock.  On or after December 1, 2000, AMERCO, at its
option, may redeem all or part of the Series A, for cash at $25.00 per share
plus accrued and unpaid dividends to the redemption date.

     AMERCO placed funds of $48,234,000 into an escrow account pending the
outcome of a dispute involving the entitlement of the plaintiffs to post-
petition interest.  The escrow account was transferred to the plaintiffs on
February 2, 2000, after it was determined that the plaintiffs were entitled to
such interest.  The transfer was recorded net of tax of $18,570,000, and
reflected as a component of stockholders' equity.

     The plaintiffs included the father, brothers and sisters of Mark V. and
Paul F. Shoen who are major stockholders of AMERCO, and Edward J. and
James P. Shoen who are major stockholders and directors of AMERCO.

<PAGE>  55

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


7.  ACCUMULATED OTHER COMPREHENSIVE INCOME
<TABLE>

     A summary of accumulated comprehensive income components follows:
<CAPTION>

                                            Unrealized  Fair market  Accumulated
                                  Foreign   gain/(loss)  value of       other
                                 currency       on       cash flow   comprehensive
                                translation investments    hedge       income
                                --------------------------------------------------
                                                 (in thousands)
   <S>                          <C>          <C>           <C>         <C>
   Balance at March 31, 2000    $ (28,310)   (12,568)      (1,439)     (42,317)
   Foreign currency translation    (7,252)       -            -         (7,252)
   Fair market value of cash
     flow hedge, net of taxes
     of $(638)                        -          -         (1,185)      (1,185)
   Unrealized gain on
     investments, net of
     taxes of $4,369                  -       10,045          -         10,045
                                  -------     ------        -----       ------


   Balance at March 31, 2001    $ (35,562)    (2,523)      (2,624)     (40,709)
                                  =======     ======        =====       ======

   Balance at March 31, 1999    $ (25,411)    11,302       (3,631)     (17,740)
   Foreign currency translation    (2,899)       -            -         (2,899)
   Fair market value of cash
     flow hedge, net of taxes
     of $1,568                        -          -          2,192        2,192
   Unrealized loss on
     investments, net of
     taxes of $11,442                 -      (23,870)         -        (23,870)
                                   ------     ------        -----       ------

   Balance at March 31, 2000    $ (28,310)   (12,568)      (1,439)     (42,317)
                                   ======     ======        =====       ======
</TABLE>


8.  EARNINGS PER SHARE

     The following table reflects the calculation of earnings per share:

                                             Income       Shares     Per Share
                                          (Numerator)  (Denominator)   Amount
                                          ------------------------------------
                                             (in thousands, except share and
                                                     per share data)
   Year ended March 31, 2001
   Earnings from operations before
     extraordinary loss on early
     extinguishment of debt             $   15,086
   Less:  preferred stock dividends        (12,963)
                                            ------
   Basic earnings per share
     Earnings from operations before
       extraordinary loss on early
       extinguishment of debt available
       to common stockholders                2,123       21,486,370   $  0.10
   Extraordinary loss on early
         extinguishment of debt, net        (2,121)                     (0.10)
                                             -----                       ----
   Net earnings                                  2                       0.00
   Effects of dilutive securities
     preferred stock conversion                -                -
                                             -----       ----------
   Diluted earnings per share
     Net earnings                       $        2       21,486,370   $  0.00
                                             =====       ==========      ====
<PAGE>  56

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


8.  EARNINGS PER SHARE, continued
                                             Income       Shares     Per Share
                                          (Numerator)  (Denominator)   Amount
                                          ------------------------------------
                                             (in thousands, except share and
                                                     per share data)

   Year ended March 31, 2000
   Earnings from operations before
     extraordinary loss on early
     extinguishment of debt             $   65,825
   Less:  preferred stock dividends        (13,499)
                                            ------
   Basic earnings per share
     Earnings from operations before
       extraordinary loss on early
       extinguishment of debt available
       to common stockholders               52,326       21,934,390   $  2.39
   Extraordinary loss on early
     extinguishment of debt, net              (334)                     (0.02)
                                            ------                       ----
   Net earnings                             51,992                       2.37
   Effects of dilutive securities
     Preferred stock conversion                537          291,667
                                            ------       ----------
   Diluted earnings per share
     Net earnings                       $   52,529       22,226,057   $  2.36
                                            ======       ==========      ====


   Year ended March 31, 1999
   Earnings from operations before
     extraordinary loss on early
     extinguishment of debt             $   62,509
   Less:  preferred stock dividends        (17,077)
                                            ------
   Basic earnings per share
     Earnings from operations before
       extraordinary loss on early
       extinguishment of debt available
       to common stockholders               45,432       21,937,686   $  2.07
   Extraordinary loss on early
     extinguishment of debt, net               -                            -
                                            ------                       ----
   Net earnings                             45,432                       2.07
   Effects of dilutive securities
     Preferred stock conversion              4,006        2,002,937
                                            ------       ----------
   Diluted earnings per share
     Net earnings                       $   49,438       23,940,623   $  2.07
                                            ======       ==========      ====
<PAGE>  57

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


9.  INCOME TAXES

     The components of the consolidated expense for income taxes applicable  to
operations are as follows:

                                                  Year ended
                                       ------------------------------
                                        2001        2000        1999
                                       ------------------------------
                                               (in thousands)
         Current:
           Federal                   $    -         1,192       2,490
           State                          650       1,068         406

         Deferred:
           Federal                      8,243      32,369      29,963
           State                           19       2,293       2,242
                                       ------------------------------

                                     $  8,912      36,922      35,101
                                       ==============================

     Income taxes paid in cash amounted to $3,450,000, $1,522,000 and
$1,656,000 for fiscal years 2001, 2000 and 1999, respectively.

     Actual tax expense reported on earnings from operations differs from the
"expected" tax expense amount (computed by applying the United States federal
corporate tax rate of 35% in 2001, 2000 and 1999) as follows:

                                                Year ended
                                       ------------------------------
                                        2001        2000        1999
                                       ------------------------------
                                              (in thousands)

    Computed "expected" tax
      expense                        $  8,399      35,962      34,163
    Increases (reductions) in taxes
      resulting from:
        Tax-exempt interest income        (55)       (145)       (474)
        Dividends received deduction       (1)         (1)        (52)
        Canadian subsidiary
          (income)loss                   (402)       (536)        444
        True-up of prior year             -           -           -
        Federal tax benefit of
          state and local taxes          (221)     (1,176)       (927)
        Other                             523        (543)       (701)
                                       ------------------------------
          Actual federal tax
            expense                     8,243      33,561      32,453
        State and local income tax
          expense                         669       3,361       2,648
                                       ------------------------------

          Actual tax expense
            of operations            $  8,912      36,922      35,101
                                       ==============================
<PAGE>  58



                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


9.  INCOME TAXES, continued

     Deferred tax assets and liabilities are comprised as follows:

                                                March 31,
                                          -----------------
                                            2001      2000
                                          -----------------
                                            (in thousands)
    Deferred tax assets
    -------------------
    Benefit of tax net
      operating loss and credit
      carryforwards                     $  62,145    84,855
    Accrued expenses                        9,059     6,399
    Deferred revenue from
      sale/leaseback                        9,001     7,463
    Policy benefits and losses,
      claims and loss expenses
      payable, net                          7,807    20,236
    Other                                   1,550     1,838
                                          -----------------
        Total deferred tax assets          89,562   120,791
                                          -----------------

    Deferred tax liabilities
    ------------------------
    Property, plant and equipment         221,407   224,260
    Deferred policy acquisition costs       7,574     5,944
                                          -----------------
         Total deferred tax liabilities   228,981   230,204
                                          -----------------

          Net deferred tax liability    $ 139,419   109,413
                                          =================

     The deferred tax asset was reduced by use of a portion of the net
operating loss carryforward to offset a related party gain that increased
additional paid in capital.

