Filed Pursuant to Rule 424(b)(5)

Registration Statement No. 333-193427

 

 


CALCULATION OF REGISTRATION FEE

 

 

 

Title of Each Class of

Securities to be

Registered

Amount to be Registered

Proposed Maximum Offering Price Per Security

Proposed Maximum Aggregate Offering Price

Amount of Registration Fee (1)(2)

Fixed Rate Secured Notes Series UIC-1 4 C

$ 138,000

100%

$ 138,000

$0

Fixed Rate Secured Notes Series UIC-1 5 C

$ 606,000

100%

$ 606,000

$0

Fixed Rate Secured Notes Series UIC-1 6 C

$ 1,847,900

100%

$ 1,847,900

$0

Fixed Rate Secured Notes Series UIC-1 7 C

$ 2,200

100%

$ 2,200

$0

Fixed Rate Secured Notes Series UIC- 18C

$ 4,284,400

100%

$ 4,284,400

$0

Fixed Rate Secured Notes Series UIC- 19C

$ 1,118,900

100%

$ 1,118,900

$0

Fixed Rate Secured Notes Series UIC- 20C

$ 1,237,900

100%

$ 1,237,900

$0

Fixed Rate Secured Notes Series UIC- 21C

$ 1,240,000

100%

$ 1,240,000

$0

Fixed Rate Secured Notes Series UIC- 22C

$ 595,200

100%

$ 595,200

$0

Total

$ 11,070,500

 

$ 11,070,500

$0

 

(1) Calculated in accordance with Rule 457(r) of the Securities Act of 1933, as amended (the “Securities Act”).

 

(2) Pursuant to Rule 415(a)(6) under the Securities Act, the registrant carried forward $248,068,500 of unsold securities that had been previously registered on its registration statement on Form S-3 (file no. 333-169832), and $17,687 in associated filing fees previously paid by the registrant in connection therewith, to its registration statement on Form S-3 (file no. 333-193427),used $12,852,900 of such unsold securities and $1,65 7 of such previ ously paid filing fees in connection with an offering of Fixed Rate Secured Notes Series UIC-08B, 09B, 10B and 11B pursuant to a prospectus supplement dated the date hereof, used $1,433,900 of such unsold securities and $185 of such previously paid filing fees in connection with an offering of Fixed Rate Secured Notes Series UIC-01B and 02B pursuant to a prospectus supplement dated the date hereof , and used $3,238,700 of such unsold securities and $417 of such previously paid filing fees in connection with an offering of Fixed Rate Secured Notes Series UIC-10C, 11C, 12C and 13C pursuant to a prospectus supplement dated the date hereof .  Therefore, pursuant to Rule 415(a)(6), no additional fee is paid hereby with respect to the securities offered hereunder.  After giving effect to this offering, $ 219,472,500 of unsold securities and $ 14,004 of associated filing fees previously paid by the registrant remain available under the registration statement on Form S-3 (file no. 333-193427) before any filing fee is required t o be paid.

 



 

Prospectus Supplement to Prospectus dated January 17, 2014

Up to $11,070,500

 

Fixed Rate Secured Notes Series UIC-14C, 15C, 16C, 17C, 18C, 19C, 20C, 21C, and 22C

__________

AMERCO is offering up to $11,070,500 aggregate principal amount of its Fixed Rate Secured Notes Series UIC- 14C, 15C, 16C, 17C, 18C, 19C, 20C, 21C, and 22C (the “notes”).  The notes will be issued over a period of time and from time to time, in up to nine separate series, with each series having one or more separate sub-series bearing a unique interest rate and term as provided herein.  As notes are offered, prospective investors shall have the opportunity to select the series and sub-series of n otes for which such prospective investor is subscribing.   The notes are fully amortizing.  Principal and interest on the notes will be credited to each holder’s U-Haul Investors Club™ account in arrears every three months, beginning three months from the issue date, until the maturity date; provided, however, principal and interest payments with respect to notes issued under Series UIC-19C, 20C, 21C, and 22C will be credited to such holder’s U-Haul Investors Club™ account in arrears three months from the i ssue date of the first subseries of notes issued to any investor under such respective Series, and shall be based on the actual number of days the holder is invested in such notes during such quarter. 

In all cases subject to collateral substitutions as p rovided herein, the notes issued under Series UIC-14C are secured by a first-priority lien on a pool of U-Haul AO Trailers manufactured in fiscal year 2000  (the “AO Trailers”); the notes issued under Series UIC-15C are secured by a first priority lien on a pool of AV Trailers manufactured between fiscal years 1991 and 2004 (the “AV Trailers”); the notes issued under Series UIC-16C are secured by a first priority lien on a pool of U-Haul RV Trailers manufactured between fiscal years 1993 and 2001 (the “RV T railers”); the notes issued under Series UIC-17C are secured by a first priority lien on a pool of U-Haul FS Trailers manufactured between fiscal years 2008 and 2009  (the “FS Trailers”); the notes issued under Series UIC-18C are secured by a first priorit y lien on a pool of U-Haul DC Trucks manufactured between fiscal years 2007 and 2008 (the “DC Trucks”); the notes issued under Series UIC-19C are secured by a first priority lien on the real property and improvements thereon known as U-Haul of Hayward, loc ated in Hayward, California (the “Hayward Property”); the notes issued under Series UIC-20C are secured by a first priority lien on the real property and improvements thereon known as U-Haul of Van Buren, located in Riverside, California (the “Van Buren Pr operty”); the notes issued under Series UIC-21C are secured by a first priority lien on the real property and improvements thereon known as U-Haul of Tully Road, located in San Jose, California (the “Tully Road Property”); and the notes issued under Series UIC-22C are secured by a first priority lien on the real property and improvements thereon known as U-Haul at Spruce Hills, located in Bettendorf, Iowa (the “Spruce Hills Property”).

For each $1,000 invested with us in the notes under Series UIC-14C, we will pledge to the trustee, for the benefit of the noteholders, one AO Trailer.  For each $1,000 invested with us in the notes under Series UIC-15C, we will pledge to the trustee, for the benefit of the noteholders, one AV Trailer.   For each $1,600 invest ed with us in the notes under Series UIC-16C, we will pledge to the trustee, for the benefit of the noteholders, one RV Trailer.  For each $1,000 invested with us in the notes under Series UIC-17C, we will pledge to the trustee, for the benefit of the note holders, one FS Trailer.  For each $5,300 invested with us in notes under Series UIC-18C, we will pledge to the trustee, for the benefit of the noteholders, one DC Truck . Once $100 has been invested with us in notes under S eries UIC-19C, 20C,


21C, and 22C , we will grant a mortgage or deed of trust lien, as appropriate in the respective jurisdiction, to the trustee, for the benefit of the noteholders, on the respective property sele cted by Company management to secure such series of notes

   With respect to each sub-series of the notes, the term and interest rate are as follows:

- All sub-series of notes with a 3-year term shall bear interest at 3.75% per annum

- All sub-series of notes with a 4-year term shall bear interest at 4.27% per annum

- All sub-s eries of notes with a 5-year term shall bear interest at 4.80% per annum

- All sub-series of notes with a 6-year term shall bear interest at 5.32% per annum

- All sub-series of notes with a 7-year term shall bear interest at 5.85% per annum

- All sub-serie s of notes with a 8-year term shall bear interest at 6.37% per annum

- All sub-series of notes with a 9-year term shall bear interest at 6.51% per annum

- All sub-series of notes secured by equipment with a 10-year term shall bear interest at 6.65%
per an num

- All sub-series of notes secured by real property with a 10-year term shall bear interest at 6.60%
per annum

- All sub-series of notes with a 15-year term shall bear interest at 6.90% per annum

- All sub-series of notes with a 20-year term shall bear interest at 7.20% per annum

- All sub-series of notes with a 25-year term shall bear interest at 7.50% per annum

 

Notes issued under Series UIC-14C shall be limited in aggregate principal amount to $138,000. Notes issued under Series UIC-15C shall be limi ted in aggregate principal amount to $606,000. Notes issued under Series UIC-16C shall be limited in aggregate principal amount to $1,847,900; and notes issued under Series UIC-17C shall be limited in aggregate principal amount to $2,200.  Notes issued und er Series UIC-18C shall be limited in aggregate principal amount to $4,284,400. Notes issued under Series UIC-19C shall be limited in aggregate principal amount to $1,118,900. Notes issued under Series UIC-20C shall be limited in aggregate principal amount to $1,237,900; and notes issued under Series UIC-21C shall be limited in aggregate principal amount to $1,240,000.  Notes issued under Series UIC-22C shall be limited in aggregate principal amount to $595,200. 

No underwriter or other third-party has bee n engaged to facilitate the sale of the notes in this offering.

___________

 

The n otes are not savings accounts, deposit accounts or money market funds.  The n otes are not guaranteed or insured by the Federal Deposit Insurance Corporation, the Federal Rese rve or any other governmental agency .

See “Risk Factors” beginning on page S-9 of this prospectus supplement to read about important facts you should consider before buying the notes.

Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus supplement or the accompanying prospectus.  Any representation to the contrary is a criminal offense.



___________

 

 

Per Note

Total

Offering Price

100%

$11,070,500

Proceeds to AMERCO (before expenses)

100%

$11,070,500

___________

The notes are being issued in uncertificated book-entry form only, and will not be listed on any
securities exchange.

___________

 

Prospectus Supplement dated January 17, 2014 .


 


 

 

Prospectus Supplement

Page  

 

 

About T his Prospectus Supplement

S-i

Where You Can Find More Information

S-i

Note Regarding Forward-Looking Statements

S-ii

Prospectus Supplement Summary

S-1

Summary Selected Consolidated Financial Information

S- 7

Risk Factors

S-9

Use of Proceeds

S- 18

Ratio of Earnings to Fixed Charges

S- 19

Description of Notes

S- 19

U-Haul Investors Club

S- 40

Material U. S. Federal Income Tax Consequences

S- 42

Plan of Distribution

S- 14

Legal Matters

S- 45

Experts

S- 45

 

 

Prospectus

 

About This Prospectus

1

About AMERCO

3

Risk Factors

4

Note Regarding Forward-Looking Statements

4

Description of Securities

5

Use of Proceeds

5

Ratio of Earnings to Fixed Charges

5

Plan of Distribution

6

Legal Matters

7

Experts

7

Incorporation of Certain Information by Reference

7

Where You Can Find More Information

8


 


ABOUT THIS PROSPECTUS SUPPLEMENT

This document is in two parts. The first part is the p rospectus s upplement, which contains the terms of this offering of n otes. The second part, the accompanying prospectus deleted January 17, 2014 , gives more general information, some of which may not apply to this offering.

We have n ot authorized any one to provide any infor mation or to make any representations other than those contained or incorporated by reference in this p rospectus s upplement, the accompanying p rospectus or in any free writing prospectuses that AMERCO may prep are. We take no responsibility for, and can pr ovide no assurance as to the reliability of, any other information that others may give you. This p rospectus s upplement and the accompanying p rospectus is an offer to invite subscriptions to purchase n otes, but only under circumstances and in jurisdiction s where it is lawful to do so. The information contained in this p rospectus s upplement and the accompanying p rospectus is current only as of the respective dates of such documents.

  If there is any inconsistency between the information in this prospectus s upplement and the accompanying p rospectus, you should r ely on the information in this p rospectus s upplement.

WHERE YOU CAN FIND MORE INFORMATION

AMERCO is subject to the informational requirements of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), and in accordance therewith files reports, proxy statements and other information with the Securities and Exchange Commission (the “SEC”).  AMERCO’s filings are available to the public over the Internet at the SEC’s website at http:// www.sec.gov, as well as at AMERCO’s website, http://www.amerco.com. You may also read and copy, at prescribed rates, any document AMERCO files with the SEC at the Public Reference Room of the Securities and Exchange Commission located at 100 F Street, N.E. , Washington , D.C. 20549 .  Please call the SEC at 1-800-732-0330 for further information on the SEC’s Public Reference Room.

 

In this prospectus supplement, as permitted by law, we “incorporate by reference” information from other documents that AMERCO fi les with the SEC. This means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be a part of this prospectus supplement and should be read with the same care. Wh en AMERCO updates the information contained in documents that have been incorporated by reference by making future filings with the SEC, the information incorporated by reference in this prospectus supplement is considered to be automatically updated and s uperseded. In other words, in case of a conflict or inconsistency between information contained in this prospectus supplement and information incorporated by reference into this prospectus supplement, you should rely on the information contained in the doc ument that was filed later.

 

We incorporate by reference in this prospectus supplement the documents listed below:

 

         our Annual Report on Form 10-K for the fiscal year ended March 31, 2013;

 

         our Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 2013 and September 30, 2013;

 

         those portions of our definitive proxy statement on Schedule 14A dated July 17, 2013, incorporated by reference in our Annual Report on Form 10-K for the year ended March 31, 2013;

 

         our current reports on Form 8-K filed on May 30, 2013, September 3, 2013, September 5, 2013, October 4, 2013, November 26, 2013 and December 6, 2013; and

 

 


         all documents filed by us under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act until this offering is completed.

 

Unless expr essly incorporated by reference, nothing in this prospectus shall be deemed to incorporate by reference information furnished, but not filed, with the SEC.

 

Other than any documents expressly incorporated by reference, the information on our website and a ny other website that is referred to in this prospectus supplement is not part of this prospectus supplement.

 

You may obtain any of the documents incorporated by reference in this prospectus supplement from the SEC through the SEC’s website at the addres s provided above.     You also may request a copy of any document incorporated by reference in this prospectus supplement (excluding any exhibits to those documents, unless the exhibit is specifically incorporated by reference in this document), at no cost.     Requests should be directed to AMERCO, Corporate Secretary, c/o U-Haul International, Inc., 2727 N. Central Avenue , Phoenix , AZ     85004 , telephone (602) 263-6788.

