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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:) November 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 (Commission (I.R.S. Employer
of incorporation or organ- File No.) Identification No.
ization
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)
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Item 5. Other Events
None
Item 7. Financial Statements, Pro forma Financial Information
and Exhibits.
Exhibit 99.1 Monthly Servicer's Report dated November 15, 1966.
Signatures
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has caused this report to be signed
on behalf of the Chevy Chase Master Credit Card Trust by the
undersigned thereunto duly authorized.
Chevy Chase Auto Receivables Trust 1995-2
By: Chevy Chase Bank, F.S.B.
Originator of the Trust and Servicer
Mark A. Holles
Dated: November 15, 1996 By: ___________________________________
Mark A. Holles
Vice President
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SERVICER'S CERTIFICATE
CHEVY CHASE AUTO RECEIVABLES TRUST 1995-2
5.80 % AUTO RECEIVABLES BACKED CERTIFICATES
Distribution Date: November 15, 1996
Collection Period: October, 1996
Record Date: November 14, 1996
Under the pooling and Servicing Agreement, dated as of
December 1, Chevy Chase Bank, F.S.B. (as "Seller and
"Servicer") and Norwest Bank Minnesota, 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 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 . . . . . . $ 8,176,962.42
(b) The amount of the distribution
set forth in paragraph (a)
above allocable to principal,
including any overdue
principal . . . . .$ 7,335,125.31
(c) The amount of the distribution
set forth in paragraph (a) above
allocable to interest, including
any overdue interest . $ 841,837.11
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(d) The Insured Payments, if any, with
respect of such Distribution
Date . . . . . . $ 0.00
(e) The Premium Amount with
respect of such Distribution
Date . . . . . . $ 12,512.86
(f) The amount of the distribution
set forth in paragraph (a) above,
per Certificate in a principal
amount of $1,000. . . $ 33.0271641
(g) The amount of the distribution
set forth in paragraph (b) above,
per Certificate in a principal
amount of $1,000. . . $ 29.6269415
(h) The amount of the distribution
set forth in paragraph (c) above,
per Certificate in a principal
amount of $1,000. . . $ 3.4002226
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) $166,838,068.86
(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 . . $ 6,911,281.32
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(l) The balance of the Yield
Maintenance Account , after
giving effest to distributions
from the prior Distribution
Date . . . . . . $ 133,934.43
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. . . . . . $ 119,911.69
(b) The aggregate principal balance of all
Receivables which were delinquent 30
days or more as of the last day of the
related Collection Perio$ 5,782,546.94
(c) The Pool Balance as of the end of the
related Collection Perio$167,546,213.91
(d) The Certificate Factor as of the end
of the related Collectio$ 0.6738674
CHEVY CHASE BANK, F.S.B.
Servicer
Mark A. Holles
_______________________
Mark A. Holles
Vice President