     In light of AMERCO's history of profitable operations, management has
concluded that it is more likely than not that AMERCO will ultimately realize
the full benefit of its deferred tax assets.  Accordingly, AMERCO believes that
a valuation allowance is not required at March 31, 2001 and 2000.  See also Note
15 of Notes to Consolidated Financial Statements.

     Under the provisions of the Tax Reform Act of 1984 (the Act), the balance
in Oxford's account designated "Policyholders' Surplus Account" is frozen at
its December 31, 1983 balance of $19,251,000.  Federal income taxes (Phase III)
will be payable thereon at applicable current rates if amounts in this account
are distributed to the stockholder or to the extent the account exceeds a
prescribed maximum.  Oxford did not incur a Phase III liability for the years
ended December 31, 2000, 1999 and 1998.

     The Internal Revenue Service is currently conducting audits on fiscal
years 1996 and 1997.  To date, the audits have not been completed.

     At March 31, 2001, AMERCO and RepWest have non-life net operating loss
carryforwards available to offset federal taxable income in future years of
$119,495,000 for tax purposes.  These carryforwards expire in 2011 through
2012.  AMERCO has alternative minimum tax credit carryforwards of $15,489,000
which do not have an expiration date, but may only be utilized in years in
which regular tax exceeds alternative minimum tax.  The use of certain
carryforwards may be limited or prohibited if a reorganization or other change
in corporate ownership were to occur.

     During 1994, Oxford distributed its investment in RepWest common stock
as a dividend to its parent at its book value.  As a result of such dividend,
a deferred intercompany gain arose due to the difference between the book value
and fair value of such common stock.  However, such gain can only be triggered
if certain events occur.  To date, no events have occurred which would trigger
such gain recognition.  No deferred taxes have been provided in the
accompanying consolidated financial statements as management believes that no
events have occurred to trigger such gain.
<PAGE>  59

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


10.  TRANSACTIONS WITH FLEET OWNERS AND OTHER RENTAL EQUIPMENT OWNERS

     Independent rental equipment owners (fleet owners) own approximately 5% of
all U-Haul rental trailers and 0.01% of certain other rental equipment.  There
are approximately 1,919 fleet owners, including certain officers, directors,
employees and stockholders of AMERCO.  All rental equipment is operated under
contract with U-Haul whereby U-Haul administers the operations and marketing of
such equipment and in return receives a percentage of rental fees paid by
customers.  Based on the terms of various contracts, rental fees are
distributed to U-Haul (for services as operators), to the fleet owners
(including certain subsidiaries and related parties of U-Haul) and to Rental
Dealers (including Company-operated U-Haul Centers).

     RepWest insures and reinsures certain risks of U-Haul customers and
independent fleet owners.  Premiums earned on these policies were $17,300,000,
$22,700,000 and $41,000,000 during the years ended December 31, 2001, 2000 and
1999, respectively.


11.  EMPLOYEE BENEFIT PLANS

     AMERCO participates in the AMERCO Employee Savings, Profit Sharing and
Employee Stock Ownership Plan (the Plan) which is designed to provide all
eligible employees with savings for their retirement and to acquire a
proprietary interest in AMERCO.

     The Plan has three separate features: a profit sharing feature (the Profit
Sharing Plan) under which the Employer may make contributions on behalf of
participants; a savings feature (the Savings Plan) which allows participants to
defer income under Section 401(k) of the Internal Revenue Code of 1986; and an
employee stock ownership feature (the ESOP) under which AMERCO may make
contributions of AMERCO common stock or cash to acquire such stock on behalf of
participants.  Generally, employees of AMERCO are eligible to participate in
the Plan upon completion of a one year service requirement.

     No contributions were made to the profit sharing plan in fiscal year 2001,
2000, or 1999.

     AMERCO has arranged financing to fund the ESOP trust (ESOT) and to enable
the ESOT to purchase shares.  Below is a summary of the financing arrangements:

                             Amount outstanding
          Financing                as of                  Interest Payments
               Date            March 31, 2001         2001       2000      1999
          ---------------------------------------------------------------------
                                            (in thousands)
           December 1989        $   -                  -          -          34
           May 1990                 -                    8         16        24
           June 1991             15,173              1,129      1,192     1,364

     Shares are released from collateral and allocated to active employees
based on the proportion of debt service paid in the plan year.  Contributions
to the ESOT charged to expense were $1,627,000, $1,771,000 and $2,804,000 for
fiscal years 2001, 2000 and 1999, respectively.

     The shares held by ESOP as of March 31 were as follows:

                                     Shares issued           Shares issued
                                       prior to              subsequent to
                                   December 31, 1992       December 31, 1992
                                  ------------------------------------------
                                    2001        2000        2001        2000
                                  ------------------------------------------
                                                 (in thousands)
Allocated shares                   1,467       1,551         239         196
Shares committed to be released      -           -            12          11
Unreleased shares                    293         338         628         679

Fair value of unreleased shares $  3,812       4,157      13,341      12,470
                                  ==========================================
<PAGE>  60

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


11.  EMPLOYEE BENEFIT PLANS, continued

     For purposes of the schedule, fair value of unreleased shares issued prior
to December 31, 1992 is defined as the historical cost of such shares.  Fair
value of unreleased shares issued subsequent to December 31, 1992 is defined as
the March 31 trading value of such shares for 2001 and 2000.

     Oxford insures various group life and group disability insurance plans
covering employees of the consolidated group.  Premiums earned were $1,424,000,
$1,276,000 and $1,208,000 during the years ended December 31, 2000, 1999 and
1998, respectively, and were eliminated in consolidation.


12.  POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS

     AMERCO provides medical and life insurance benefits to retired employees
and eligible dependents over age 65 if the employee meets specified age and
service requirements.

     AMERCO uses the accrual method of accounting for postretirement benefits.
AMERCO continues to fund medical and life insurance benefit costs as claims are
incurred.

     The components of net periodic postretirement benefit cost for 2001, 2000
and 1999 are as follows:

                                                   2001        2000        1999
                                                  -----------------------------
                                                           (in thousands)
Service cost for benefits earned
  during the period                              $  228         330         296
Interest cost on accumulated
  postretirement benefit                            276         338         327
Other components                                   (340)       (239)       (224)
                                                  -----------------------------
Net periodic postretirement benefit cost         $  164         429         399
                                                  =============================

     The 2001 and 2000 postretirement benefit liability included the following
components:

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

Beginning of year                                          $  3,615       4,886
  Service cost                                                  228         330
  Interest cost                                                 276         338
  Benefit payments and expense                                  (86)        (93)
  Actuarial loss                                                 64      (1,846)
                                                             ------------------
Accumulated postretirement benefit obligation                 4,097       3,615
Unrecognized net gain                                         4,827       5,232
                                                             ------------------
                                                           $  8,924       8,847
                                                             ==================

     The discount rate assumptions in computing the information above were as
follows:

                                                  2001       2000       1999
                                               ------------------------------
Accumulated postretirement benefit obligation     7.50%      7.75%      7.00%

     The year-to-year fluctuations in the discount rate assumptions primarily
reflect changes in U.S. interest rates.  The discount rate represents the
expected yield on a portfolio of high-grade (AA-AAA rated or equivalent) fixed-
income investments with cash flow streams sufficient to satisfy benefit
obligations under the plans when due.