 

We own the registered trademarks or service marks “U-Haul®”, “AMERCO®”, “In-Town®”, “eMove®” , “C.A.R.D.®”, “Safemove®”, “WebSelfStorage®”, “webselfstorage.com(SM)”, “uhaul.com®”, “Lowest Decks(SM)”, “Gentle Ride Suspension(SM)”, “Mom’s Attic®”,  “U-Box®”,  “Moving Help®”, “Safestor®”, “U-Haul Investors Club™”, “uhaulinvestorsclub.com(SM)”, “U-Not e™”, among others, for use in connection with the moving and storage business.  This prospectus supplement also includes product name and other trade names and service marks owned by AMERCO or its affiliates.  

NOTE REGARDING FORWARD - LOOKING STATEMENTS

Thi s prospectus supplement contains “forward-looking statements” regarding future events and our future results of operations.  AMERCO may make additional written or oral forward-looking statements from time to time in filings with the SEC or otherwise. We be lieve such forward-looking statements are within the meaning of the safe -harbor provisions of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act.  Such statements may include, but are not limit ed to, projections of revenues, earnings or loss, estimates of capital expenditures, plans for future operations, products or services, financing needs and plans; our perceptions of our legal positions and anticipated outcomes of government investigations and pending litigation against us, liquidity, goals and strategies, plans for new business, storage occupancy, growth rate assumptions, pricing, costs, and access to capital and leasing markets as well as assumptions relating to the foregoing. The words “b elieve,” “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. Factors that could significantly affect results include, without limitation: the risks enumerated in the “Risk Factors” section beginning on page S-9 of this prospectus supplement , as well as the following: our ability to operate pursuant to the terms of our credit facilities; our ability to maintain contracts that are critical to our operations; the costs and availability of financing; our ability to execute our business plan; our ability to attract, motivate an d retain key employees; general economic conditions; fluctuations in our costs to maintain and update our fleet and facilities; our ability to refinance our debt; changes in government regulations, particularly environmental regulations; our credit ratings ; the availability of credit; changes in demand for our products; changes in the general domestic economy; the degree and nature of our competition; the resolution of pending litigation against us; changes in accounting standards and other factors describe d in our most recent Annual Report on Form 10-K or the other documents we file with the SEC. The above factors, as well as other statements in this prospectus supplement or in the incorporated documents, could contribute to or cause such risks or uncertain ties, or could cause our performance to fluctuate dramatically. Consequently, forward-looking statements should not be regarded as representations or warranties by us that such matters will be realized and readers are cautioned not to place undue reliance on them.  We assume no obligation to update or revise any

 


forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise.

 

You should carefully consider the trends, risks and uncertainties descri bed in the “Risk Factors” section beginning on page S-9 of this prospectus supplement and other information in this prospectus supplement and reports filed with the SEC before making any investment decision with respect to the notes.  If any of these trend s, risks or uncertainties actually occurs or continues, our business, financial condition or operating results could be materially adversely affected. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.


 


PROSPECTUS SUPPLEMENT SUMMARY

This summary highlights selected information contained elsewhere or incorporated by reference in this prospectus supplement and may not contain all the information that you need to consider in making your investment decision with respect to the notes.  You should carefully read this entire prospectus supplement, and the accompanying prospectus, as well as the information incorp orated by reference herein, before deciding whether to invest.  You should pay special attention to the “Risk Factors” section beginning on page S-9 of this prospectus supplement to determine whether an investment in the notes is appropriate for you.

About AMERCO and U-Haul

AMERCO, a Nevada corporation (“AMERCO”), is the holding company for U-Haul International, Inc. (“U-Haul”), Amerco Real Estate Company (“Real Estate”), Repwest Insurance Company (“Repwest”) and Oxford Life Insurance Company (“Oxford”). Un less otherwise indicated or unless the context requires otherwise, all references in this prospectus supplement to “we”, “us”, “our” or the “Company” mean AMERCO and its subsidiaries; and all references in this prospectus supplement to “AMERCO” mean AMERCO only, excluding its subsidiaries.

 

Through U-Haul, we believe that we are North America’s largest and most comprehensive “do-it-yourself” moving and storage operator. Our primary focus is to provide our customers with a wide selection of moving rental eq uipment, convenient self-storage rental facilities and related moving and self-storage products and services. We are able to expand our distribution and improve customer service by increasing the amount of moving equipment and storage rooms and portable st orage boxes available for rent, expanding the number of independent dealers in our network and expanding and taking advantage of our growing eMove® capabilities, an online marketplace that connects consumers to independent Moving Help™ service providers an d independent self-storage facilities.

 

As of March 31, 2013, the U-Haul system included approximately 1,490 owned and managed retail moving centers and approximately 16,400 independent dealer locations. U-Haul is a leader in supplying products and service s to help people move and store their household and commercial goods.

 

Each of the owned and managed retail moving centers and the independent dealer locations rent distinctive orange and white U-Haul trucks and trailers. The owned and managed retail movi ng centers typically also offer self-storage rooms to customers, and U-Haul has thousands of independent storage affiliates. Many of the locations also sell U-Haul brand boxes, tape and other moving and self-storage products and services to moving and stor age customers, and U-Haul sells similar products and services to such customers through its website, http://www. uhaul.com .

 

In addition, customers are offered moving and storage protection packages such as SafeMove™ and SafeTow™, providing moving and towi ng customers with a collision damage waiver, cargo protection and medical and life coverage. For customers who desire additional coverage over and above the standard SafeMove™ protection, U-Haul also offers its SafeMove Plus™ product. This package provides the rental customer with a layer of primary liability protection. The current provider of SafeMove™ and SafeMove Plus™ coverage is Repwest.

 

We believe that U-Haul is the most convenient supplier of products and services addressing the needs of the Unite d States and Canadian “do-it-yourself” moving and storage market. The U-Haul system’s broad geographic coverage throughout the United States and Canada and the extensive selection of U-Haul brand moving equipment rentals, self-storage rooms and portable st orage boxes and related moving and storage products and services provide U-Haul customers with convenient “one-stop” shopping. As of March 31, 2013, the U-Haul rental fleet consisted of approximately 112,000 trucks and vans, 90,000 trailers and 34,000 tow devices.

 

 


Prior and subsequent to this offering of notes, AMERCO is issuing additional series of collateralized notes through the U-Haul Investors Club. Additionally, AMERCO intends to offer further series of notes, in the future, through the U-Haul Invest ors Club.

 

AMERCO is a publicly traded Nevada corporation. AMERCO’s common stock is listed on the NASDAQ Global Select Market under the symbol “UHAL”. AMERCO’s principal executive offices are located at 1325 Airmotive Way, Suite 100, Reno, Nevada 89502-3239. Its website address is http://www. amerco.com .

 

You can get more information regarding our business by reading our Annual Report on Form 10-K for the fiscal year ended March 31, 2013 and the other reports and information that AMERCO files with the SEC. See “Where You Can Find More Information” on page S -i of this prospectus supplement.

 

The Offering

The following summary describes the principal terms of the notes and the U-Haul Investors Club. Certain of the terms and conditions below are subject to important limitations and exceptions.  For a more detai led description of the terms and conditions of the notes and the U-Haul Investors Club, see “ Description of the Notes ” beginning on page S-[19] of this prospectus supplement and “U-Haul Investors Club” beginning on page S-[40] of this prospectus supplement .

Issuer

AMERCO.

 

 

Notes Offered; Notes Issued in Sub-Series

Up to $11,070,500 aggregate principal amount of Fixed Rate Secured Notes Series UIC- 14C, 15C, 16C, 17C, 18C, 19C, 20C, 21C, and 22C (the “notes”).  The notes will be issued from time to time in up to nine separate series, with each series having one or more separate sub-series bearing a unique interest rate and term as provided herein.  As notes are offered, prospective investors shall have the opportunity to select the series and sub-series of notes for which such prospective investor is subscribing. 

 

Notes issued under Series UIC-14C shall be limited in aggregate principal amount to $138,000. Notes issued under Series UIC-15C shall be limited in aggregate principal amount to $606,000. Notes issued under Series UIC-16C shall be limited in aggregate principal amount to $1,847,900; and notes issued under Series UIC-17C shall be limited in aggregate principal amount to $2,200.  Notes iss ued under Series UIC-18C shall be limited in aggregate principal amount to $4,284,400. Notes issued under Series UIC-19C shall be limited in aggregate principal amount to $1,118,900. Notes issued under Series UIC-20C shall be limited in aggregate principal amount to $1,237,900; and notes issued under Series UIC-21C shall be limited in aggregate principal amount to $1,240,000.  Notes issued under Series UIC-22C shall be limited in aggregate principal amount to $595,200. 

 

 

Issue Date

Notes will be issued within five business day s following our receipt and acceptance of investor subscriptions with respect to any sub-series of the notes in the aggregate principal amount of $100 for such sub-series, or at such other time as AMERCO determines in its sole disc retion.  Interest on issued notes shall commence to accrue on the issue date.

 

 

Sub-Series Interest Rate and term

The respective sub-series of notes hereunder shall bear the following interest rate and term: 

 

- All sub-series of notes with a 3-year te rm shall bear interest at 3.75% per annum

 


 

 

- All sub-series of notes with a 4-year term shall bear interest at 4.27% per annum

- All sub-series of notes with a 5-year term shall bear interest at 4.80% per annum

- All sub-series of notes with a 6-year term shall bear interest at 5.32% per annum

- All sub-series of notes with a 7-year term shall bear interest at 5.85% per annum

- All sub-series of notes with a 8-year term shall bear interest at 6.37% per annum

- All sub-series of notes with a 9-year term shall bear interest at 6.51% per annum

- All sub-series of notes secured by equipment with a 10-year term shall bear interest at 6.65% per annum

- All sub-series of notes secured by real property with a 10-year term shall bear interest at 6.60% per annum

- All sub-series of notes with a 15-year term shall bear interest at 6.90% per annum

- All sub-series of notes with a 20-year term shall bear interest at 7.20% per annum

- All sub-series of notes with a 25-year term shall bear interest at 7.50% per annum

 

 

Minimum Investment

$100.

 

 

Principal and Interest Payment Date;  Credited to Holders’ U-Haul Investors Club Account

The notes are fully amortizing.  Principal and interest on the notes will be credited to each holder’s U-Haul Investors Club account in arrears on the payment date, which is every three months, beginning three months from the issue date through the maturit y date; provided, however , principal and interest payments with respect to notes issued under Series UIC-19C, 20C, 21C, and 22C will be credited to such holder’s U-Haul Investors Club™ account in arrears three months from the issue date of the first subser ies of notes issued to any investor under such respective Series, and shall be based on the actual number of days the holder is invested in such notes during such quarter.  Principal and interest will be credited to the U-Haul Investors Club accounts of th e holders who own the notes as of each applicable record date.

 

 

Record Date

The record date is the first day of the month preceding the related due date for the crediting of principal and interest on the notes.

 

 

Initial Collateral

Subject to our right to substitute collateral as provided herein, 

 

the notes issued under Series UIC-14C are secured by a first-priority lien on a pool of U-Haul AO Trailers manufactured in fiscal year 2000  (the “AO Trailers”).  For each $ 1,000 invested with us in the notes under Series UIC- 14C , we will pledge to the trustee, for the benefit of the noteholders, one AO Trailer;

 

the notes issued under Series UIC-15C are secured by a first priority lien on a pool of AV Trailers manufactured betwee n fiscal years 1991 and 2004 (the “AV Trailers”). For each $ 1,000 invested with us in the notes under Series UIC- 15C , we will pledge to the trustee, for the benefit of the noteholders, one AV Trailer;

 


 


 

 

 

the notes issued under Series UIC-16C are secur ed by a first priority lien on a pool of U-Haul RV Trailers manufactured between fiscal years 1993 and 2001 (the “RV Trailers”).  For each $ 1,600 invested with us in the notes under Series UIC- 16C , we will pledge to the trustee, for the benefit of the note holders, one RV Trailer;

the notes issued under Series UIC-17C are secured by a first priority lien on a pool of U-Haul FS Trailers manufactured between fiscal years 2008 and 2009  (the “FS Trailers”).  For each $ 1,000 invested with us in the notes under S eries UIC- 17C , we will pledge to the trustee, for the benefit of the noteholders, one FS Trailer;

The notes issued under Series UIC-18C are secured by a first priority lien on a pool of U-Haul DC Trucks manufactured between fiscal years 2007 and 2008 (the “DC Trucks”).  For each $ 5,300 invested with us in the notes under Series UIC- 18C , we will pledge to the trustee, for the benefit of the noteholders, one DC Truck;

The notes issued under Series UIC-19C are secured by a first priority lien on the real property and improvements thereon known as U-Haul of Hayward, located in Hayward, Cali fornia (the “Hayward Property”).  Once $100 has been invested with us in notes under Series UIC-19C, we will grant to the trustee for the benefit of the noteholders, a mortgage or deed of trust lien (as appropriate in the respective jurisdiction where suc h property is located) on the Hayward Property;   

the notes issued under Series UIC-20C are secured by a first priority lien on the real property and improvements thereon known as U-Haul of Van Buren, located in Riverside, California (the “Van Buren Prope rty”).  Once $100 has been invested with us in notes under Series UIC-20C, we will grant to the trustee for the benefit of the noteholders, a mortgage or deed of trust lien (as appropriate in the respective jurisdiction where such property is located) on the Van  Buren Property;   

the notes issued under Series UIC-21C are secured by a first priority lien on the real property and improvements thereon known as U-Haul of Tully Road, located in San Jose, California (the “Tully Road Property”). Once $100 has b een invested with us in notes under Series UIC-21C, we will grant to the trustee for the benefit of the noteholders, a mortgage or deed of trust lien (as appropriate in the respective jurisdiction where such property is located) on the Tully Road Property ;

the notes issued under Series UIC-22C are secured by a first priority lien on the real property and improvements thereon known as U-Haul at Spruce Hills, located in Bettendorf, Iowa (the “Spruce Hills Property”). Once $100 has been invested with us in n otes under Series UIC-22C, we will grant to the trustee for the benefit of the noteholders, a mortgage or deed of trust lien (as appropriate in the respective jurisdiction where such property is located) on the Spruce hills Property; and

t he Collateral is owned by various subsidiaries of AMERCO.  The Initial Collateral is utilized in the operations of the U-Haul S ystem, in which U-Haul rental equipment and self-storage units are rented to customers in the ordinary course of business.   No appraisal of th e Initial Collateral has been or will be prepared by us or on our behalf in connection with this offering. 

