SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported:) May 15, 1996
_________________
Chevy Chase Bank, F.S.B.
__________________________________________________
(Exact name of registrant as specified in charter)
Maryland 33-99354 52-0897004
___________________________ ____________ ________________
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File No.) Identification No)
C/O CHEVY CHASE BANK, F.S.B.
8401 Connecticut Avenue
Chevy Chase, Maryland 20815
________________________________________ __________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (301) 986-7000
_____________
Not Applicable
______________________________________________________________
(Former name, former address and former fiscal year, if changed
since last report.)
Item 5. Other Events
None.
Item 7. Financial Statements, Pro forma Financial
Information and Exhibits.
Exhibit 99.1 Monthly Servicer's Report dated May 15, 1996
and Monthly Servicer's Memo to the Trustee.
Signatures
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
Chevy Chase Auto Receivables Trust 1995-2
By: Chevy Chase Bank, F.S.B.,
as Seller and Servicer
Dated: May 15, 1996 By: Mark A. Holles
-------------------
Mark A. Holles
Vice President
MEMO TO: NORWEST BANK, NA - Joseph Travis
as holder of the Collection Account
FROM: TOM UGLIETTA
DATE: 05/16/96
RE: CHEVY CHASE AUTOMOBILE LOAN TRUST 1995-2
FAX # (612) 667-9825
_________________________________________________________________
Pursuant to section 5.02(b) of the Pooling and Servicing
Agreement dated December 1, 1995, Chevy Chase Bank, F.S.B., as
Servicer of the Chevy Chase Auto Receivables Trust 1995-2, is
requesting that the April, 1996 collections listed below be
transferred from the Collection Account and the Yield Maintenance
Account to the Certificate account.
PRINCIPAL COLLECTIONS 7,135,758.44
REPURCHASED ACCOUNTS 0.00
INTEREST COLLECTIONS 1,870,587.38
LATE CHARGE COLLECTIONS 34,799.81
OTHER FEE COLLECTIONS 6,070.00
LIQUIDATION PROCEEDS 0.00
COLLECTION ACCOUNT INTEREST 33,260.35
YIELD MAINTENANCE ACCOUNT 20,146.85
________________
9,100,622.83
PRINCIPAL 7,421,632.01
INTEREST 1,060,589.43
SERVICING FEE 256,004.35
FGIC FEE 15,900.80
TRUSTEE FEE 250.00
RESERVE ACCOUNT DEPOSIT 346,246.24
________________
9,100,622.83
Page 1
SERVICER'S CERTIFICATE
CHEVY CHASE AUTO RECEIVABLES TRUST 1995-2
5.80 % AUTO RECEIVABLES BACKED CERTIFICATES
Distribution Date: May 15, 1996
Collection Period: April, 1996
Record Date: May 14, 1996
Under the pooling and Servicing Agreement, dated as of
December 1, 1995 between Chevy Chase Bank, F.S.B. (as "Seller
and "Servicer") and Norwest Bank Minnesta, National Association,
as trustee, the Servicer is required to prepare certain
information each month regarding current distributions to
Certificateholders and the performance of the Chevy Chase Auto
Receivables Trust 1995-2 (the "Trust") during the previous
month. The information which is required to be prepared with
respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000
per Certificate, and certain other information is presented based
upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution.
1. Certificates
(a) The Aggregate amount of the
distribution to
Certificate holders on the
Distribution Date Set forth
above . . . . . . $ 8,482,221.44
(b) The amount of the distribution
set forth in paragraph (a)
above allocable to principal,
including any overdue
principal . . . . .$ 7,421,632.01
(c) The amount of the distribution
set forth in paragraph (a) above
allocable to interest, including
any overdue interest . $ 1,060,589.43
(d) The Insured Payments, if any, with
respect of such Distribution
Date . . . . . . $ 0.00
(e) The Premium Amount with
respect of such Distribution
Date . . . . . . $ 15,900.80
Page 2
(f) The amount of the distribution
set forth in paragraph (a) above,
per Certificate in a principal
amount of $1,000. . . $ 34.2601207
(g) The amount of the distribution
set forth in paragraph (b) above,
per Certificate in a principal
amount of $1,000. . . $ 29.9763464
(h) The amount of the distribution
set forth in paragraph (c) above,
per Certificate in a principal
amount of $1,000. . . $ 4.2837743
The amount of the distribution
(i) set forth in paragraph (d) above,
per Certificate in a principal
amount of $1,000. . . $ 0.0000000
(j) The Certificate Principal Balance
as of such Distribution Date (after
giving effect to any distribution on
such Distribution Date). . .
$ 212,010,664.13
(k) The balance of the Reserve Account,
after effect to distributions
and deposits and the change in
balances from that of the prior
Distribution Date . . $ 8,751,435.43
(l) The balance of the Yield
Maintenance Account , after
giving effest to distributions
from the prior Distribution
Date . . . . . . $ 232,223.50
B. Information Regarding the Performance of the Trust.
1. Net Losses, Delinquencies and Pool Balance.
(a) The aggregate net losses on the
Receivables for the related Collection
Period. . . . . . $ 285,873.57
(b) The aggregate principal balance of all
Receivables which were delinquent 30
days or more as of the last day of the
related Collection Period $ 6,174,265.70
Page 3
(c) The Pool Balance as of the end of the
related Collection Period . . .
$ 212,156,010.37
(d) The Certificate Factor as of the end
of the related Collection
Period. . . . $ 0.8563218
CHEVY CHASE BANK, F.S.B.
Servicer
Mark A. Holles
----------------
Mark A. Holles
Vice President