     The assumed health care cost trend rate used in measuring the accumulated
postretirement benefit obligation was 6.00% in 2001, declining annually to an
ultimate rate of 4.20% in 2015.
<PAGE>  61
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued

12.  POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS, continued

     If the health care cost trend rate assumptions were increased by 1.00%,
the accumulated postretirement benefit obligation as of March 31, 2001 would be
increased by approximately $180,000 and a decrease of 1.00% would reduce the
accumulated postretirement benefit obligation by $198,000.

     Postemployment benefits provided by AMERCO are not material.


13.  REINSURANCE

     In the normal course of business, RepWest and Oxford assume and cede
reinsurance on both a coinsurance and risk premium basis.  RepWest and Oxford
obtain reinsurance for that portion of risks exceeding retention limits.  The
maximum amount of life insurance retained on any one life is $150,000.

     A summary of reinsurance transactions by business segment follows:

                                                                    Percentage
                                   Ceded       Assumed               of amount
                       Direct    to other    from other     Net     assumed to
                       amount    companies   companies    amount        net
                       -------------------------------------------  ----------
                                          (in thousands)
Year ended December 31, 2000
----------------------------
   Life insurance
     in force       $ 1,736,332   923,472     1,812,548  2,625,408       69%
                      ============================================

   Premiums earned:
     Life           $    23,666     2,493         8,232     29,405       28%
     Accident and
       health            72,593    15,195        16,884     74,282       23%
     Annuity                574       -           6,932      7,506       92%
     Property -
       casualty         154,998    33,182        96,281    218,097       44%
                      --------------------------------------------
          Total     $   251,831    50,870       128,329    329,290
                      ============================================

                                                                    Percentage
                                   Ceded       Assumed               of amount
                       Direct    to other    from other     Net     assumed to
                       amount    companies   companies    amount       net
                       -----------------------------------------    ----------
                                          (in thousands)
Year ended December 31, 1999
----------------------------
   Life insurance
     in force       $ 1,508,961   932,004     1,930,832  2,507,789       77%
                      ============================================

   Premiums earned:
     Life           $    26,745     2,527         6,480     30,698       21%
     Accident and
       health            43,833    15,121        29,377     58,089       51%
     Annuity                 69         3         6,269      6,335       99%
     Property -
       casualty         111,488    27,004        89,319    173,803       51%
                      --------------------------------------------
          Total     $   182,135    44,655       131,445    268,925
                      ============================================
<PAGE>  62
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


13.  REINSURANCE, continued

                                                                    Percentage
                                  Ceded       Assumed                of amount
                       Direct   to other    from other     Net      assumed to
                       amount   companies   companies    amount        net
                       ----------------------------------------     ----------
                                          (in thousands)
Year ended December 31, 1998
----------------------------
   Life insurance
     in force       $ 1,254,084   809,267     2,218,772  2,663,589       83%
                      ============================================

   Premiums earned:
     Life           $    20,554     6,403        11,480     25,631       45%
     Accident and
       health            32,668    10,875        29,973     51,766       58%
     Annuity                556       -           9,944     10,500       95%
     Property -
       casualty         110,080    32,047        60,917    138,950       44%
                      --------------------------------------------
          Total     $   163,858    49,325       112,314    226,847
                      ============================================

     RepWest is a reinsurer of municipal bond insurance through an agreement
with MBIA, Inc.  Premiums generated through this agreement are recognized on a
pro rata basis over the contract coverage period.  Unearned premiums on this
coverage were $4,300,000 and $5,000,000 as of December 31, 2000 and 1999,
respectively.  RepWest's share of case loss reserves related to this coverage
was insignificant at December 31, 2000.  RepWest's aggregate exposure for Class
1 municipal bond insurance was $883,000,000 as of December 31, 2000.

     To the extent that a reinsurer is unable to meet its obligation under the
related reinsurance agreements, RepWest would remain liable for the unpaid
losses and loss expenses.  Pursuant to certain of these agreements, RepWest
holds letters of credit of $13,000,000 from reinsurers.  RepWest has issued
letters of credit of approximately $2,700,000 in favor of certain ceding
companies.

     RepWest insures and reinsures general liability, auto liability and
workers' compensation coverage for member companies of the consolidated group.
Premiums earned by RepWest on these policies were $6,091,000, $6,878,000 and
$11,734,000 during the years ended December 31, 2000, 1999 and 1998,
respectively, and were eliminated in consolidation.


14.  CONTINGENT LIABILITIES AND COMMITMENTS

     AMERCO uses certain equipment and occupies certain facilities under
operating lease commitments with terms expiring through 2079.  Lease expense
was $178,458,000, $136,044,000 and $118,742,000 for the years ended
2001, 2000 and 1999, respectively.  During the year ended March 31, 2001, a
subsidiary of U-Haul entered into thirty five transactions and has
subsequently entered into one additional transaction, whereby AMERCO sold
rental trucks, which were subsequently leased back.  AMERCO has guaranteed
$195,052,000 of residual values at March 31, 2001 and an additional
$1,350,000 subsequent to March 31, 2001 for these assets at the end
of the respective lease terms.  Certain leases contain renewal and fair market
value purchase options as well as mileage and other restrictions similar to
covenants disclosed in Note 5 of Notes to Consolidated Financial Statements for
notes payable and loan agreements.
<PAGE>  63
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


14.  CONTINGENT LIABILITIES AND COMMITMENTS, continued

     Following are the lease commitments for leases having terms of more than
one year:

                             March 31, 2001
                      ---------------------------    Net activity
                      Property, plant      Rental    subsequent to
      Year ended    and other equipment    fleet       year end     Total
     --------------------------------------------------------------------
                                  (in thousands)

      2002              $  3,325          157,817      502     161,644
      2003                 2,320          144,184      602     147,106
      2004                 1,906          117,250      602     119,758
      2005                 1,688          103,521      602     105,811
      2006                 1,617           76,059      602      78,278
      Thereafter           9,184           92,876    1,909     103,969
                          --------------------------------------------
                        $ 20,040          691,707    4,819     716,566
                          ============================================

     The Company, at the expiration of the lease, has the option to renew the
lease, purchase the units for fair market value, or sell the units to a third
party on behalf of the lessor.  On or before a specific date prior to the
expiration date of the lease, the Company has the ability to exercise a TRAC
option.  Under this provision the Company has the right to purchase the units
at a specified price.  At March 31, 2001, U-Haul had not exercised any options
to purchase units.  Subsequent to March 31, 2001, the Company exercised one
purchase option totaling $972,000.

     In December 1996, AMERCO executed a $100,000,000 Operating Lease Facility
with a number of financial institutions which was amended and restated in July
1999 to $170,000,000.  In September 1999, AMERCO entered into an additional
$125,000,000 Operating Lease Facility.  Under these facilities, the lessor
acquires land to be developed for storage locations by AMERCO, as Construction
Agent, or acquires existing storage locations with advances of funds (the
Advances) made by certain parties to the facilities.  AMERCO will separately
lease land and improvements, including completed locations capitalized by the
lessor, under the facilities and the respective lease supplements.  Funding
under the facilities totaled $231,664,000 and $174,900,000 at March 31, 2001
and 2000, respectively.

     The facilities contain certain restrictions similar to those contained in
Note 5.  Upon occurrence of any event of default, the lessor may rescind or
terminate any or all leases and, among other things, require AMERCO to
repurchase any or all of the properties.  The facilities have a three year
term, subject to AMERCO's option, with the consent of other parties, to renew
for successive one year terms.