 

 


 


 

Limitation of Amount

Financed

With respect to the following series of notes, the aggregate principal amount of indebtedness shall not exceed the respective amounts set forth below:

 

Notes secured by the following         Shall not exceed the following amount,

Property:                                          in aggregate principal amount:

 

AO Trailers                                        $138,000

AV Trailers                                        $606,000

RV Trailers                                        $2,094,000

FS Trailers                                        $96,000

DC Trucks                                        $4,505,000

Haywa rd Property                             $1,120,000

Van Buren Property                           $1,250,000

Tully Road Property                          $1,240,000

Spruce Hills Property                        $1,180,000

 

Substitution of Collateral

 

AMERCO has the right, in its sole discretion, to substitute or to cause any third party or affiliate to voluntarily substitute any assets (the “Replacement Collateral”) for all or part of the Collateral that from time to time secures the notes or any sub-series t hereof, including the Initial Collateral and any Replacement Collateral (the “Collateral”), provided that the value of the Replacement Collateral is at least 100% of the value of the Collateral that is released at the time of substitution (the “Released Co llateral”).  In connection with any substitution of Collateral, the value of the Replacement Collateral and the Released Collateral is determinable by AMERCO in its sole discretion, and no appraisal will be prepared by us or on our behalf in this regard.  AMERCO is permitted to make an unlimited number Collateral substitutions.

 

The value of the Collateral at any time will depend on market and other economic conditions, including the availability of suitable buyers for the Collateral. Notwithstanding the foregoing, Collateral which is the subject of attrition, including casualty , theft (to the extent the Collateral includes equipment) and condemnation or threatened condemnation (to the extent the Collateral includes real property), may be released from the lien and will not be substituted.

 

 

Ranking

The notes are secured in the Collateral and will rank equally among themselves.    

 

 

No Subsidiary Guarantees

The notes are not guaranteed by any subsidiary of AMERCO, and therefo re will be effectively structurally subordinated to all of the existing and future claims of creditors of each of AMERCO’s subsidiaries, including U-Haul.

 

 

Covenants

The notes are being issued under a base indenture (“base indenture”) between AMERCO and U.S. Bank National Association, as trustee (the “trustee”), an indenture supplement (“indenture supplement”) between AMERCO and the trustee, and a pledge and security agreement (“security agreement”, and together with the base indenture, the indenture sup plement, and any other instruments and documents executed and delivered pursuant to the foregoing documents, as the same may be amended, supplemented or otherwise modified from time to time, the “financing documents”) among AMERCO, the trustee and Owner. T he financing documents contain certain covenants for the benefit of the holders.  These covenants consist of:

 

 

 


 

         maintenance of a first-priority lien on the Collateral; and

 

         prohibition of additional liens on the Collateral.

 

 

Optional Redemption

Under the terms of the financing documents, the notes or any sub-series thereof may be redeemed by AMERCO in its sole discretion at any time, in whole or in part on a pro rata basis, without penalty, premium or fee, at a price equal to 100% of the principal amou nt then outstanding, plus accrued and unpaid interest, if any, through the date of redemption. 

 

 

Use of Proceeds

AMERCO intends to use the net proceeds from this offering to reimburse its subsidiaries and affiliates for the cost of production of the Collateral and for other general corporate purposes.

 

 

Listing

The notes will not be listed on any national securities exchange.

 

 

Rating

The notes will not be rated by any statistical rating organization.

 

 

U-Haul Investors Club

Through this offering, AMERCO is extending to investors the opportunity to subscribe to purchase notes.   In order to subscribe to purchase notes, prospective investors must become a member of the U-Haul Investors Club and comply with the instructions available on our w ebsite at http://www.uhaulinvestorsclub.com/ .  Among other things, this will require the  prospective investor to:

 

         complete a membership application;

 

         complete a note subscription offer;

 

         set up a U-Haul Investors Club online account through which investo rs will be able to transfer funds from their linked U.S. bank account to pay for the notes ; and

 

         receive and deliver in electronic format any and all documents, statements and communications related to the offering, the notes and the U-Haul Investors Club.

 

AMERCO reserves the right to reject, in whole or in part, in its sole discretion, any subscription to purchase notes.  Before AMERCO closes the offering, investors may withdraw their subscription to purchase notes.

 

AMERCO intends to offer additional securities through the U-Haul Investors Club simultaneously with this offering and in the future.

 

 

Form of Notes

The notes are being issued in uncertificated book-entry form only, through the U-Haul Investors Club website.

 

 

Transferability

The notes are not transferable except between members of the U-Haul Investors Club through privately negotiated transactions relating exclusively to non-qualified accounts.   The notes will not be listed on any securities exchange, and there is no anticipated public market for the notes.  Therefore, investors must be prepared to hold their notes until the maturity date. 

Servicer

The notes will be serviced exclusively by U-Haul International, Inc., a subsidiary of AMERCO, or its designee. 

 

 

Risk Factors

An inves tment in the notes involves substantial risk. See “Risk Factors” beginning on page S- 9 for a description of certain risks you should consider before investing in the notes.

 


SUMMARY SELECTED CONSOLIDATED FINANCIAL INFORMATION

The following table sets forth summary historical consolidated financial information for AMERCO and its consolidated subsidiaries as of and for the years ended March 31, 2013, 2012, 2011, 2010 and 2009 and for the six-months ended September 30, 2013 and 2012. You should read this summary of selected consolidated financial information together with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the consolidated financial statements and related notes in our Annual Report on Form 10-K for the fiscal year ended March 31, 2013 and our Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 2013 and September 30, 2013, which are incorporated by reference herein.

 

 

 

Years Ended March 31,

 

 

2013

 

2012

 

2011

 

2010

 

2009

 

 

(In thousands, except share and per share data)

Summary of Operations:

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$

1,767,520

$

1,678,256

$

1,547,015

$

1,419,726

$

1,423,022

Self-storage revenues

 

152,660

 

134,376

 

  120,698

 

110,369

 

110,548

Self-moving and self-storage products and service sales

 

221,117

 

213,854

 

205,570

 

  198,785

 

  199,394

Property management fees

 

24,378

 

23,266

 

  22,132

 

  21,632

 

  23,192

Life insurance premiums

 

178,115

 

277,562

 

206,992

 

  134,345

 

  109,572

Property and casualty insurance premiums

 

34,342

 

32,631

 

30,704

 

27,625

 

28,337

Net investment and interest income

 

82,903

 

73,552

 

  62,745

 

60,989

 

  69,845

Other revenue

 

97,552

 

78,530

 

55,503

 

39,534

 

  40,180

Total revenues

 

2,558,587

 

2,512,027

 

2,251,359

 

2,013,005

 

2,004,090

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

1,170,568

 

1,093,190

 

  1,026,577

 

1,022,061

 

  1,057,880

Commission expenses

 

228,124

 

212,190

 

190,981

 

169,104

 

171,303

Cost of sales

 

107,216

 

116,542

 

  106,024

 

  104,049

 

114,387

Benefits and losses

 

180,676

 

320,191

 

  200,513

 

132,105

 

  109,441

Amortization of deferred policy acquisition costs

 

17,376

 

13,791

 

9,494

 

7,569

 

  12,394

Lease expense

 

117,448

 

131,215

 

  150,809

 

156,951

 

  152,424

Depreciation, net of (gains) losses on disposals (b)

 

237,996

 

208,901

 

  189,266

 

227,629

 

  265,213

Total costs and expenses

 

2,059,404

 

2,096,020

 

1,873,664

 

1,819,468

 

1,883,042

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

499,183

 

416,007

 

377,695

 

  193,537

 

121,048

Interest expense

 

(90,696)

 

(90,371)

 

(88,381)

 

  (93,347)

 

  (98,470)

Pretax earnings

 

408,487

 

325,636

 

  289,314

 

100,190

 

22,578

Income tax expense

 

(143,779)

 

(120,269)

 

(105,739)

 

  (34,567)

 

  (9,168)

Net earnings

 

264,708

 

205,367

 

  183,575

 

65,623

 

13,410

Less: Excess redemption value over carrying value of preferred shares redeemed

 

-

 

(5,908)

 

(178)

 

388

 

-

Less:   Preferred stock dividends (a)

 

-

 

(2,913)

 

(12,412)

 

(12,856)

 

(12,963)

Earnings available to common shareholders

$

264,708

$

196,546

$

  170,985

$

  53,155

$

447

Basic and diluted earnings per common share

$

13.56

$

10.09

$

8.80

$

2.74

$

0.02

Weighted average common shares outstanding: Basic and diluted

 

19,518,779

 

19,476,187

 

19,432,781

 

19,386,791

 

19,350,041

Cash dividends declared and accrued Preferred stock

$

-

$

2,913

$

  12,412

$

  12,856

$

  12,963

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

$

2,755,054

$

2,372,365

$

2,094,573

$

  1,948,388

$

  2,013,928

Total assets

 

5,306,601

 

4,654,051

 

4,191,433

 

3,762,454

 

3,825,073

Notes, loans and leases payable

 

1,661,845

 

1,486,211

 

  1,397,842

 

  1,347,635

 

  1,546,490

Stockholders' equity

 

1,229,259

 

1,035,820

 

993,020

 

812,911

 

  717,629

 

 

 

 

 

 

 

 

 

 

 

(a) Fiscal 2012, 2011 and 2010 reflect eliminations of $0.3 million, $0.6 million and $0.1 million, respectively paid to affiliates.

(b) (Gains) losses were ($22.5) million, ($20.9) million, ($23.1) million, ($2.0) million and $16.6 million for fiscal 2013, 2012, 2011, 2010 and 2009, respectively.

 


 

 

 

 

Six Months Ended September 30,

 

 

2013

 

2012

 

 

(Unaudited)

 

 

(In thousands, except share and per share data)

Summary of Operations:

 

 

 

 

Self-moving equipment rentals

$

1,120,580

$

1,005,355

Self-storage revenues

 

87,671

 

72,714

Self-moving and self-storage products and service sales

 

136,070

 

128,908

Property management fees

 

10,453

 

9,762

Life insurance premiums

 

80,510

 

94,093

Property and casualty insurance premiums

 

18,833

 

16,190

Net investment and interest income

 

38,949

 

30,370

Other revenue

 

90,256

 

54,401

  Total revenues

 

1,583,322

 

1,411,793

 

 

 

 

 

Operating expenses

 

660,041

 

593,607

Commission expenses

 

147,005

 

129,671

Cost of sales

 

70,102

 

63,139

Benefits and losses

 

80,625

 

96,810

Amortization of deferred policy acquisition costs

 

9,740

 

5,899

Lease expense

 

52,825

 

62,387

Depreciation, net of (gains) losses on disposals of (($20,876) and ($13,048), respectively)

 

120,642

 

115,079

Total costs and expenses

 

1,140,980

 

1,066,592

 

 

 

 

 

Earnings from operations

 

442,342

 

345,201

  Interest expense

 

(46,446)

 

(45,604)

Pretax earnings

 

395,896

 

299,597

  Income tax expense

 

(144,937)

 

(109,608)

Earnings available to common shareholders

$

250,959

$

189,989

Basic and diluted earnings per common share

$

12.84

$

9.74

Weighted average common shares outstanding: Basic and diluted

 

19,550,128

 

19,507,456

 

 

 

 

 

Balance Sheet Data:

 

 

 

 

Property, plant and equipment, net

$

3,033,204

$

2,571,575

Total assets

 

5,776,345

 

5,136,964

Notes, loans and leases payable

 

1,775,119

 

1,556,891

Stockholders' equity

 

1,461,819

 

1,235,921

 

 

 

 


 


RISK FACTORS

An investment in the notes involves substantial risk. You should carefully consider the risks described below and the risk factors included in our Annual Report on Form   10-K for the year ended March 31, 2013, as well as the other information included or incorporated by reference in this prospectus supplement and the accompanying prospectus, before making an investment decision. Our business, financial condition or results of operations co uld be materially adversely affected by any of these risks. The market value of the notes, if any market develops or exists, could decline due to any of these risks, and you may lose all or part of your investment. This prospectus supplement also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks faced by us described below and elsew here in this prospectus supplement and the accompanying prospectus.

Risk Relating to Our Business

We operate in a highly competitive industry.

The truck rental industry is highly competitive and includes a number of significant national, regional and local competitors. We believe the principal competitive factors in this industry are convenience of rental locations, availability of quality rental moving equipment, breadth of essential services and products and total cost. Financial results for the Company c an be adversely impacted by aggressive pricing from our competitors. Some of our competitors may have greater financial resources than we have. We cannot assure you that we will be able to maintain existing rental prices or implement price increases. Moreo ver, if our competitors reduce prices and we are not able or willing to do so as well, we may lose rental volume, which would likely have a materially adverse affect on our results of operations.

The self-storage industry is large and highly fragmented. We believe the principal competitive factors in this industry are convenience of storage rental locations, cleanliness, security and price. Competition in the market areas in which we operate is significant and affects the occupancy levels, rental rates and operating expenses of our facilities. Competition might cause us to experience a decrease in occupancy levels, limit our ability to raise rental rates or require us to offer discounted rates that would have a material affect on results of operations and fi nancial condition. Entry into the self-storage business may be accomplished through the acquisition of existing facilities by persons or institutions with the required initial capital. Development of new self-storage facilities is more difficult however, d ue to land use, zoning, environmental and other regulatory requirements. The self-storage industry has in the past experienced overbuilding in response to perceived increases in demand. We cannot assure you that we will be able to successfully compete in e xisting markets or expand into new markets.

We are highly leveraged.

