AMERCO Files Plan of Reorganization and Disclosure Statement; Plan Provides for Full Payout for Creditors With No Shareholder Dilution

RENO, Nev., Oct. 6, 2003 -- AMERCO today filed its Plan of Reorganization and Disclosure Statement with the United States Bankruptcy Court, District of Nevada. Developed with the support of its bank and insurance company lenders, AMERCO's Plan of Reorganization provides full payment to creditors, without dilution of shareholder interests.

A Court hearing on the adequacy of the Disclosure Statement is scheduled for November 18, 2003. Court approval of the Disclosure Statement will allow AMERCO to commence solicitation of votes from its creditors and shareholders and to seek confirmation of the Plan by the Bankruptcy Court. The hearing on confirmation of the Plan is scheduled for January 12, 2004.

"We have already achieved consensus with two key creditor constituencies on this proposed Plan," stated Joe Shoen, AMERCO's Chairman and Chief Executive Officer, "and we are hopeful that we will be able to quickly resolve any outstanding differences with our unsecured creditors so that we can pay them in full and emerge in January."

Currently AMERCO has approximately $96 million cash on hand. Additionally, the Company has access to a $300 million debtor-in-possession credit facility arranged by Wells Fargo Foothill. Wells Fargo Foothill is also providing the Company with $650 million in exit financing to fund the Company's reorganization plan.

Key elements of the Plan, as proposed, and subject to approval by the Bankruptcy Court include:

     *  Providing for the payment of all claims in full with interest.

     *  Existing shareholders retaining their ownership in AMERCO without
        dilution.

  For more information about AMERCO, visit www.amerco.com.

Certain of the statements made in this press release regarding our business constitute forward-looking statements contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties, including, but not limited to, the outcome and timing of the Company's efforts to restructure its debt and its ability to obtain court approval with respect to motions in the Chapter 11 proceeding prosecuted by it from time to time. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.