     Upon the expiration of the facilities, AMERCO may either purchase all of
the properties based on a purchase price equal to all amounts outstanding under
the Advances, including the interest and yield thereon, or remarket all of the
properties to a third party purchaser who may become a subsequent lessor to
AMERCO.

     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
such suits, claims or proceedings involving AMERCO, individually or in the
aggregate, are expected to result in a material loss.  Also see Notes 13 and 15
of Notes to Consolidated Financial Statements.
<PAGE>  64



                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


15.  LEGAL PROCEEDINGS

     On October 1, 1996, AMERCO made the final payment of approximately
$448,100,000 to the plaintiffs (non-management shareholders and their
affiliates) in the full settlement of a legal dispute related to control of
AMERCO.  As a result, the plaintiffs that owned AMERCO stock were required to
transfer all of their shares of common stock to AMERCO.  The total number of
shares transferred was 18,254,976.

     On January 10, 2000 it was determined that the plaintiffs were entitled to
post-petition interest at the rate of ten percent (10%) per year from February
21, 1995 until October 1, 1996.  In 1996, AMERCO deposited approximately
$48,200,000 into an escrow account to secure payment of the disputed interest,
pending final resolution of this issue.  The escrow account was reflected as a
component of "Other assets" in AMERCO's consolidated financial statements.  The
amount deposited into the escrow account was transferred to the plaintiffs on
February 2, 2000.  The release of the escrow did not have the effect of
increasing or decreasing AMERCO's net earnings, but reduced stockholders'
equity.

     AMERCO has deducted for income tax purposes approximately $372,000,000 of
payments previously made to the former shareholders.  While AMERCO believes that
such income tax deductions are appropriate, there can be no assurance that such
deductions ultimately will be allowed in full.

     On June 24, 1997, five (5) current and/or former Moving Center General
Managers (GMs) and one (1) Area Field Manager (AFM) filed suit in Marin County
Superior Court, Case No. BC 203532, entitled Sarah Saunders, et al. vs. U-Haul
                                             ----------------------     ------
Company of California, Inc., claiming that they were entitled to be compensated
---------------------------
for all overtime hours worked in excess of forty (40) hours per week.  In
addition, these Plaintiffs sought class action status purporting to represent
all persons employed in California as either a salaried GM or AFM since
September 1993.  On September 30, 1997, a virtually identical lawsuit was filed
in Los Angeles County Superior Court, Case No. BC 178775, entitled Wyatt
                                                                   -----
Crandall vs. U-Haul International, Inc. and U-Haul Co. of California.  This
--------     -------------------------------------------------------
action did not include AFMs, but did purport to be brought on behalf of GMs and
GM trainees.  These cases were consolidated by the Court in Los Angeles on
October 15, 1998.  On June 10, 1999, Plaintiff's motion to certify the AFMs as a
class was denied and the motion to certify the GMs as a class was granted.
Notice of certification was mailed on or about August 24, 1999.  The class opt-
out period ended on October 11, 1999.  The case was bifurcated and the liability
portion of the case was tried to the Court. The Court found for the Plaintiff's
on January 8, 2001.  The damage portion of the case was to begin on April 9,
2001.  The Company settled the case for $7.5 million on April 5, 2001, and the
Court approved the settlement on May 22, 2001.  The class approval process will
take between 60 and 120 days from the time of the Court approval.
<PAGE>  65



                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


16.  PREFERRED STOCK PURCHASE RIGHTS

     AMERCO's Board of Directors adopted a stockholder-rights plan in July
1998.  The rights were declared as a dividend of one preferred share purchase
right for each outstanding share of AMERCO's common stock.  The dividend
distribution was payable on August 17, 1998 to the stockholders of record on
that date.  When exercisable, each right will entitle its holder to purchase
from AMERCO one one-hundredth of a share of Series C Junior Participating
Preferred Stock (Series C), no par value per share of AMERCO, at a price of
$132.00 per one one-hundredth of a share of Series C, subject to adjustment.
AMERCO has created a series of 3,000,000 shares of authorized but unissued
preferred stock for the Series C stock authorized in this stockholder-rights
plan.

      The rights will become exercisable if a person or group of affiliated or
associated persons acquire or obtain the right to acquire beneficial ownership
of 10% or more of the common stock without approval of a majority of the Board
of Directors of AMERCO.  The rights will expire on August 7, 2008 unless
earlier redeemed or exchanged by AMERCO.

     In the event AMERCO is acquired in a merger or other business combination
transaction after the rights become exercisable, each holder of a right would
be entitled to receive that number of shares of the acquiring company's common
stock equal to the result obtained by multiplying the then current Purchase
Price by the number one one-hundredths of a share of Series C for which a right
is then exercisable and dividing that product by 50% of the then current market
price per share of the acquiring company.
<PAGE>  66

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


17.  STOCK OPTION PLAN

     AMERCO's stockholders approved a ten year incentive plan entitled the
AMERCO Stock Option and Incentive Plan (the Plan) for officers and key
employees in October 1992.  No stock options or awards have been granted under
this plan to date.

     The aggregate numbers of shares of stock subject to award under the Plan
may not exceed 3,000,000.  The stock subject to the Plan is AMERCO common stock
unless prior to the date the first award is made under the Plan, a Committee of
at least two Board members determines, in its discretion, to utilize another
class of AMERCO stock.  The features of the Plan are:

     Incentive Stock Options (ISO's) - as defined under the Internal Revenue
     Code and Non-qualified Stock Options under such terms and conditions as
     the Committee determines in its discretion.  The ISO's may be granted at
     prices not less than one-hundred percent of the fair market value at the
     date of grant with a term not exceeding ten years.

     Stock Appreciation Right (SAR's) - subject to certain conditions and
     limitations to holders of options under the Plan.  SAR's permit the
     optionee to surrender an exercisable option for an amount equal to the
     excess of the market price of the common stock over the option price when
     the right is exercised.

     Restricted Stock Award - a specified number of common shares may be
     granted subject to certain restrictions.  Restriction violations during a
     specified period result in forfeiture of the stock.  The Committee may, at
     its discretion, impose any restrictions on a Restricted Stock award.

     Dividend Equivalents - in connection with options.  Dividend Equivalents
     are rights to receive additional shares of stock at the time of exercise
     of the option to which such Dividend Equivalents apply.

     Performance Share - deemed to be the equivalent of one share of stock and
     credited to a Performance Share account to be maintained for each Holder.
     The value of the shares at time of award or payment is the fair market
     value of an equivalent number of shares of stock.  At the end of the award
     period, payment may be made subject to certain predetermined criteria and
     restrictions.


18.  RELATED PARTY TRANSACTIONS

     AMERCO has related party transactions with certain major stockholders,
directors and officers of the consolidated group as disclosed in Notes 2, 6, 10
and 16 of Notes to Consolidated Financial Statements.

     During the years ended 2001 and 2000, AMERCO sold $10,510,000
and $3,910,000, respectively, of remanufactured engines and small automotive
parts and purchased $53,671,000 and $38,373,000, respectively, of automotive
parts and tools from a company wherein a major stockholder, director and
officer of AMERCO has a beneficial minority ownership interest.

     During the years ended 2001 and 2000, AMERCO purchased $1,090,000 and
$2,508,000, respectively, of rebuilt torque converters and other related
transmission parts from a company wherein an owner is a family member of a
major stockholder, director and officer of AMERCO.