As of March 31, 2013, we had total debt outstanding of $1,661.8 million and total undiscounted lease commitments of $236.6 million. Although we believe, based on existing information, th at additional leverage can be supported by our operations and revenues, our existing debt could impact us in the following ways among other considerations:

         require us to allocate a considerable portion of cash flows from operations to debt service payment s;

         limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;

         limit our ability to obtain additional financing; and

         place us at a disadvantage compared to our competitors who may have less debt.

 


Our ability to make payments on our debt depends upon our ability to maintain and improve our operating performance and generate cash flow. To some extent, this is subject to prevailing economic and competitive conditions and to certain financial, business an d other factors, some of which are beyond our control. If we are unable to generate sufficient cash flow from operations to service our debt and meet our other cash needs, we may be forced to reduce or delay capital expenditures, sell assets, seek addition al capital or restructure or refinance our indebtedness. If we must sell our assets, it may negatively affect our ability to generate revenue. In addition, we may incur additional debt that would exacerbate the risks associated with our indebtedness.

Econo mic conditions, including those related to the credit markets, may adversely affect our industry, business and results of operations.

The United States economy has undergone a period of slowdown and unprecedented volatility, which resulted in a recession. It is difficult to gauge the pace of the economic recovery or if such recovery may stall or reverse course in the future.  Consumer and commercial spending is generally affected by the health of the economy, which places some of the factors affecting the success of our business beyond our control. Our industries, although not as traditionally cyclical as some, could experience significant downturns in connection with or in anticipation of, declines, or sustained lack of recovery, in general economic condit ions. In times of declining consumer spending we may be driven, along with our competitors, to reduce pricing which would have a negative impact on gross profit.  We cannot predict if another downturn, or sustained lack of recovery, in the economy may occu r which could result in reduced revenues and working capital.

Should credit markets in the United States tighten or if interest rates increase significantly we may not be able to refinance existing debt or find additional financing on favorable terms, if a t all.  If one or more of the financial institutions that support our existing credit facilities fails, we may not be able to find a replacement, which would negatively impact our ability to borrow under credit facilities.  While we believe that we have ad equate sources of liquidity to meet our anticipated requirement for working capital, debt servicing and capital expenditures through fiscal 2014, if our operating results were to worsen significantly and our cash flows or capital resources prove inadequate , or if interest rates increase significantly, we could face liquidity problems that could materially and adversely affect our results of operations and financial condition.

Our fleet rotation program can be adversely affected by financial market condition s.

To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Our rental truck fleet rotation program is funded internally through operations and externally from debt and lease financing. Our ability to fund our routine fleet r otation program could be adversely affected if financial market conditions limit the general availability of external financing. This could lead us to operate trucks longer than initially planned and/or reducing the size of the fleet, either of which could materially and negatively affect our results of operations.

Another important aspect of our fleet rotation program is the sale of used rental equipment. The sale of used equipment provides us with funds that can be used to purchase new equipment. Conditio ns may arise that could lead to the decrease in resale values for our used equipment. This could have a material adverse effect on our financial results, which would result in losses on the sale of equipment and decreases in cash flows from the sales of eq uipment.

We obtain our rental trucks from a limited number of manufacturers.

Over the last ten years, we purchased the majority of our rental trucks from Ford Motor Company and General Motors Corporation. Our fleet can be negatively affected by issues our manufacturers may face within their own supply chain. Also, it is possible that our suppliers may face financial difficulties or organizational changes which could negatively impact their ability to accept future orders or fulfill existing orders. The cost of acquiring new rental trucks could increase materially and negatively affect our ability to rotate new equipment into the fleet. Although we believe that we could contract with alternative manufacturers for our rental trucks, we cannot guarantee or pred ict how long that would take. In addition, termination of our existing relationship with these suppliers could have a material adverse effect on our business, financial condition or results of operations for an indefinite period of time.

 


We may not be able to effectively hedge against interest rate changes in our variable debt.

In certain instances, the Company seeks to manage its exposure to interest rate risk through the use of hedging instruments including interest rate swap agreements and forward swaps. We enter into these arrangements with counterparties that are significant financial institutions with whom we generally have other financial arrangements. We are exposed to credit risk should these counterparties not be able to perform on their obligation s. Additionally, a failure on our part to effectively hedge against interest rate changes may adversely affect our financial condition and results of operations. We are required to record these financial instruments at their fair value. Changes in interest rates can significantly impact the valuation of the instruments resulting in non-cash changes to our financial position.

We are controlled by a small contingent of stockholders.

As of March 31, 2013, Edward J. Shoen, President and Chairman of the Board of AMERCO, James P. Shoen, a director of AMERCO, and Mark V. Shoen collectively are the owners of 9,139,018 shares (approximately 46.6%) of the outstanding common stock of AMERCO. In addition, Edward J. Shoen, James P. Shoen, Mark V. Shoen, Rosmarie T. Donov an (Trustee of the Shoen Irrevocable Trusts) and David L. Holmes (Successor Trustee of the Irrevocable “C” Trusts) (collectively, the “Reporting Persons”) are parties to a stockholder agreement dated June 30, 2006 in which the Reporting Persons agreed to v ote as one as provided in this agreement (the “Stockholder Agreement”).  Pursuant to the Stockholder Agreement, a collective 10,897,741 shares (approximately 55.6%) of the Company’s common stock are voted at the direction of a majority in interest of the R eporting Persons.  For additional information, refer to the Schedule 13Ds filed on July 13, 2006, March 9, 2007, June 26, 2009 and on May 1, 2013 with the SEC. In addition, 1,450,205 shares (approximately 7.4%) of the outstanding common stock of AMERCO are held by our Employee Savings and Employee Stock Ownership Trust.

As a result of their stock ownership and the Stockholder Agreement, Edward J. Shoen, Mark V. Shoen and James P. Shoen are in a position to significantly influence our business affairs and po licies of the Company, including the approval of significant transactions, the election of the members of our Board of Directors (the “Board”) and other matters submitted to our stockholders. There can be no assurance that the interests of the Reporting Pe rsons will not conflict with the interests of our other stockholders. Furthermore, as a result of the Reporting Persons’ voting power, the Company is a “controlled company” as defined in the Nasdaq Listing Rules and, therefore, may avail itself of certain exemptions under Nasdaq rules, including exemptions from the rules that require us to have (i) a majority of independent directors on the Board; (ii) independent director oversight of executive officer compensation; and (iii) independent director oversight of director nominations.  Of the above available exemptions, we currently avail ourself of the exemption from independent director oversight of executive officer compensation, other than with respect to the compensation of the President of AMERCO.

We bear certain risks related to our notes receivable from SAC Holdings.

At March 31, 2013, we held $72.4   million of notes receivable from SAC Holdings, which consist of junior unsecured notes. SAC Holdings is highly leveraged with significant indebtedness to oth ers. If SAC Holdings is unable to meet its obligations to its senior lenders, it could trigger a default of its obligations to us. In such an event of default, we could suffer a loss to the extent the value of the underlying collateral of SAC Holdings is i nadequate to repay SAC Holdings senior lenders and our junior unsecured notes.  We cannot assure you that SAC Holdings will not default on its loans to its senior lenders or that the value of SAC Holdings assets upon liquidation would be sufficient to repa y us in full.

Our quarterly results of operations fluctuate due to seasonality and other factors associated with our industry.

Our business is seasonal and our results of operations and cash flows fluctuate significantly from quarter to quarter. Historica lly, revenues have been stronger in the first and second fiscal quarters due to the overall increase in moving activity during the spring and summer months. The fourth fiscal quarter is generally weakest, due to a greater potential for adverse weather cond itions and other factors that are not necessarily seasonal. As a result, our operating results for any given quarterly period are not necessarily indicative of operating results for an entire year.

 


Our operations subject us to numerous environmental regula tions and the possibility that environmental liability in the future could adversely affect our operations.

Compliance with environmental requirements of federal, state and local governments significantly affects our business. Among other things, these req uirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. Under environmental laws or common law principles, we can be held liable for hazardous substances that are found on real pro perty we have owned or operated. We are aware of issues regarding hazardous substances on some of our real estate and we have put in place a remediation plan at each site where we believe such a plan is necessary. See the “Contingencies” footnote to our co nsolidated financial statements for additional information. We regularly make capital and operating expenditures to stay in compliance with environmental laws. In particular, we have managed a testing and removal program since 1988 for our underground stor age tanks.  Despite these compliance efforts, we believe that risk of environmental liability is part of the nature of our business.

Environmental laws and regulations are complex, change frequently and could become more stringent in the future. We cannot assure you that future compliance with these regulations, future environmental liabilities, the cost of defending environmental claims, conducting any environmental remediation or generally resolving liabilities caused by us or related third parties will not have a material adverse effect on our business, financial condition or results of operations.

We operate in a highly regulated industry and changes in existing regulations or violations of existing or future regulations could have a material adverse effect on our operations and profitability.

Our truck and trailer rental business is subject to regulation by various federal, state and foreign governmental entities. Specifically, the U.S. Department of Transportation and various state and federal agenci es exercise broad powers over our motor carrier operations, safety, and the generation, handling, storage, treatment and disposal of waste materials. In addition, our storage business is also subject to federal, state and local laws and regulations relatin g to environmental protection and human health and safety. The failure to adhere to these laws and regulations may adversely affect our ability to sell or rent such property or to use the property as collateral for future borrowings. Compliance with changi ng regulations could substantially impair real property and equipment productivity and increase our costs. In addition, the Federal government may institute some regulation that limits carbon emissions by setting a maximum amount of carbon entities can emi t without penalty. This would likely affect everyone who uses fossil fuels and would disproportionately affect users in the highway transportation industries. While there are too many variables at this time to assess the impact of the various proposed fede ral and state regulations that could affect carbon emissions, many experts believe these proposed rules could significantly affect the way companies operate in their industries.

Our ability to attract and retain qualified employees, and changes in laws or other labor issues could adversely affect our business and our results of operations.

The success of our business is predicated upon our workforce providing excellent customer service. Our ability to attract and retain this employee base may be inhibited d ue to prevailing wage rates, benefit costs and the adoption of new or revised employment and labor laws and regulations. Should this occur we may be unable to provide service in certain areas or we may experience significantly increased costs of labor that could adversely affect our results of operations and financial condition.

We are highly dependent upon our automated systems and the Internet for managing our business.

Our information systems are largely Internet-based, including our point-of-sale reserv ation system and telephone systems. While our reliance on this technology lowers our cost of providing service and expands our abilities to serve, it exposes us to various risks including natural and man-made disasters. We have put into place backup system s and alternative procedures to mitigate this risk.  However, disruptions or breaches in any portion of these systems could adversely affect our results of operations and financial condition. 

 


 

A.M. Best financial strength ratings are crucial to our life insurance business.

In May 2013, A.M. Best affirmed the financial strength rating for Oxford, Christian Fidelity Life Insurance Company, North American Insurance Company and Dallas General Life Insurance Company of B++ and the outlook remains positive. Fi nancial strength ratings are important external factors that can affect the success of Oxford ’s business plans. Accordingly, if Oxford ’s ratings, relative to its competitors, are not maintained or do not continue to improve, Oxford may not be able to retai n and attract business as currently planned, which could adversely affect our results of operations and financial condition.

We may incur losses due to our reinsurers’ or counterparties’ failure to perform under existing contracts or we may be unable to s ecure sufficient reinsurance or hedging protection in the future.

We use reinsurance and derivative contracts to mitigate our risk of loss in various circumstances; primarily at Repwest and for our Moving and Storage operating segment. These agreements do not release us from our primary obligations and therefore we remain ultimately responsible for these potential costs. We cannot provide assurance that these reinsurers or counterparties will fulfill their obligations. Their inability or unwillingness to ma ke payments to us under the terms of the contracts may have a material adverse effect on our financial condition and results of operation.

At December 31, 2012, Repwest reported $1.7 million of reinsurance recoverables, net of allowances and $176.4 million of reserves and liabilities ceded to reinsurers. Of this, Repwest’s largest exposure to a single reinsurer was $72.1 million.

Risks Related to our Indebtedness and an Investment in the Notes

The notes are not transferable except between members of the U-H aul Investors Club through pr ivately negotiated transactions.  In addition, the notes will not be listed on any securities exchange, and there is no anticipated public market for the notes. Therefore, you must be prepared to hold the notes until the maturi ty date.

The notes are not transferable except between members of the U-Haul Investors Club through privately negotiated transactions relating exclusively to non-qualified (non-retirement/non IRA) accounts, as to which neither AMERCO, the servicer, the tru stee, nor any of their respective affiliates will have any involvement.   In addition, the notes will not be listed on any securities exchange, there is no anticipated public market for the notes, and it is unlikely that a secondary “over-the-counter” marke t for the notes will develop between bond dealers or bond trading desks at investment houses.  Therefore, you must be prepared to hold your n otes until the maturity date.  Transfers of the n otes held in q ualified a ccounts are not permissible, other than tr ansfers constituting Required Minimum Distributions (RMD).  The notes are not a liquid investment.   If you believe you will need access to the funds you are otherwise planning on investing in notes prior to the stated maturity date of such notes, then you s hould not invest in the notes at this time.

Even if you are able to privately negotiate the sale of your notes to another U-Haul Investors Club member, you may not be able to find a purchaser for the notes who is willing to pay you an amount equal to the p rincipal amount outstanding on the notes, or at all.

Even if you are able to privately negotiate the sale of your notes to another U-Haul Investors Club member, the price of the notes in such market may be lower than the price you pay to purchase the notes from us.  If you purchase notes in this offering, you will pay a price that was independently determined by us, and therefore neither established in a competitive market nor negotiated with any representative acting in your best interest, including the tr ustee.  This price may not be indicative of prices that could prevail, if any, after this offering.  The ability to sell your notes to another U-Haul Investors Club member through a privately negotiated transaction does not guarantee that you will be able to find a purchaser willing to buy the notes for an amount equal to the principal amount outstanding on the notes, or at all.  In addition, our operating performance, the status and condition of the Collateral, general market and

 


economic conditions and ot her factors could impair the value of your notes and your ability to sell them in a privately negotiated transaction to another U-Haul Investors Club member, if such opportunity were to develop.