     During the years ended 2001, 2000 and 1999, AMERCO purchased $3,460,000,
$3,371,000 and $3,070,000, respectively, of printing from a company wherein an
officer is a major stockholder, director and officer of AMERCO.

     Management believes that these transactions were consummated on terms
equivalent to those that prevail in arm's-length transactions.
<PAGE>  67

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


19.  SUPPLEMENTAL CASH FLOW INFORMATION

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

                                                      Year ended
                                       ---------------------------------------
                                         2001            2000            1999
                                       ---------------------------------------
                                                    (in thousands)

         Receivables                 $ (32,612)        (40,590)            676
                                       =======================================

         Inventories                 $     609          (4,455)        (11,272)
                                       =======================================

         Accounts payable and
           accrued expenses          $    (113)         20,146          12,668
                                       =======================================


20.  SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF INSURANCE SUBSIDIARIES

     A summarized consolidated balance sheet for RepWest is presented below:

                                                                December 31,
                                                        ----------------------
                                                             2000        1999
                                                        -----------------------
                                                              (in thousands)

      Investments, securities                          $   409,535     405,250
      Investments, other                                    34,062      18,786
      Receivables                                          200,651     158,413
      Deferred policy acquisition costs                     21,637      15,130
      Due from affiliate                                    43,121      28,054
      Deferred federal income taxes                         13,167      13,384
      Other assets                                          11,961      25,770
                                                           -------------------
          Total assets                                 $   734,134     664,787
                                                           ===================

      Policy liabilities and accruals                  $   372,328     339,220
      Unearned premiums                                    107,768      64,755
      Other policyholders' funds and liabilities            61,952      52,307
                                                           -------------------
          Total liabilities                                542,048     456,282

      Stockholder's equity                                 192,086     208,505
                                                           -------------------

            Total liabilities and stockholder's equity $   734,134     664,787
                                                           ===================


     A summarized consolidated income statement for RepWest is presented below:

                                                    Year ended December 31,
                                              --------------------------------
                                                 2000        1999        1998
                                              --------------------------------
                                                      (in thousands)

    Premiums                                 $ 218,097     173,803     145,301
    Net investment income                       29,103      33,004      35,755
                                               -------------------------------
        Total revenue                          247,200     206,807     181,056

    Benefits and losses                        204,133     150,543     118,870
    Amortization of deferred policy
      acquisition costs                         16,308      13,358       7,443
    Operating expenses                          56,653      34,972      35,637
                                               -------------------------------
        Total expenses                         277,094     198,873     161,950

          Income from operations               (29,894)      7,934      19,106
    Income tax benefit (expense)                10,494      (2,611)     (5,976)
                                               -------------------------------
          Net income (loss)                  $ (19,400)      5,323      13,130
                                               ===============================
<PAGE>  68
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued

20.  SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF INSURANCE SUBSIDIARIES,
continued

     A summarized consolidated balance sheet for Oxford is presented below:

                                                                December 31,
                                                         ---------------------
                                                             2000        1999
                                                         ---------------------
                                                              (in thousands)

      Investments, fixed maturities                    $   542,947     485,379
      Investments, other                                   171,684     122,038
      Receivables                                           27,430      19,021
      Deferred policy acquisition costs                     78,170      73,272
      Deferred federal income taxes                            304         -
      Other assets                                          29,776      32,270
                                                           -------------------
          Total assets                                 $   850,311     731,980
                                                           ===================

      Policy liabilities and accruals                  $   185,038     142,180
      Premium deposits                                     522,207     461,673
      Other policyholders' funds and liabilities            21,525      18,390
      Due to affiliate                                      10,942      10,669
      Deferred federal income taxes                         10,793      10,975
                                                           -------------------
          Total liabilities                                750,505     643,887

      Stockholder's equity                                  99,806      88,093
                                                           -------------------

            Total liabilities and stockholder's equity $   850,311     731,980
                                                           ===================


     A summarized consolidated income statement for Oxford is presented below:

                                                    Year ended December 31,
                                               -------------------------------
                                                 2000        1999        1998
                                               -------------------------------
                                                      (in thousands)

    Premiums                                 $ 112,616      96,406      94,488
    Net investment income                       22,166      21,540      20,080
                                               -------------------------------
        Total revenue                          134,782     117,946     114,568

    Benefits and losses                         79,233      59,049      57,690
    Amortization of deferred policy
      acquisition costs                         19,638      21,629      24,278
    Operating expenses                          28,962      23,078      20,442
                                               -------------------------------
        Total expenses                         127,833     103,756     102,410

          Income from operations                 6,949      14,190      12,158
    Income tax expense                          (2,298)     (4,117)     (3,423)
                                                ------------------------------
          Net income                         $   4,651      10,073       8,735
                                                ==============================
<PAGE>  69

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued

20.  SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF INSURANCE SUBSIDIARIES,
continued

     Applicable laws and regulations of the State of Arizona require
maintenance of minimum capital determined in accordance with statutory
accounting practices in the amount of $450,000 for Oxford and $1,000,000 for
RepWest.  In addition, the amount of dividends which can be paid to
stockholders by insurance companies domiciled in the State of Arizona is
limited.  Any dividend in excess of the limit requires prior regulatory
approval.  Statutory surplus which can be distributed as dividends is $700,000
for Oxford and $11,700,000 for RepWest at December 31, 2000.

     Audited statutory net income(loss) for RepWest for the years ended
December 31, 2000, 1999 and 1998 was $(28,116,000), $9,907,000 and $12,382,000,
respectively; audited statutory capital and surplus was $117,430,000 and
$154,604,000 at December 31, 2000 and 1999, respectively.

     Audited statutory net income for Oxford for the years ended December 31,
2000, 1999 and 1998 was $6,626,000, $1,599,000 and $814,000, respectively;
audited statutory capital and surplus was $53,473,000 and $57,689,000 at
December 31, 2000 and 1999, respectively.

     On November 13, 2000, Oxford acquired all of the issued and outstanding
shares of Christian Fidelity Life Insurance Company (CFLIC), in an exchange of
cash for stock, for $37,586,000.  CFLIC's premium volume is primarily from the
sale of Medicare Supplement products.
<PAGE>  70
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued


21.  INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA

     Industry Segment Data - AMERCO has four industry segments represented by
Moving and Storage Operations (U-Haul), Real Estate, Property and Casualty
Insurance (RepWest) and Life Insurance (Oxford).  See Note 1 of Notes to
Consolidated Financial Statements for a description of the industry segments.

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

                   Moving             Property/              Adjustments
                 and Storage  Real    Casualty     Life          and
                 Operations  Estate  Insurance  Insurance   Eliminations  Consolidated
                 ---------------------------------------------------------------------
                                     (in thousands)
Fiscal year 2001
----------------
Revenues:
 <S>             <C>          <C>        <C>       <C>          <C>         <C>
 Outside         $1,425,512    13,659    241,109   133,358           -      1,813,638
 Intersegment           -      69,379      6,091     1,424       (76,894)         -
                  ---------   -------    -------   -------      --------    ----------
 Total revenue   $1,425,512    83,038    247,200   134,782       (76,894)   1,813,638

Depreciation/
 amortization    $   95,472    11,005     17,588    20,120           -        144,185

Interest expense $   87,773    44,265        -         -         (44,265)      87,773

Pretax earnings  $   25,399    21,544    (29,894)    6,949           -         23,998

Income tax
 expense         $   (9,568)   (7,540)    10,494    (2,298)          -         (8,912)

Extraordinary
 loss on early
 extinguishment
 of debt, net    $   (2,121)       -          -        -             -         (2,121)