Our currently outstanding indebtedness , and additional indebt edness that we are permitted to incur, could prevent AMERCO from fulfilling its obligations under the notes .

In addition to our currently outstanding indebtedness and the indebtedness AMERCO will incur pursuant to the offering of the notes, we are able to incur substantial additional indebtedness, including secured indebtedness, in the future.  Any additional indebtedness we may incur could have important consequences for the holders of the notes, and could limit AMERCO’s ability to satisfy its obligations to pay principal and interest with respect to the notes.

The value of the Collateral may not be sufficient to satisfy AMERCO’s obligations under the notes .

AMERCO’s o bligations under the notes are secured by a first- priority lien on the Collateral in favor of the trustee (or its agent or nominee), for the benefit of the holders of the notes.  By its nature, some or all of the Collateral may be illiquid , is subject to attrition, including casualty, loss or theft, and, to the extent the Collateral includes real property, may be subject to condemnation.  The Collateral may have no readily ascertainable market value , and the income generated from the Collateral is not part of the Collateral.  In the event of a foreclosure, liquidation, bankruptcy or similar proceeding, no assurance can be given that the proceeds from any sale or liquidation of the Collateral will be sufficient to pay AMERCO’s obligations under the notes, in full or at all. There also can be no assurance tha t the Collateral will be saleable and, even if saleable, the timing of its liquidation would be uncertain. Accordingly, there may not be sufficient Collateral to pay all or any of the amounts due on the notes. Any claim for the difference between the amoun t, if any, realized by holders of the notes from the sale of the Collateral and the obligations under the notes will rank equally in right of payment with all of AMERCO’s other unsecured unsubordinated indebtedness and other obligations, including trade pa yables. The trustee’s security interest and ability to foreclose could also be limited by the need to meet certain requirements of state and federal law .  If these requirements cannot be met , the security interests may be invalid and the holders of the not es will not be entitled to the Collateral or any recovery with respect ther eto.  These requirements may limit the number of potential bidders for the Collateral in any foreclosure and may delay any sale, which may have an adverse effect on the sale price o f the Collateral. Therefore, the practical value of r ealizing on the Collateral may be limited.

AMERCO has the right, in its sole discretion, to voluntarily make or cause to be made an unlimited number of Collateral substitutions, and to determine the val ue of the Replacement Collateral and the Released Collateral.

AMERCO has the right, in its sole discretion, to voluntarily make or cause to be made an unlimited number of Collateral substitutions and to determine the value of the Replacement Collateral and the Released Collateral.   AMERCO is not required to obtain the consent of the holders of the notes, the trustee or any third party to make a Collateral substitution, and neither the trustee nor any other third party will review or evaluate AMERCO’s determ ination of the value of the Replacement Collateral and the Released Collateral on your behalf. Any such determination by AMERCO will be final and binding on the trustee and the holders.  Therefore, although it is a condition of each Collateral substitution , there can be no assurance that the value of the Replacement Collateral will in actuality be at least 100% of the value of the Released Collateral, which could diminish the value of the Collateral securing the notes and impair your investment.

No appraisa l of the Collateral, including the Initial Collateral, has been or will be prepared by us or on our behalf in connection with this offering or any substitution of Collateral, and to the extent the Collateral constitutes equipment, its value is expected to depreciate.

No appraisal of the Collateral, including the Initial Collateral, has been or will be prepared by us or on our behalf in connection with this offering or any substitution of Collateral, and to the extent the Collateral

 


constitutes equipment, it s value is expected to depreciate.  The value of the Collateral will depend upon a number of factors, including market and economic conditions at the time, the availability of appropriate buyers and the extent of attrition, if any, with respect to the Coll ateral.  For these and other reasons, we cannot assure the holders of the notes that the proceeds of any sale of the Collateral, in the event of a foreclosure, insolvency proceeding, liquidation or otherwise, would be sufficient to satisfy, or would not be substantially less than, all of AMERCO’s obligations under the notes.  Moreover, to the extent the Collateral includes real property, no lender’s policy of title insurance, real property survey, zoning report, mortgage enforceability legal opinion, enviro nmental assessment or engineering study has been or will be obtained in connection with the offering. 

Although these notes are secured by the Collateral, they are effectively subordinated to AMERCO’s other existing or future secured indebtedness. 

Altho ugh these notes are secured by the Collateral, they are effectively subordinated to AMERCO’s other existing and future secured indebtedness, to the extent of the value of the assets securing such other indebtedness .  I n the event of a bankruptcy or s imilar proceeding involving AMERCO, any of AMERCO’s assets which serve as collateral for AMERCO’s existing or future secured indebtedness , other than the Collateral, will be available to satisfy the obligations under such secured indebtedness before any payments are made on the notes or AMERCO’s other unsecured indebtedness.  In the event that the value of the Collateral is insufficient to repay all amounts due on the notes, the holders of the notes would have “undersecured claims” through which they would only b e entitled to participate ratably with all holders of AMERCO’s other unsecured indebtedness, and potentially with all of AMERCO’s other general creditors, based upon the respective amounts owed to each holder or creditor, in AMERCO’s remaining assets.  In any of the foregoing events, AMERCO may not have sufficient assets to pay amounts due on the notes.  As a result, if holders of the notes receive any payments, they may receive less, ratably, than holders of any other secured indebtedness that AMERCO may incur.

The notes are only the obligations of AMERCO, and will not be guaranteed by any of AMERCO’s subsidiaries, including U-Haul.

The notes are only the obligations of AMERCO, and are not guaranteed by any of AMERCO’s subsidiaries, including U-Haul, throu gh which we conduct a substantial amount of our operations.  All of the obligations of our subsidiaries, including U-Haul, must be satisfied before any of the assets of such subsidiaries would be available for distribution, upon a liquidation or otherwise, to AMERCO or the holders of the notes.  This means that claims of holders of the notes will be structurally subordinated to the claims of existing and future creditors of AMERCO’s subsidiaries, including U-Haul.

The Collateral is subject to attrition, inc luding casualty risks, theft (to the extent the Collateral includes equipment) and condemnation (to the extent the Collateral includes real property), and we are under no obligation to maintain the condition of the Collateral or to replenish or replace dam aged, destroyed, condemned, stolen or taken Collateral.

We intend to maintain insurance or otherwise insure against hazards in a manner appropriate and customary for our business.  However, we may not maintain casualty insurance on the Collateral and there are certain other losses in our business that may be either uninsurable or not economically insurable, in whole or in part.  In the normal course of our business, to the extent the Collateral includes equipment, we anticipate that a significant amount of the Collateral will be lost through attrition, including due to casualty and theft, and to the extent the Collateral includes real property, it is subject to condemnation in whole or in part. We are under no obligation to replenish or replace damaged, dest royed, condemned, stolen or taken Collateral and we are not obligated to repay the notes in whole or in part as a result of such an occurrence.  A reduction in the size of the Collateral pool will reduce the value of the Collateral.  In addition, we are un der no obligation to maintain the Collateral in good condition, repair and working order, which could impair its value. 

 


 

The value of the Collateral is dependent upon, among other things, its continued integration in the U-Haul system.

Through the U-Hau l system, which involves the participation of numerous independent dealers and affiliates, we rent our moving and storage equipment. If the U-Haul system deteriorates, ceases or fails, and an alternative rental system is not available, or if the Collateral is removed from continuous integration in the U-Haul system, such as through the repossession and sale of the Collateral following a foreclosure on the Collateral, then we may not be able to rent or use the Collateral in an efficient and cost-effective ma nner and its value could be impaired.

The success of the U-Haul system is in part dependent on continued participation by our numerous independent dealers and affiliates.

As a part of the U-Haul system, we work with numerous independent dealers and affilia tes that provide retail outlets through which U-Haul rental equipment is rented to our customers.  Our contracts with these independent dealers contain provisions allowing the independent dealer to terminate the contract for any reason upon 30 days’ advanc e notice.  If a significant number of independent dealers were to terminate their contracts, it could adversely impact the U-Haul system and decrease our ability to rent equipment, which could impair our ability to repay the notes. 

Rights of holders of n otes may be adversely affected by the failure to perfect liens in the Collateral.

Pursuant to the terms of the financing documents , the Owner ha s granted a first-priority security interest in the Initial Collateral to the t rustee for the benefit of the ho lders. The servicer will be responsible for ensuring that perfection with respect to the Collateral has occurred and shall continue.  If, because of a clerical error, fraud, forgery or otherwise, the lien of the tr ustee is not properly reflected and filed, the t rustee will not have a perfected security interest in the Collateral and its security interest may be subordinate to the interests of certain third parties.   No legal opinions are being issued or obtained in connection with the enforceability or per fection of the Collateral documentation. Additionally, under federal law and the laws of many states, certain possessory liens, including mechanic’s liens, and certain tax liens may take priority over a perfected security interest in the Collateral .   Such failures may result in the loss of the practical benefits of the trustee’s first-priority lien on the Collateral.

The trustee (or its agent, nominee or nominee mortgagee or titleholder) is the only party with the ability to foreclose on the Collateral, an d certain laws and regulations may impose restrictions or limitations on foreclosure on the Collateral.

If AMERCO default s on the notes, the financing documents provide that the trustee (or its agent, nominee or nominee mortgagee or titleholder) is the onl y party with the ability to foreclose on, repo s sess and sell the Collateral, and no individual holder of notes may do so independently.  The trustee’s ability to foreclose on the Collateral on behalf of the holders may also be subject to state law requirem ents and practical problems associated with the realization of the trustee’s security interest or lien on the Collateral, including locating the Collateral, which will likely be disbursed throughout the U.S. and Canada, as well as cure rights, foreclosing on the Collateral within the time periods permitted by third parties or prescribed by laws, obtaining third party consents, making additional filings and obtaining necessary approvals from governmental entities.  Therefore, we cannot assure you that forecl osure on the Collateral will be straightforward or expeditious, which may impair the value of the Collateral. Certain provisions of the financing documents may also restrict the trustee’s, or its agent’s or nominee’s ability to foreclose on the Collateral.  

 


The ability to foreclose on the Collateral may be adversely affected by bankruptcy proceedings.

If AMERCO default s on the notes, the ability to foreclose on, repossess and sell the Collateral may be signifi cantly impaired by federal bank ruptcy law if bankruptcy proceedings are commenced by or against AMERCO prior to or possibly even after the trustee has repossessed and disposed of the Collateral.  Under the U.S. Bankruptcy Code, a secured creditor, such as the trustee for the notes, is p rohibited from repossessing its security from a debtor in a bankruptcy case, or from disposing of security repossessed from a debtor, without bankruptcy court approval. Moreover, bankruptcy law would permit AMERCO, as the debtor , to continue to retain and use the Collateral, and the proceeds, products, rents, or profits of the Collateral, even though AMERCO could be in default under the financing documents , provided that the trustee were given “adequate protection”. The meaning of the term adequate protec tion may vary according to circumstances, but it is intended in general to protect the value of a secured creditor's interest in c ollateral and may include cash payments or the granting of additional security, if and at such time as the court in its discr etion determines, for any diminution in the value of such collateral as a result of the stay of repossession or disposition or any use of such collateral by the debtor during the pendency of the bankruptcy case. In view of the broad discretionary powers o f a bankruptcy court, it is impossible to predict how long payments under the notes could be delayed following commencement of a bankruptcy case, whether or when the trustee would repossess or dispose of the Collateral, or whether or to what extent holders of the notes would be compensated for any delay in payment of loss of value of the Collateral through the requirements of “adequate protection.” Furthermore, in the event the bankruptcy court determines that the value of the Collateral is not sufficient t o repay all amounts due on the notes, the holders of the notes would have undersecured claims as to the difference. Federal bankruptcy laws do not permit the payment or accrual of interest, costs, and attorneys' fees for undersecured claims durin g the debtor's bankruptcy case.

The notes are not insured or guaranteed by the FDIC.

The notes ar e not savings accounts, deposit accounts or money market funds, and are not guaranteed or insured by the FDIC, the Federal Reserve or any other governmental agency.

AMERCO may redeem the notes at any time without penalty, but AMERCO is under no obligation to do so.

Under the terms of the financing documents, the notes may be redeemed by AMERCO in its sole discretion at any time, in whole or in part, without penalty, premium or fee, at a price equal to 100% of the principal amount then outstanding, plus accrued and unpaid interest, if any, t hrough the date of redemption .  In such event, holders would not receive all of the interest payments that holders originally expe cted .   However, AMERCO is under no obligation to redeem the notes in whole or in part under any circumstances.  Accordingly, investors must be prepared to hold the notes until the maturity date. 

Our subsidiaries, affiliates, directors, officers, controlling stockholders and employees have the right to purchase an unlimited number of notes in the offering.

Our subsidiaries, affiliates, directors, officers, controlling stockholders and employees have the right to purchase an unlimited number of note s in the offering.  If these parties end up owning a majority of the notes outstanding, we and they could exert significant influence with respect to a variety of matters affecting the notes under the financing documents, including the ability to waive an event of default, amend the notes or enforce or waive rights related to the notes and the Collateral.

No underwriter or other third-party has been engaged to facilitate the sale of the notes in this offering.

In many public offerings, an experienced under writer or other third party, such as a placement agent, is engaged to facilitate the sale of an issuer’s securities by, among other things, helping develop and negotiate the terms of the offering, the terms of the securities and the documents governing the securities

 


and conducting due diligence with respect to the issuer, its affiliates and/or their respective assets . In such circumstances, an underwriter’s participation can lead to offering and securities terms that are more favorable to the purchasers of the securities.  No underwriter or other third-party has been engaged to facilitate the sale of the notes in this offering, the terms of which were developed solely by us and not with the input of any representative acting in your best interest.   It is yo ur responsibility to determine if the terms of this offering and the notes meet your investment needs.

Risks Related to the U-Haul Investors Club

The notes are being issued in uncertificated book-entry form only and exclusively serviced by U-Haul, AMERCO’ s subsidiary.