Identifiable
 assets at
 March 31, 2001  $1,422,102   735,999    734,134   850,311      (358,482)   3,384,064

<CAPTION>
Fiscal year 2000
----------------
Revenues:
 <S>             <C>          <C>        <C>       <C>          <C>         <C>
 Outside         $1,357,651     9,365    199,929   116,672           -      1,683,617
 Intersegment           -      71,021      6,878     1,274       (79,173)         -
                  ---------   -------    -------   -------      --------    ----------
 Total revenue   $1,357,651    80,386    206,807   117,946       (79,173)   1,683,617

Depreciation/
 amortization    $   88,363    10,512     14,819    21,787           -        135,481

Interest expense $   81,532    39,257        -         -         (39,257)      81,532

Pretax earnings  $   55,169    25,454      7,934    14,190           -        102,747

Income tax
 expense         $   21,264     8,930      2,611     4,117           -         36,922

Extraordinary
 loss on early
 extinguishment
 of debt, net    $     (334)       -         -         -             -           (334)

Identifiable
 assets at
 March 31, 2000  $1,388,639   687,855    664,787   721,311      (337,367)   3,125,225
</TABLE>
<PAGE>  71
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued

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

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

Fiscal year 1999
----------------
Revenues:
 <S>             <C>          <C>        <C>       <C>          <C>         <C>
 Outside         $1,266,372     6,658    169,322   113,360           -      1,555,712
 Intersegment           -      71,888     11,734     1,208       (84,830)         -
                  ---------   -------    -------   -------      --------    ----------
 Total revenue   $1,266,372    78,546    181,056   114,568       (84,830)   1,555,712

Depreciation/
 amortization    $   72,325    10,990      9,190     21,597          -        114,102

Interest expense $   73,658    40,595        -          -        (40,595)      73,658

Pretax earnings  $   46,679    19,667     19,106     12,158          -         97,610

Income tax
 expense
 (benefit)       $   18,819     6,883      5,976      3,423          -         35,101

Identifiable
 assets at
 March 31, 1999  $1,339,312   708,756    638,977    737,423     (336,965)   3,087,503
</TABLE>
<PAGE>  72



                      AMERCO AND CONSOLIDATED SUBSIDIARIES

             Notes to Consolidated Financial Statements, continued

21.  INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued

Geographic Area Data -             United States    Canada    Consolidated
                                   ---------------------------------------
  (All amounts are in U.S. $'s)                 (in thousands)

Fiscal year 2001
----------------
Total revenues                      $ 1,776,231      37,407     1,813,638
Depreciation/amortization           $   139,702       4,483       144,185
Interest expense                    $    87,877        (104)       87,773
Pretax earnings                     $    22,853       1,145        23,998
Income tax expense                  $    (8,906)        (6)        (8,912)
Extraordinary loss                  $    (2,121)        -          (2,121)
Identifiable assets at
  March 31, 2001                    $ 3,334,728      49,336     3,384,064

Fiscal year 2000
----------------
Total revenues                      $ 1,649,136      34,481     1,683,617
Depreciation/amortization           $   131,513       3,968       135,481
Interest expense                    $    81,515          17        81,532
Pretax earnings (loss)              $   101,216       1,531       102,747
Income tax expense                  $    36,992         -          36,992
Extraordinary loss                  $      (334)        -            (334)
Identifiable assets at
  March 31, 2000                    $ 3,075,095      50,130     3,125,225

Fiscal year 1999
----------------
Total revenues                      $ 1,525,939      29,773     1,555,712
Depreciation/amortization           $   110,817       3,285       114,102
Interest expense                    $    73,641          17        73,658
Pretax earnings                     $    98,878      (1,268)       97,610
Income tax expense                  $    35,101         -          35,101
Identifiable assets at
  March 31, 1999                    $ 3,046,247      41,256     3,087,503


22.  SUBSEQUENT EVENTS

     On May 8, 2001, AMERCO declared a cash dividend of $3,241,000 ($0.53125 per
preferred share) to the Series A preferred stockholders of record as of May 18,
2001.

     See Note 14 of Notes to Consolidated Financial Statements for other
subsequent event disclosures.

     In April 2001, U-Haul entered into a master lease agreement that provides
a leasing facility up to $47,633,000 to obtain certain self storage assets
under operating leases.
<PAGE>  73
<TABLE>
                SUMMARY OF EARNINGS OF INDEPENDENT TRAILER FLEETS

                             Additional Information

        The following Summary of Earnings of Independent Trailer Fleets is presented for purposes of analysis and
is not a required part of the basic financial statements.  Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements by PricewaterhouseCoopers LLP, independent
accountants, whose report thereon appears elsewhere herein.
<CAPTION>

                                                                          Years Ended March 31,
                                                ---------------------------------------------------------------------
                                                    2001           2000           1999           1998           1997
                                                ----------------------------------------------------------------------
                                                   (in thousands, except earnings per $100 of average investment)
<S>                                            <C>                <C>            <C>            <C>            <C>
Earnings data (Note A):
  Fleet Owner income:
    Credited to Fleet Owner gross
      rental income                            $   1,350          1,977          2,191          2,317          3,214
    Credited to Trailer Accident
      Fund (Notes D and E)                            79            114            144            183            253
                                                   -----          -----          -----          -----          -----

      Total Fleet Owner income                     1,429          2,091          2,335          2,500          3,467
                                                   -----          -----          -----          -----          -----

  Fleet Owner operation expenses:
    Charged to Fleet Owner (Note C)                  719            999            873          1,144          1,639
    Charged to Trailer Accident
      Fund (Notes D and F)                            18             23             27             20             29
                                                   -----          -----          -----          -----          -----

      Total Fleet Owner operation
        expenses                                     737          1,022            900          1,164          1,668
                                                   -----          -----          -----          -----          -----

      Fleet Owner earnings before
        Trailer Accident Fund credit,
        depreciation and income taxes                631            978          1,318          1,173          1,575

  Trailer Accident Fund credit (Note D)               61             91            117            163            224
                                                   -----          -----          -----          -----          -----
      Net Fleet Owner earnings before
        depreciation and income taxes          $     692          1,069          1,435          1,336          1,799
                                                   =====          =====          =====          =====          =====

Investment data (Note A):
  Amount at end of year                        $   2,046          2,654          3,272          3,875          5,402
                                                   =====          =====          =====          =====          =====
  Average amount during year                   $   2,350          2,963          3,574          4,639          6,137
                                                   =====          =====          =====          =====          =====

      Net Fleet Owner earnings before
        depreciation and income taxes
        per $100 of average investment
        (Note B)                               $   23.38          28.12          29.56          28.79          29.31
                                                   =====          =====          =====          =====          =====

The accompanying notes are an integral part of this Summary of Earnings of Independent Trailer Fleets.
</TABLE>
<PAGE>  74
<TABLE>
                                   NOTES TO SUMMARY OF EARNINGS OF INDEPENDENT TRAILER FLEETS

                                                    Additional Information

(A) The accompanying Summary of Earnings of Independent Trailer Fleets includes the operations of trailers under
     the brand name of "U-Haul" owned by Independent Fleet Owners.  Earnings data represent the aggregate results
     of operations before depreciation and taxes.  Investment data represent the cost of trailers and investments
     before accumulated depreciation.

     Fleet Owner income is based on Independent Rental Dealer reports of rentals transacted through the day
     preceding the last Monday of each month and received by U-Haul International, Inc. by the end of the month
     and Company-Operated U-Haul Center reports of rentals transacted through the last day of each month.
     Payments to Fleet Owners for trailers lost or retired from rental service as a result of damage by accident
     have not been reflected in this summary because such payments do not relate to earnings before depreciation
     and income taxes but, rather, investment (depreciation).

     The investment data is based upon the cost of trailers to the Fleet Owners as reflected by sales records of
     the U-Haul manufacturing facilities.

(B) The summary of earnings data stated in terms of amount per $100 of average investment represents
     the aggregate results of operations (earnings data) divided by the average amount of investment during the
     periods.  The average amount of investment is based upon a simple average of the month-end investment during
     each period.  Average earnings data is not necessarily representative of an individual Fleet Owner's
     earnings.

(C) A summary of operations expenses charged directly to Independent Fleet Owners follows:
<CAPTION>

                                                           Year ended March 31,
                                                ----------------------------------------
                                                    2001    2000    1999    1998    1997
                                                ----------------------------------------
                                                             (in thousands)
<S>                                            <C>           <C>     <C>   <C>     <C>


               Licenses                        $     124     150     159     285     434
               Public liability insurance             87     126     134     156     198
               Repairs and maintenance               508     723     580     703   1,007
                                                     ---     ---     ---   -----   -----

                                               $     719     999     873   1,144   1,639
                                                     ===     ===     ===   =====   =====

(D) The Fleet Owners and Subsidiary U-Haul Rental Companies forego normal commissions on a portion of gross
     rental fees designated for transfer to the Trailer Accident Fund.  Trailer accident repair expenses,
     otherwise chargeable to Fleet Owners, are paid from these Funds to the extent of the financial resources of
     the Funds.  The amounts designated "Trailer Accident Fund credit" in the accompanying summary of earnings
     represent Independent Fleetowner commissions foregone, which exceed expenses borne by the Funds.
</TABLE>
<PAGE>  75
<TABLE>
                               NOTES TO SUMMARY OF EARNINGS OF INDEPENDENT TRAILER FLEETS, continued

                                                      Additional Information

(E) Commissions foregone for transfer to the Trailer Accident Fund follows:
<CAPTION>
                                                       Fleet Owners
                                  Subsidiary     -------------------------
                                    U-Haul       Subsidiary
                                  Companies      Companies     Independent     Total
                                  --------------------------------------------------
                                                    (in thousands)

        Year ended:
<S>                              <C>              <C>             <C>          <C>

        March 31, 2001           $  6,073         3,191             79         9,343
        March 31, 2000              6,061         3,150            114         9,325
        March 31, 1999              6,081         3,131            144         9,356
        March 31, 1998              6,299         3,208            183         9,690
        March 31, 1997              6,262         3,119            253         9,634
</TABLE>
<TABLE>





(F) A summary of Independent Fleet Owner expenses borne by the Trailer Accident Fund follows:
<CAPTION>




                                                                                                   Total
                                                       Fleet Owners                               Trailer
                                    Subsidiary   -----------------------           Trailer        Accident
                                      U-Haul     Subsidiary                Sub     Accident        Repair
                                    Companies    Companies   Independent  Total   Retirements     Expenses
                                    ----------------------------------------------------------------------
                                                                 (in thousands)

        <S>                        <C>             <C>            <C>     <C>          <C>          <C>
        Year ended:

        March 31, 2001             $  1,067         561           18      1,646        498          2,144
        March 31, 2000                1,233         641           23      1,897        354          2,251
        March 31, 1999                1,148         591           27      1,766        342          2,108
        March 31, 1998                  682         347           20      1,049        408          1,457
        March 31, 1997                  722         360           29      1,111        246          1,357

(G) Certain reclassifications have been made to the Summary of Earnings of Independent Trailer Fleets for the fiscal years ended
        1999, 1998 and 1997 to conform with the current year's presentation.
</TABLE>
<PAGE>  76


                                   Schedule I


                  Condensed Financial Information of Registrant
                                     AMERCO
                                 Balance Sheets
                                    March 31,


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

   Cash                                           $       114          108
   Investment in subsidiaries                         919,063      844,115
   Due from unconsolidated subsidiaries             1,105,943    1,042,992
   Other assets                                        15,061       28,770
                                                    ----------------------

                                                  $ 2,040,181    1,915,985
                                                    ======================


Liabilities and Stockholders' Equity
------------------------------------

Liabilities:
   Notes and loans payable                        $ 1,156,613    1,137,553
   Other liabilities                                  253,009      176,889
                                                    ----------------------

Stockholders' equity:
   Preferred stock                                        -            -
   Common stock                                        10,563       10,563
   Additional paid-in capital                         312,128      275,242
   Accumulated other comprehensive income             (40,709)     (42,317)

   Retained earnings:
     Beginning of year                                755,172      703,322
     Net earnings                                      12,965       65,491
     Dividends paid                                   (12,963)     (13,641)
                                                    ----------------------
                                                      755,174      755,172

   Less:
     Cost of common shares in treasury                406,617      397,000
     Unearned employee stock
       ownership plan shares                              (20)         117
                                                    ----------------------
          Total stockholders' equity                  630,559      601,543
                                                    ----------------------
                                                  $ 2,040,181    1,915,985
                                                    ======================


     See accompanying notes to condensed financial information and notes to
consolidated financial statements incorporated herein by reference.
<PAGE>  77
                              Schedule I, continued

                  Condensed Financial Information of Registrant
                                     AMERCO
                             Statements of Earnings
                              Years Ended March 31,


                                          2001         2000         1999
                                     ------------------------------------
                                         (in thousands, except share
                                             and per share data)

Revenues
--------
   Net interest income from
     subsidiaries                  $     61,509       53,504       57,500

Expenses
--------
   Interest expense                      86,963       77,561       73,960
   Other expenses                         5,750        5,823        7,394
                                     ------------------------------------

   Total expenses                        92,713       83,384       81,354
                                     ------------------------------------

   Operating loss                       (31,204)     (29,880)     (23,854)

   Equity in earnings of
     unconsolidated subsidiaries         73,959      126,878      111,782

   Income tax expense                   (27,669)     (31,173)     (25,419)

   Extraordinary loss on early
     extinguishment of debt, net         (2,121)        (334)         -
                                     ------------------------------------


      Net earnings                 $     12,965       65,491       62,509
                                     ====================================

   Earnings per common share
     (both basic and diluted):
   Earnings from operations
     before extraordinary loss
     on early extinguishment of
     debt                          $       0.10         2.39         2.07
   Extraordinary loss on early
     extinguishment of debt, net          (0.10)       (0.02)         -
                                     ------------------------------------
      Net earnings                 $      (0.00)        2.37         2.07
                                     ====================================

   Weighted average common
     shares outstanding              21,486,370   21,934,390   21,937,686
                                     ====================================


     See accompanying notes to condensed financial information and notes to
consolidated financial statements incorporated herein by reference.
<PAGE>  78
                              Schedule I, continued

                  Condensed Financial Information of Registrant
                                     AMERCO
                            Statements of Cash Flows
                              Years Ended March 31,


                                          2001         2000         1999
                                        ---------------------------------
                                                  (in thousands)

Cash flows from operating activities:
Net earnings                          $  12,965       65,491       62,509
  Amortization, net                         826         (569)      (1,730)
  Equity in earnings of
    subsidiaries                          72,159      85,266       78,014
  (Increase) decrease in amounts due
    from unconsolidated subsidiaries     (62,951)     14,150      (64,062)
  Net change in operating assets and
    liabilities                          (19,902)    (83,449)     (89,921)
  Other, net                               2,901     (27,005)      (4,695)
                                        ---------------------------------