The notes are being issued in uncertificated book-entry form only through the U-Haul Investors Club website and exclusively serviced by U-Haul, AMERCO’s subsidiary (in such capacity, the “servicer”), or its designee.  In this capacity, among other duties, the servicer will record and file Collateral perfection documents as appropriate, credit principal and interest into the U-Haul Investors Club accounts maintained by each holder, perform recordkeeping and registrar services and electronically receive and deliver all documents, statements and communications related to the offering, the notes and the U-Haul Investors Club.  No assurance can be given that the servicer will be able to adequately fulfill its servicing obligations with respect to th e notes.  Additionally, because the notes are being serviced by U-Haul instead of by a neutral third party, this may present a conflict of interest if a dispute regarding the servicing of the notes arises with the holders of the notes.

One or more signific ant disruptions in service on the U-Haul Investors Club website could significantly inhibit the servicer’s ability to effectively service the notes and impair the U-Haul Investors Club.

The servicer will service the notes through the U-Haul Investors Club website.  Therefore, the satisfactory performance, reliability and availability of the U-Haul Investors Club website and our technology and underlying network infrastructure will be critical to the servicer’s ability to effectively service the notes, and t o the viability of the U-Haul Investors Club.  One or more significant disruptions in service on the U-Haul Investors Club website , whether as a result of us, any third party that we retain to perform website hosting or backup functions or events that are outside of our control, such as computer viruses or power or Internet-telecommunications failures, could significantly inhibit the servicer’s ability to effectively service the notes , including processing and crediting of principal and interest into the ap propriate U-Haul Investors Club accounts in a timely manner, and impair the viability of the U-Haul Investors Club .

Through the U-Haul Investors Club, we will rely on a third-party commercial bank to process transactions between U-Haul Investors Club membe r accounts and their linked outside bank accounts.

Because we are not a bank, we cannot belong to and directly access the Automated Clearing House (“ACH”) payment network.  As a result, we will rely on an FDIC-insured depository institution to process U-Ha ul Investors Club transactions between U-Haul Investors Club member accounts and their linked U.S. bank accounts.  If we fail to obtain such services from such an institution or elsewhere, or if we cannot transition to another processor quickly, our abilit y to process payments will suffer and our ability to fund the offering, as well your ability to transfer principal and interest payments on the notes from your U-Haul Investors Club account to your outside bank accounts, may be impaired.

USE OF PROCEEDS

As suming the notes in this offering are fully subscribed, AMERCO expects to receive net proceeds from this offering of approximately $11,069,500, after deducting estimated expenses payable by it.

 


AMERCO intends to use the net proceeds from this offering to reimburse its subsidiaries and affili ates for the cost of production of the Collateral, and for o ther general corporate purposes .

RATIO OF EARNINGS TO FIXED CHARGES

Set forth below is our ratio of earnings to fixed charges for the six months ended September 30, 2013 and for each year in the five year period ended March 31, 2013.  Earnings consist of earnings before interest expense and lease expense.  Fixed charges consist of interest expense and an estimate of the portion of lease expense related t o the interest component.

 

Six Months Ended

Year Ended March 31,

September 30, 2013

2013

2012

2011

2010

2009

7.1x

4.1x

3.4x

3.1x

1.7x

1.1x

 

Since we had no preferred stock outstanding during any of the periods presented, the ratios of earnings to fixed charges and the ratios of earnings to combined fixed charges and preferred dividends are the same.

DESCRIPTION OF NOTES

The following description is a summary of the material p rovisions of the notes and the financing documents under which the notes are be ing issued .  Each of the financing documents and the notes that will be executed and delivered upon the issuance date , and not the description of the financing documents and the notes in this prospectus supplement, defines your rights as holders of the not es.  Copies of the financing documents will be available electronically through the U-Haul Investors Club website.  You may also request electronic copies of the financing documents from AMERCO as indicated under “Where You Can Find More Information” in th is prospectus supplement.

Brief Description of the Notes

The notes are:

         being issued over a period of time and from time to time, in up to nine separate series, with each series having one or more separate sub-series bearing a unique interest rate and term as provided herein.  As notes are offered, prospective investors shall have the opportunity to select the series and sub-series of notes for which such prospective investor is subscribing. 

         being issued under a base indenture entered into between AMERCO and the trustee, an indenture supplement between AMERCO and the trustee, and a pledge and security agreement among AMERCO, the trustee and the Owner (collectively, and together with an y other instruments and documents executed and delivered pursuant to the foregoing documents, as the same may be amended, supplemented or otherwise modified from time to time , the “financing documents”);

         AMERCO’s obligations only, and not guaranteed by any of AMERCO’s subsidiaries, and therefore are structurall y subordinated to the claims of existing and future creditors of AMERCO’s subsidiaries, including U-Haul ;

         obligations of AMERCO, secured by a first-priority lien on the Collateral;

         ranked equally among themselves; and

 


         being issued by AMERCO in uncertificat ed book-entry form only.

The notes will not be listed on any securities exchange.  There is no market for the notes.

Principal, Maturity and Interest ; Amortization Schedule

The notes are secured debt securities under the financing documents and are limite d to the aggregate principal amount identified above.  The notes will be issued over a period of time and from time to time, in up to nine separate series (Series UIC- 14C, 15C, 16C, 17C, 18C, 19C, 20C, 21C, and 22C), with each series having one or more se parate sub-series bearing a unique interest rate and term as follows:  

- All sub-series of notes with a 3-year term shall bear interest at 3.75% per annum

- All sub-series of notes with a 4-year term shall bear interest at 4.27% per annum

- All sub-serie s of notes with a 5-year term shall bear interest at 4.80% per annum

- All sub-series of notes with a 6-year term shall bear interest at 5.32% per annum

- All sub-series of notes with a 7-year term shall bear interest at 5.85% per annum

- All sub-series of notes with a 8-year term shall bear interest at 6.37% per annum

- All sub-series of notes with a 9-year term shall bear interest at 6.51% per annum

- All sub-series of notes secured by equipment with a 10-year term shall bear interest at 6.65% per annum

- All sub-series of notes secured by real property with a 10-year term shall bear interest at 6.60% per annum

- All sub-series of notes with a 15-year term shall bear interest at 6.90% per annum

- All sub-series of notes with a 20-year term shall bear inte rest at 7.20% per annum

- All sub-series of notes with a 25-year term shall bear interest at 7.50% per annum

 

As notes are offered, p rospective investors shall have the opportunity to select the series and sub-series of notes for which such prospective investor is subscribing. 

The notes issued under Series UIC-14C are secured by a first-priority lien on a pool of U-Haul AO Trailers ma nufactured in fiscal year 2000 (the “AO Trailers”).  For each $ 1,000 invested with us in the notes under Series UIC- 14C , we will pledge to the trustee, for the benefit of the noteholders, one AO Trailer .

The notes issued under Series UIC-15C are secured by a first priority lien on a pool of AV Trailers manufactured between fiscal years 1991 and 2004 (the “AV Trailers”). For each $ 1,000 invested with us in the notes under Series UIC- 15C , we will pledge to the trustee, for the benefit of the noteholders, one AV Trailer .

The notes issued under Series UIC-16C are secured by a first priority lien on a pool of U-Haul RV Trailers manufactured between fiscal years 1993 and 2001 (the “RV Trailers”).  For each $ 1,600 invested with us in the notes under Series UIC- 16C , we will pledge to the trustee, for the benefit of the noteholders, one RV Trailer .

The notes issued under Series UIC-17C are secured by a first priority lien on a pool of U-Haul FS Trailers manufactured between fiscal years 2008 and 2009 (the “FS Trailer s”).  For each $ 1,000 invested with us in the notes under Series UIC- 17C , we will pledge to the trustee, for the benefit of the noteholders, one FS Trailer .

The notes issued under Series UIC-18C are secured by a first priority lien on a pool of U-Haul DC T rucks manufactured between fiscal years 2007 and 2008 (the “DC Trucks”).  For each $ 5,300 invested with us in the notes under Series UIC- 18C , we will pledge to the trustee, for the benefit of the noteholders, one DC Truck .

The notes issued under Series UIC -19C are secured by a first priority lien on the real property and improvements thereon known as U-Haul of Hayward, located in Hayward, California (the “Hayward Property”).  Once $100 has been invested with us in notes under Series UIC-19C, we will grant to the

 


trustee for the benefit of the noteholders, a mortgage or deed of trust lien (as appropriate in the respective jurisdiction where such property is located) on the Hayward Property .  

The notes issued under Series UIC-20C are secured by a first prio rity lien on the real property and improvements thereon known as U-Haul of Van Buren, located in Riverside, California (the “Van Buren Property”).  Once $100 has been invested with us in notes under Series UIC-20C, we will grant to the trustee for the ben efit of the noteholders, a mortgage or deed of trust lien (as appropriate in the respective jurisdiction where such property is located) on the Van  Buren Property .  

The notes issued under Series UIC-21C are secured by a first priority lien on the real p roperty and improvements thereon known as U-Haul of Tully Road, located in San Jose, California (the “Tully Road Property”). Once $100 has been invested with us in notes under Series UIC-21C, we will grant to the trustee for the benefit of the noteholders , a mortgage or deed of trust lien (as appropriate in the respective jurisdiction where such property is located) on the Tully Road Property .  

The notes issued under Series UIC-22C are secured by a first priority lien on the real property and improvement s thereon known as U-Haul at Spruce Hills, located in Bettendorf, Iowa (the “Spruce Hills Property”). Once $100 has been invested with us in notes under Series UIC-22C, we will grant to the trustee for the benefit of the noteholders, a mortgage or deed of trust lien (as appropriate in the respective jurisdiction where such property is located) on the Spruce hills Property .  

The notes are being issue d in minimum denominations of $100 and integral multiples of $ 100 thereof.

The respective notes accrue interest at the interest rates identified above, commencing as of the issue date.  Interest on the notes is computed on the basis of a 360-day year comprised of twelve 30-day months.

The notes are fully amortizing.  Payments of principal and the accrued interest will be credited to the respective holder’s U-Haul Investors Club account, in arrears every three months, commencing three months from the issue date and ending on the maturity date, as reflected in the following payment schedules; provided, however , principal and interest payments with respect to notes issued under Series UIC-19C, 20C, 21C, and 22C will be credited to such holder’s U-Haul Investors Club™ account in arrears three months from the issue date of the first sub series of notes issued to any investor under such respective Series, and shall be based on the actual number of days the holder is invested in such notes during such quarter.  Interest on the notes is calculated based upon the outstanding balance of the no tes at the time interest is due. 

The following schedules illustrate investments of $100 in each of the sub-series of the notes which may be issued under series UIC- 14C, 15C, 16C, 17C, 18C, 19C, 20C, 21C, and 22C.

Notes accruing at 3.75%, 3 year maturity :

Payment Number

U-Note Balance

Principal

Interest

Payout

1

$100.00

$7.91

$0.94

$8.85

2

$92.09

$7.99

$0.86

$8.85

3

$84.10

$8.06

$0.79

$8.85

4

$76.04

$8.14

$0.71

$8.85

5

$67.90

$8.21

$0.64

$8.85

6

$59.69

$8.29

$0.56

$8.85

7

$51.40

$8.37

$0.48

$8.85

8

$43.03

$8.45

$0.40

$8.85

9

$34.58

$8.53

$0.32

$8.85

10

$26.05

$8.61

$0.24

$8.85

11

$17.44

$8.68

$0.16

$8.84

12

$8.76

$8.76

$0.08

$8.84

Total

 

$100.00

$6.18

$106.18

Notes accruing at 4.27 %, 4 year maturity :

Payment Number

U-Note Balance

Principal

Interest

Payout

1

$100.00

$5.76

$1.07

$6.83

2

$94.24

$5.82

$1.01

$6.83

3

$88.42

$5.89

$0.94

$6.83

 


 

Payment Number

U-Note Balance

Principal

Interest

Payout

4

$82.53

$5.95

$0.88

$6.83

5

$76.58

$6.01

$0.82

$6.83

6

$70.57

$6.08

$0.75

$6.83

7

$64.49

$6.14

$0.69

$6.83

8

$58.35

$6.21

$0.62

$6.83

9

$52.14

$6.27

$0.56

$6.83

10

$45.87

$6.35

$0.49

$6.84

11

$39.52

$6.41

$0.42

$6.83

12

$33.11

$6.49

$0.35

$6.84

13

$26.62

$6.55

$0.28

$6.83

14

$20.07

$6.62

$0.21

$6.83

15

$13.45

$6.69

$0.14

$6.83

16

$6.76

$6.76

$0.07

$6.83

Total

 

$100.00

$9.30

$109.30

Notes accruing at 4.80 %, 5 year maturity :

Payment Number

U-Note Balance

Principal

Interest

Payout

1

$100.00

$4.45

$1.20

$5.65

2

$95.55

$4.50

$1.15

$5.65

3

$91.05

$4.56

$1.09

$5.65

4

$86.49

$4.61

$1.04

$5.65

5

$81.88

$4.68

$0.98

$5.66

6

$77.20

$4.72

$0.93

$5.65

7

$72.48

$4.79

$0.87

$5.66

8

$67.69

$4.84

$0.81

$5.65

9

$62.85

$4.90

$0.75

$5.65

10

$57.95

$4.96

$0.70

$5.66

11

$52.99

$5.01

$0.64

$5.65

12

$47.98

$5.08

$0.58

$5.66

13

$42.90

$5.15

$0.51

$5.66

14

$37.75

$5.20

$0.45

$5.65

15

$32.55

$5.27

$0.39

$5.66

16

$27.28

$5.32

$0.33

$5.65

17

$21.96

$5.40

$0.26

$5.66

18

$16.56

$5.45

$0.20

$5.65

19

$11.11

$5.53

$0.13

$5.66

20

$5.58

$5.58

$0.07

$5.65

Total

 

$100.00

$13.08

$113.08

Notes accruing at 5.32 %, 6 year maturity :