Net cash provided (used) by
  operating activities                     5,998      53,884      (19,885)
                                        ---------------------------------

Cash flows from financing activities:
Net change in short term borrowings      156,070    (146,500)     135,500
Proceeds from notes                          -       350,000          -
Leveraged Employee Stock Ownership
  Plan-repayments from loan                  137         118        1,017
Principal payments on notes             (137,010)   (180,010)     (45,008)
Debt issuance costs                         (488)     (6,024)        (358)
Repurchase of preferred stock                -       (25,000)     (50,000)
Preferred stock dividends paid           (12,963)    (13,641)     (17,414)
Treasury stock purchase, net              (9,617)    (33,467)      (3,810)
Deferred tax-treasury stock                  -           -            -
Escrow deposit                               -           -            -
Extraordinary loss on early
  extinguishment of debt, net             (2,121)       (334)         -
                                        ---------------------------------

Net cash provided (used) by
  financing activities                    (5,992)    (54,858)      19,927
                                        ---------------------------------

Increase (decrease) in cash
  and cash equivalents                         6        (974)          42
Cash and cash equivalents
  at beginning of year                       108       1,082        1,040
                                        ---------------------------------

Cash and cash equivalents
  at end of year                      $      114         108        1,082
                                        =================================


     Income taxes paid in cash amounted to $3,450,000, $1,522,000 and
$1,656,000 for 2001, 2000 and 1999, respectively.  Interest paid in cash
amounted to $92,622,000, $77,529,000 and $74,026,000 for 2001, 2000 and 1999,
respectively.

     See accompanying notes to condensed financial information and notes to
consolidated financial statements incorporated herein by reference.
<PAGE>  79
                              Schedule I, continued

                  Condensed Financial Information of Registrant
                                     AMERCO
                    Notes to Condensed Financial Information
                          March 31, 2001, 2000 and 1999


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     AMERCO, a Nevada corporation, was incorporated in April, 1969, and is the
holding company for U-Haul International, Inc., Republic Western Insurance
Company, Oxford Life Insurance Company and Amerco Real Estate Company.  The
financial statements of the Registrant should be read in conjunction with the
Consolidated Financial Statements and notes thereto included in this Form 10-K.

     AMERCO is included in a consolidated Federal income tax return with all of
its U.S. subsidiaries.  Accordingly, the provision for income taxes has been
calculated for Federal income taxes of the Registrant and subsidiaries included
in the consolidated return of the Registrant.  State taxes for all subsidiaries
are allocated to the respective subsidiaries.

     The financial statements include only the accounts of the Registrant (a
Nevada corporation), which include certain of the corporate operations of
AMERCO.  The debt and related interest expense of the Registrant have been
allocated to the consolidated subsidiaries.  The intercompany interest income
and expenses are eliminated in the consolidated financial statements.

2.  GUARANTEES

     AMERCO has guaranteed performance of certain long-term leases.  See Note
14 of Notes to Consolidated Financial Statements.

3.   NOTES AND LOANS PAYABLE
       Notes and loans payable consist of the following:

                                                          March 31,
                                                   --------------------
                                                       2001       2000
                                                   --------------------
                                                       (in thousands)
      Medium-term notes payable, unsecured,
         7.23% to 8.08% interest
            rates, due through 2027              $   212,000    237,000
      Notes payable under Bond Backed Asset
         Trust, unsecured, 7.14% interest
            rates, due through 2032                  100,000    200,000
      Notes payable to banks under
         commercial paper agreements, unsecured,
            5.00% to 6.20% interest rates            119,570        -
      Notes payable to public,
         unsecured, 7.85% interest
            rate, due through 2003                   175,000    175,000
      Senior Note, unsecured, 7.20% interest
         rate, due through 2002                      150,000    150,000
      Senior Note, unsecured, 8.80% interest
         rate, due through 2005                      200,000    200,000
      Other notes payable, unsecured,
         9.50% interest rate,
            due through 2005                              42         53
      Notes payable to banks under
         revolving lines of credit, unsecured,
            5.31% to 5.56% interest rates            185,000    159,000
      Other short-term promissory notes,
            5.96% interest rate                       15,000     16,500
                                                   --------------------
                                                 $ 1,156,612  1,137,553
                                                   ====================


     For additional information, see Note 5 of Notes to Consolidated Financial
Statements.
<PAGE>  80
<TABLE>
                                                             Schedule V

                                                AMERCO AND CONSOLIDATED SUBSIDIARIES
                               Supplemental Information (For Property-Casualty Insurance Underwriters)
                                             Years ended December 31, 2000, 1999 and 1998
<CAPTION>




                                  Reserves                                                           Amorti-
                                 for Unpaid                                                           zation    Paid
                                   Claims                                            Claims and         of     Claims
                        Deferred     and                                           Claim Adjustment  Deferred    and
                         Policy     Claim                        Net      Net     Expenses Incurred  Policy     Claim      Net
          Affiliation    Acqui-    Adjust-  Discount            Earned  Invest-     Related to        Acqui-  Adjust-   Premiums
Fiscal       With       sition      ment    if any,  Unearned  Premiums  ment     Current   Prior    sition      ment    Written
 Year     Registrant     Costs    Expenses  Deducted Premiums    (1)    Income(3)   Year     Year     Costs   Expenses     (2)
 ----     ----------     -----    --------  -------- --------  -------- ---------   ----     ----     -----   --------   -------
                                                             (in thousands)
 <S>                      <C>        <C>       <C>   <C>       <C>      <C>       <C>      <C>       <C>      <C>        <C>
 2001  Consolidated
       property -
       casualty entity    $ 21,637   369,292   N/A   107,768   212,005  32,030    155,073  35,387    16,309   178,221    251,924
 2000  Consolidated
       property -
       casualty entity      15,130   334,857   N/A    64,755   166,925  32,527    121,861  16,052    13,358   138,072    176,604

 1999  Consolidated
       property -
       casualty entity      12,299   344,748   N/A    55,076   133,567  32,908    116,069  (8,827)    7,443   140,159    143,571









(1)  The earned premiums are reported net of intersegment transactions.  Earned premiums eliminated in consolidation amount to
      $6,091,000, $6,878,000 and $11,734,000 for the years ended 2000, 1999 and 1998, respectively.

(2)  The premiums written are reported net of intersegment transactions.  Premiums written eliminated in consolidation amount to
      $6,091,000, $6,678,000 and $10,921,000 for the years ended 2000, 1999 and 1998, respectively.

(3)  Net Investment Income excludes net realized gains (losses) on investments of ($2,926,204), $477,000 and $2,847,000 for
      the years 2000, 1999 and 1998, respectively.
</TABLE>
<PAGE>  81


                                   SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) 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.

                           U-Haul International, Inc.



                      By: /S/ EDWARD J. SHOEN
                          ---------------------------------------
                          Edward J. Shoen
                          President of U-Haul International, Inc.


Dated:  June 29, 2001

     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.



    Signature                       Title               Date
    ---------                       -----               ----



/S/ EDWARD J. SHOEN         President of U-Haul     June 29, 2001
--------------------------   International, Inc.
Edward J. Shoen              (Principal Executive
                              Officer)


/S/ DONALD W. MURNEY        Principal Financial     June 29, 2001
--------------------------   and Accounting Officer
Donald W. Murney



/S/ WILLIAM E. CARTY        Director                June 29, 2001
--------------------------
William E. Carty



/S/ JOHN M. DODDS           Director                June 29, 2001
--------------------------
John M. Dodds



/S/ JOHN T. TAYLOR          Director                June 29, 2001
--------------------------
John T. Taylor