Payment Number

U-Note Balance

Principal

Interest

Payout

1

$100.00

$3.56

$1.33

$4.89

2

$96.44

$3.61

$1.28

$4.89

3

$92.83

$3.66

$1.23

$4.89

4

$89.17

$3.70

$1.19

$4.89

5

$85.47

$3.76

$1.14

$4.90

6

$81.71

$3.81

$1.09

$4.90

7

$77.90

$3.86

$1.04

$4.90

8

$74.04

$3.91

$0.98

$4.89

9

$70.13

$3.96

$0.93

$4.89

10

$66.17

$4.02

$0.88

$4.90

11

$62.15

$4.06

$0.83

$4.89

12

$58.09

$4.13

$0.77

$4.90

 


 


 

Payment Number

U-Note Balance

Principal

Interest

Payout

13

$53.96

$4.17

$0.72

$4.89

14

$49.79

$4.24

$0.66

$4.90

15

$45.55

$4.28

$0.61

$4.89

16

$41.27

$4.35

$0.55

$4.90

17

$36.92

$4.41

$0.49

$4.90

18

$32.51

$4.46

$0.43

$4.89

19

$28.05

$4.53

$0.37

$4.90

20

$23.52

$4.58

$0.31

$4.89

21

$18.94

$4.64

$0.25

$4.89

22

$14.30

$4.70

$0.19

$4.89

23

$9.60

$4.77

$0.13

$4.90

24

$4.83

$4.83

$0.06

$4.89

Total

 

$100.00

$17.46

$117.46

Notes accruing at 5.85 %, 7 year maturity :

Payment Number

U-Note Balance

Principal

Interest

Payout

1

$100.00

$2.92

$1.46

$4.38

2

$97.08

$2.96

$1.42

$4.38

3

$94.12

$3.00

$1.38

$4.38

4

$91.12

$3.05

$1.33

$4.38

5

$88.07

$3.09

$1.29

$4.38

6

$84.98

$3.14

$1.24

$4.38

7

$81.84

$3.18

$1.20

$4.38

8

$78.66

$3.23

$1.15

$4.38

9

$75.43

$3.28

$1.10

$4.38

10

$72.15

$3.32

$1.06

$4.38

11

$68.83

$3.37

$1.01

$4.38

12

$65.46

$3.42

$0.96

$4.38

13

$62.04

$3.47

$0.91

$4.38

14

$58.57

$3.52

$0.86

$4.38

15

$55.05

$3.57

$0.81

$4.38

16

$51.48

$3.63

$0.75

$4.38

17

$47.85

$3.68

$0.70

$4.38

18

$44.17

$3.73

$0.65

$4.38

19

$40.44

$3.79

$0.59

$4.38

20

$36.65

$3.84

$0.54

$4.38

21

$32.81

$3.90

$0.48

$4.38

22

$28.91

$3.96

$0.42

$4.38

23

$24.95

$4.01

$0.36

$4.37

24

$20.94

$4.06

$0.31

$4.37

25

$16.88

$4.13

$0.25

$4.38

26

$12.75

$4.18

$0.19

$4.37

27

$8.57

$4.25

$0.13

$4.38

28

$4.32

$4.32

$0.06

$4.38

Total

 

$100.00

$22.61

$122.61

Notes accruing at 6.37 %, 8 year maturity :

Payment Number

U-Note Balance

Principal

Interest

Payout

1

$100.00

$2.42

$1.59

$4.01

2

$97.58

$2.46

$1.55

$4.01

3

$95.12

$2.50

$1.51

$4.01

4

$92.62

$2.54

$1.47

$4.01

5

$90.08

$2.58

$1.43

$4.01

6

$87.50

$2.62

$1.39

$4.01

7

$84.88

$2.66

$1.35

$4.01

8

$82.22

$2.70

$1.31

$4.01

 

 


Payment Number

U-Note Balance

Principal

Interest

Payout

9

$79.52

$2.74

$1.27

$4.01

10

$76.78

$2.79

$1.22

$4.01

11

$73.99

$2.83

$1.18

$4.01

12

$71.16

$2.88

$1.13

$4.01

13

$68.28

$2.92

$1.09

$4.01

14

$65.36

$2.97

$1.04

$4.01

15

$62.39

$3.02

$0.99

$4.01

16

$59.37

$3.06

$0.95

$4.01

17

$56.31

$3.11

$0.90

$4.01

18

$53.20

$3.17

$0.85

$4.02

19

$50.03

$3.21

$0.80

$4.01

20

$46.82

$3.27

$0.75

$4.02

21

$43.55

$3.33

$0.69

$4.02

22

$40.22

$3.37

$0.64

$4.01

23

$36.85

$3.43

$0.59

$4.02

24

$33.42

$3.49

$0.53

$4.02

25

$29.93

$3.53

$0.48

$4.01

26

$26.40

$3.60

$0.42

$4.02

27

$22.80

$3.65

$0.36

$4.01

28

$19.15

$3.71

$0.30

$4.01

29

$15.44

$3.76

$0.25

$4.01

30

$11.68

$3.83

$0.19

$4.02

31

$7.85

$3.89

$0.13

$4.02

32

$3.96

$3.96

$0.06

$4.02

Total

 

$100.00

$28.41

$128.41

Notes accruing at 6.51 %, 9 year maturity :

Payment Number

U-Note Balance

Principal

Interest

Payout

1

$100.00

$2.06

$1.63

$3.69

2

$97.94

$2.10

$1.59

$3.69

3

$95.84

$2.13

$1.56

$3.69

4

$93.71

$2.16

$1.53

$3.69

5

$91.55

$2.20

$1.49

$3.69

6

$89.35

$2.24

$1.45

$3.69

7

$87.11

$2.27

$1.42

$3.69

8

$84.84

$2.31

$1.38

$3.69

9

$82.53

$2.35

$1.34

$3.69

10

$80.18

$2.39

$1.30

$3.69

11

$77.79

$2.42

$1.27

$3.69

12

$75.37

$2.46

$1.23

$3.69

13

$72.91

$2.50

$1.19

$3.69

14

$70.41

$2.54

$1.15

$3.69

15

$67.87

$2.59

$1.10

$3.69

16

$65.28

$2.63

$1.06

$3.69

17

$62.65

$2.68

$1.02

$3.70

18

$59.97

$2.71

$0.98

$3.69

19

$57.26

$2.77

$0.93

$3.70

20

$54.49

$2.80

$0.89

$3.69

21

$51.69

$2.86

$0.84

$3.70

22

$48.83

$2.91

$0.79

$3.70

23

$45.92

$2.94

$0.75

$3.69

24

$42.98

$2.99

$0.70

$3.69

25

$39.99

$3.05

$0.65

$3.70

26

$36.94

$3.09

$0.60

$3.69

27

$33.85

$3.15

$0.55

$3.70

28

$30.70

$3.19

$0.50

$3.69

29

$27.51

$3.25

$0.45

$3.70

 


 

Payment Number

U-Note Balance

Principal

Interest

Payout

30

$24.26

$3.30

$0.39

$3.69

31

$20.96

$3.35

$0.34

$3.69

32

$17.61

$3.41

$0.29

$3.70

33

$14.20

$3.47

$0.23

$3.70

34

$10.73

$3.52

$0.17

$3.69

35

$7.21

$3.57

$0.12

$3.69

36

$3.64

$3.64

$0.06

$3.70

Total

 

$100.00

$32.94

$132.94

Notes accruing at 6.65 %, 10 year maturity (Equipment Collateral) :

Payment Number

U-Note Balance

Principal

Interest

Payout

1

$100.00

$1.78

$1.66

$3.44

2

$98.22

$1.81

$1.63

$3.44

3

$96.41

$1.84

$1.60

$3.44

4

$94.57

$1.87

$1.57

$3.44

5

$92.70

$1.90

$1.54

$3.44

6

$90.80

$1.93

$1.51

$3.44

7

$88.87

$1.96

$1.48

$3.44

8

$86.91

$2.00

$1.44

$3.44

9

$84.91

$2.03

$1.41

$3.44

10

$82.88

$2.06

$1.38

$3.44

11

$80.82

$2.10

$1.34

$3.44

12

$78.72

$2.13

$1.31

$3.44

13

$76.59

$2.17

$1.27

$3.44

14

$74.42

$2.20

$1.24

$3.44

15

$72.22

$2.24

$1.20

$3.44

16

$69.98

$2.28

$1.16

$3.44

17

$67.70

$2.31

$1.13

$3.44

18

$65.39

$2.35

$1.09

$3.44

19

$63.04

$2.39

$1.05

$3.44

20

$60.65

$2.44

$1.01

$3.45

21

$58.21

$2.48

$0.97

$3.45

22

$55.73

$2.51

$0.93

$3.44

23

$53.22

$2.57

$0.88

$3.45

24

$50.65

$2.60

$0.84

$3.44

25

$48.05

$2.64

$0.80

$3.44

26

$45.41

$2.70

$0.75

$3.45

27

$42.71

$2.73

$0.71

$3.44

28

$39.98

$2.79

$0.66

$3.45

29

$37.19

$2.82

$0.62

$3.44

30

$34.37

$2.87

$0.57

$3.44

31

$31.50

$2.93

$0.52

$3.45

32

$28.57

$2.97

$0.47

$3.44

33

$25.60

$3.01

$0.43

$3.44

34

$22.59

$3.07

$0.38

$3.45

35

$19.52

$3.13

$0.32

$3.45

36

$16.39

$3.17

$0.27

$3.44

37

$13.22

$3.22

$0.22

$3.44

38

$10.00

$3.27

$0.17

$3.44

39

$6.73

$3.34

$0.11

$3.45

40

$3.39

$3.39

$0.06

$3.45

Total

 

$100.00

$37.70

$137.70

 

 


Notes accruing at 6.60 %, 10 year maturity (Real Property Collateral) :

Payment Number

U-Note Balance

Principal

Interest

Payout

1

$100.00

$1.78

$1.65

$3.43

2

$98.22

$1.82

$1.62

$3.44

3

$96.40

$1.84

$1.59

$3.43

4

$94.56

$1.88

$1.56

$3.44

5

$92.68

$1.90

$1.53

$3.43

6

$90.78

$1.94

$1.50

$3.44

7

$88.84

$1.96

$1.47

$3.43

8

$86.88

$2.01

$1.43

$3.44

9

$84.87

$2.04

$1.40

$3.44

10

$82.83

$2.06

$1.37

$3.43

11

$80.77

$2.11

$1.33

$3.44

12

$78.66

$2.13

$1.30

$3.43

13

$76.53

$2.18

$1.26

$3.44

14

$74.35

$2.20

$1.23

$3.43

15

$72.15

$2.25

$1.19

$3.44

16

$69.90

$2.28

$1.15

$3.43

17

$67.62

$2.31

$1.12

$3.43

18

$65.31

$2.36

$1.08

$3.44

19

$62.95

$2.40

$1.04

$3.44

20

$60.55

$2.44

$1.00

$3.44

21

$58.11

$2.47

$0.96

$3.43

22

$55.64

$2.52

$0.92

$3.44

23

$53.12

$2.56

$0.88

$3.44

24

$50.56

$2.61

$0.83

$3.44

25

$47.95

$2.64

$0.79

$3.43

26

$45.31

$2.68

$0.75

$3.43

27

$42.63

$2.74

$0.70

$3.44

28

$39.89

$2.77

$0.66

$3.43

29

$37.12

$2.83

$0.61

$3.44

30

$34.29

$2.86

$0.57

$3.43

31

$31.43

$2.92

$0.52

$3.44

32

$28.51

$2.96

$0.47

$3.43

33

$25.55

$3.02

$0.42

$3.44

34

$22.53

$3.06

$0.37

$3.43

35

$19.47

$3.11

$0.32

$3.43

36

$16.36

$3.17

$0.27

$3.44

37

$13.19

$3.21

$0.22

$3.43

38

$9.98

$3.28

$0.16

$3.44

39

$6.70

$3.32

$0.11

$3.43

40

$3.38

$3.38

$0.06

$3.44

Total

 

$100.00

$37.41

$137.41

Notes accruing at 6.90 %, 15 year maturity :

Payment Number

U-Note Balance

Principal

Interest

Payout

1

$100.00

$0.96

$1.73

$2.69

2

$99.04

$0.98

$1.71

$2.69

3

$98.06

$1.00

$1.69

$2.69

4

$97.06

$1.02

$1.67

$2.69

5

$96.04

$1.03

$1.66

$2.69

6

$95.01

$1.05

$1.64

$2.69

7

$93.96

$1.07

$1.62

$2.69

8

$92.89

$1.09

$1.60

$2.69

 

 


Payment Number

U-Note Balance

Principal

Interest

Payout

9

$91.80

$1.11

$1.58

$2.69

10

$90.69

$1.13

$1.56

$2.69

11

$89.56

$1.15

$1.54

$2.69

12

$88.41

$1.16

$1.53

$2.69

13

$87.25

$1.18

$1.51

$2.69

14

$86.07

$1.21

$1.48

$2.69

15

$84.86

$1.23

$1.46

$2.69

16

$83.63

$1.25

$1.44

$2.69

17

$82.38

$1.27

$1.42

$2.69

18

$81.11

$1.29

$1.40

$2.69

19

$79.82

$1.31

$1.38

$2.69

20

$78.51

$1.34

$1.35

$2.69

21

$77.17

$1.36

$1.33

$2.69

22

$75.81

$1.38

$1.31

$2.69

23

$74.43

$1.41

$1.28

$2.69

24

$73.02

$1.43

$1.26

$2.69

25

$71.59

$1.46

$1.23

$2.69

26

$70.13

$1.48

$1.21

$2.69

27

$68.65

$1.51

$1.18

$2.69

28

$67.14

$1.53

$1.16

$2.69

29

$65.61

$1.56

$1.13

$2.69

30

$64.05

$1.58

$1.10

$2.68

31

$62.47

$1.60

$1.08

$2.68

32

$60.87

$1.64

$1.05

$2.69

33

$59.23

$1.67

$1.02

$2.69

34

$57.56

$1.69

$0.99

$2.68

35

$55.87

$1.72

$0.96

$2.68

36

$54.15

$1.75

$0.93

$2.68

37

$52.40

$1.78

$0.90

$2.68

38

$50.62

$1.81

$0.87

$2.68

39

$48.81

$1.85

$0.84

$2.69

40

$46.96

$1.87

$0.81

$2.68

41

$45.09

$1.90

$0.78

$2.68

42

$43.19

$1.94

$0.75

$2.69

43

$41.25

$1.98

$0.71

$2.69

44

$39.27

$2.00

$0.68

$2.68

45

$37.27

$2.05

$0.64

$2.69

46

$35.22

$2.07

$0.61

$2.68

47

$33.15

$2.12

$0.57

$2.69

48

$31.03

$2.14

$0.54

$2.68

49

$28.89

$2.19

$0.50

$2.69

50

$26.70

$2.23

$0.46

$2.69

51

$24.47

$2.27

$0.42

$2.69

52

$22.20

$2.30

$0.38

$2.68

53

$19.90

$2.34

$0.34

$2.68

54

$17.56

$2.38

$0.30

$2.68

55

$15.18

$2.42

$0.26

$2.68

56

$12.76

$2.47

$0.22

$2.69

57

$10.29

$2.50

$0.18

$2.68

58

$7.79

$2.56

$0.13

$2.69

59

$5.23

$2.59

$0.09

$2.68

 

 


Payment Number

U-Note Balance

Principal

Interest

Payout

60

$2.64

$2.64

$0.05

$2.69

Total

 

$100.00

$61.22

$161.22

 

 

 

 

 

Notes accruing at 7.20 %, 20 year maturity :

Payment Number

U-Note Balance

Principal

Interest

Payout

1

$100.00

$0.57

$1.80

$2.37

2

$99.43

$0.58

$1.79

$2.37

3

$98.85

$0.59

$1.78

$2.37

4

$98.26

$0.60

$1.77

$2.37

5

$97.66

$0.61

$1.76

$2.37

6

$97.05

$0.62

$1.75

$2.37

7

$96.43

$0.63

$1.74

$2.37

8

$95.80

$0.65

$1.72

$2.37

9

$95.15

$0.66

$1.71

$2.37

10

$94.49

$0.67

$1.70

$2.37

11

$93.82

$0.68

$1.69

$2.37

12

$93.14

$0.69

$1.68

$2.37

13

$92.45

$0.71

$1.66

$2.37

14

$91.74

$0.72

$1.65

$2.37

15

$91.02

$0.73

$1.64

$2.37

16

$90.29

$0.74

$1.63

$2.37

17

$89.55

$0.76

$1.61

$2.37

18

$88.79

$0.77

$1.60

$2.37

19

$88.02

$0.79

$1.58

$2.37

20

$87.23

$0.80

$1.57

$2.37

21

$86.43

$0.81

$1.56

$2.37

22

$85.62

$0.83

$1.54

$2.37

23

$84.79

$0.84

$1.53

$2.37

24

$83.95

$0.86

$1.51

$2.37

25

$83.09

$0.87

$1.50

$2.37

26

$82.22

$0.89

$1.48

$2.37

27

$81.33

$0.91

$1.46

$2.37

28

$80.42

$0.92

$1.45

$2.37

29

$79.50

$0.94

$1.43

$2.37

30

$78.56

$0.96

$1.41

$2.37

31

$77.60

$0.97

$1.40

$2.37

32

$76.63

$0.99

$1.38

$2.37

33

$75.64

$1.01

$1.36

$2.37

34

$74.63

$1.03

$1.34

$2.37

35

$73.60

$1.05

$1.32

$2.37

36

$72.55

$1.06

$1.31

$2.37

37

$71.49

$1.08

$1.29

$2.37

38

$70.41

$1.10

$1.27

$2.37

39

$69.31

$1.12

$1.25

$2.37

40

$68.19

$1.14

$1.23

$2.37

41

$67.05

$1.16

$1.21

$2.37

42

$65.89

$1.18

$1.19

$2.37

43

$64.71

$1.21

$1.16

$2.37

44

$63.50

$1.23

$1.14

$2.37

45

$62.27

$1.25

$1.12

$2.37

 


 

Payment Number

U-Note Balance

Principal

Interest

Payout

46

$61.02

$1.27

$1.10

$2.37

47

$59.75

$1.28

$1.08

$2.36

48

$58.47

$1.32

$1.05

$2.37

49

$57.15

$1.33

$1.03

$2.36

50

$55.82

$1.37

$1.00

$2.37

51

$54.45

$1.38

$0.98

$2.36

52

$53.07

$1.41

$0.96

$2.37

53

$51.66

$1.44

$0.93

$2.37

54

$50.22

$1.46

$0.90

$2.36

55

$48.76

$1.48

$0.88

$2.36

56

$47.28

$1.52

$0.85

$2.37

57

$45.76

$1.54

$0.82

$2.36

58

$44.22

$1.56

$0.80

$2.36

59

$42.66

$1.60

$0.77

$2.37

60

$41.06

$1.63

$0.74

$2.37

61

$39.43

$1.66

$0.71

$2.37

62

$37.77

$1.68

$0.68

$2.36

63

$36.09

$1.72

$0.65

$2.37

64

$34.37

$1.74

$0.62

$2.36

65

$32.63

$1.78

$0.59

$2.37

66

$30.85

$1.81

$0.56

$2.37

67

$29.04

$1.85

$0.52

$2.37

68

$27.19

$1.87

$0.49

$2.36

69

$25.32

$1.90

$0.46

$2.36

70

$23.42

$1.95

$0.42

$2.37

71

$21.47

$1.98

$0.39

$2.37

72

$19.49

$2.02

$0.35

$2.37

73

$17.47

$2.05

$0.31

$2.36

74

$15.42

$2.08

$0.28

$2.36

75

$13.34

$2.13

$0.24

$2.37

76

$11.21

$2.16

$0.20

$2.36

77

$9.05

$2.21

$0.16

$2.37

78

$6.84

$2.24

$0.12

$2.36

79

$4.60

$2.28

$0.08

$2.36

80

$2.32

$2.32

$0.04

$2.36

Total

 

$100.00

$89.43

$189.43

Notes accruing at 7.50 %, 25 year maturity :

Payment Number

U-Note Balance

Principal

Interest

Payout

1

$100.00

$0.34

$1.88

$2.22

2

$99.66

$0.35

$1.87

$2.22

3

$99.31

$0.36

$1.86

$2.22

4

$98.95

$0.36

$1.86

$2.22

5

$98.59

$0.37

$1.85

$2.22

6

$98.22

$0.38

$1.84

$2.22

7

$97.84

$0.39

$1.83

$2.22

8

$97.45

$0.39

$1.83

$2.22

9

$97.06

$0.40

$1.82

$2.22

10

$96.66

$0.41

$1.81

$2.22

11

$96.25

$0.42

$1.80

$2.22

 

 


Payment Number

U-Note Balance

Principal

Interest

Payout

12

$95.83

$0.42

$1.80

$2.22

13

$95.41

$0.43

$1.79

$2.22

14

$94.98

$0.44

$1.78

$2.22

15

$94.54

$0.45

$1.77

$2.22

16

$94.09

$0.46

$1.76

$2.22

17

$93.63

$0.46

$1.76

$2.22

18

$93.17

$0.47

$1.75

$2.22

19

$92.70

$0.48

$1.74

$2.22

20

$92.22

$0.49

$1.73

$2.22

21

$91.73

$0.50

$1.72

$2.22

22

$91.23

$0.51

$1.71

$2.22

23

$90.72

$0.52

$1.70

$2.22

24

$90.20

$0.53

$1.69

$2.22

25

$89.67

$0.54

$1.68

$2.22

26

$89.13

$0.55

$1.67

$2.22

27

$88.58

$0.56

$1.66

$2.22

28

$88.02

$0.57

$1.65

$2.22

29

$87.45

$0.58

$1.64

$2.22

30

$86.87

$0.59

$1.63

$2.22

31

$86.28

$0.60

$1.62

$2.22

32

$85.68

$0.61

$1.61

$2.22

33

$85.07

$0.62

$1.60

$2.22

34

$84.45

$0.64

$1.58

$2.22

35

$83.81

$0.65

$1.57

$2.22

36

$83.16

$0.66

$1.56

$2.22

37

$82.50

$0.67

$1.55

$2.22

38

$81.83

$0.69

$1.53

$2.22

39

$81.14

$0.70

$1.52

$2.22

40

$80.44

$0.71

$1.51

$2.22

41

$79.73

$0.73

$1.49

$2.22

42

$79.00

$0.74

$1.48

$2.22

43

$78.26

$0.75

$1.47

$2.22

44

$77.51

$0.78

$1.45

$2.23

45

$76.73

$0.78

$1.44

$2.22

46

$75.95

$0.81

$1.42

$2.23

47

$75.14

$0.81

$1.41

$2.22

48

$74.33

$0.83

$1.39

$2.22

49

$73.50

$0.84

$1.38

$2.22

50

$72.66

$0.87

$1.36

$2.23

51

$71.79

$0.87

$1.35

$2.22

52

$70.92

$0.90

$1.33

$2.23

53

$70.02

$0.92

$1.31

$2.23

54

$69.10

$0.92

$1.30

$2.22

55

$68.18

$0.95

$1.28

$2.23

56

$67.23

$0.97

$1.26

$2.23

57

$66.26

$0.98

$1.24

$2.22

58

$65.28

$1.00

$1.22

$2.22

59

$64.28

$1.01

$1.21

$2.22

60

$63.27

$1.04

$1.19

$2.23

 

 


Payment Number

U-Note Balance

Principal

Interest

Payout

61

$62.23

$1.06

$1.17

$2.23

62

$61.17

$1.08

$1.15

$2.23

63

$60.09

$1.10

$1.13

$2.23

64

$58.99

$1.12

$1.11

$2.23

65

$57.87

$1.14

$1.09

$2.23

66

$56.73

$1.17

$1.06

$2.23

67

$55.56

$1.18

$1.04

$2.22

68

$54.38

$1.20

$1.02

$2.22

69

$53.18

$1.23

$1.00

$2.23

70

$51.95

$1.25

$0.97

$2.22

71

$50.70

$1.28

$0.95

$2.23

72

$49.42

$1.29

$0.93

$2.22

73

$48.13

$1.33

$0.90

$2.23

74

$46.80

$1.34

$0.88

$2.22

75

$45.46

$1.38

$0.85

$2.23

76

$44.08

$1.39

$0.83

$2.22

77

$42.69

$1.43

$0.80

$2.23

78

$41.26

$1.45

$0.77

$2.22

79

$39.81

$1.48

$0.75

$2.23

80

$38.33

$1.50

$0.72

$2.22

81

$36.83

$1.54

$0.69

$2.23

82

$35.29

$1.56

$0.66

$2.22

83

$33.73

$1.60

$0.63

$2.23

84

$32.13

$1.62

$0.60

$2.22

85

$30.51

$1.65

$0.57

$2.22

86

$28.86

$1.69

$0.54

$2.23

87

$27.17

$1.71

$0.51

$2.22

88

$25.46

$1.75

$0.48

$2.23

89

$23.71

$1.78

$0.44

$2.22

90

$21.93

$1.81

$0.41

$2.22

91

$20.12

$1.85

$0.38

$2.23

92

$18.27

$1.89

$0.34

$2.23

93

$16.38

$1.91

$0.31

$2.22

94

$14.47

$1.96

$0.27

$2.23

95

$12.51

$1.99

$0.23

$2.22

96

$10.52

$2.02

$0.20

$2.22

97

$8.50

$2.07

$0.16

$2.23

98

$6.43

$2.10

$0.12

$2.22

99

$4.33

$2.15

$0.08

$2.23

100

$2.18

$2.18

$0.04

$2.22

Total

 

$100.00

$122.29

$222.29

 

 

 

 

 

T he r ecord d ate is the first day of the month preceding the related due date for the crediting of principal and interest on the n otes in the h older’s U-Haul Investors Club account.   If any date for the crediting of principal and interest into a h older’s U-Haul Investors Club account, including the maturity date , falls on a day that is not a b usiness d ay, the required crediting of principal and interest on the n otes shall be due and made on the next day constituting a b usiness d ay. 

 


Additional Issuances

AMERCO may not create or issue ad ditional notes secured by the Collateral unless it obtains the consent of holders of at least 51% of the principal amount of the outstanding notes .    However, AMERCO intends to offer additional securities through the U-Haul Investors Club simultaneously with this offering and in the future, including securities that are secured by assets owned by AMERCO or its subsidiaries other than the Collateral, which it may do in its sole discretion and without the consent of the holders of the notes.

Ranking

The notes are the obligations of AMERCO only.  The notes are not being guaranteed by any of AMERCO’s subsidiaries, and therefore will effectively be structurally subordinated to the claims of existing and future creditors of AMERCO’s subsidiaries, including U-Haul .  Other than with respect to the Collateral, the notes rank equally in right of payment with any existing and future unsecured indebtedness of AMERCO.

Optional Redemption

The notes or any sub-series or other portion thereof may be redeemed by AMERCO in its sole discretion at any time, in whole or in part on a pro rata basis or on any other basis as determined by AMERCO in its sole discretion , without penalty, premium or fee, at a price equal to 100% of the principal amount then outstanding, plus accrued and unpaid interest, if any, through the date of redemption.   In the event of a redemption, AM ERCO will cause noti ces of redemption to be emailed, to the email address associated with your account, at least 10 but not more than 30 days before the redemption date to each applicable registered holder of notes.   However, AMERCO is under no obligation to redeem the notes in whole or in part, under any circumstances.  Accordingly, investors must be prepared to hold the notes until the maturity date.

Security Interest and Initial Collateral

The obligations of AMERCO with respect to the notes are initially secured by a f irst- p riority l ien o n the Initial Collateral.  The Initial Collateral is being pledged by the Owner to the trustee (or the trustee’s agent, nominee or nominee mortgagee or titleholder) for the benefit of the holders, pur