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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:) May 15, 1997
Chevy Chase Bank, F.S.B.
_____________________________________________________
(Exact name of registrant as specified in charter)
Maryland 33-99354 41-6408591
___________________________ ________________ _________________
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 May 15, 1997.
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 Auto Receivables 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: May 15, 1997 By: ___________________________________
Mark A. Holles
Vice President
SERVICER'S CERTIFICATE
CHEVY CHASE AUTO RECEIVABLES TRUST 1995-2
5.80 % AUTO RECEIVABLES BACKED CERTIFICATES
Distribution Date:May 15, 1997
Collection Period:April, 1997
Record Date: May 14, 1997
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 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 $1,000 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 . . . . . . $ 7,274,707.26
(b) The amount of the distribution
set forth in paragraph (a)
above allocable to principal,
including any overdue
principal . . . . .$ 6,630,379.00
(c) The amount of the distribution
set forth in paragraph (a) above
allocable to interest, including
any overdue interest . $ 644,328.26
(d) The Insured Payments, if any, with
respect of such Distribution
Date . . . . . . $ 0.00
(e) The Premium Amount with
respect of such Distribution
Date . . . . . . $ 9,500.92
(f) The amount of the distribution
set forth in paragraph (a) above,
per Certificate in a principal
amount of $1,000. . . $ 29.3829099
(g) The amount of the distribution
set forth in paragraph (b) above,
per Certificate in a principal
amount of $1,000. . . $ 26.7804356
(h) The amount of the distribution
set forth in paragraph (c) above,
per Certificate in a principal
amount of $1,000. . . $ 2.6024744
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) $ 126,678,915.29
(k) The balance of the Reserve Account,
after effect to distributions
and deposits and the change in
balances on such
Distribution Date ......$ 7,164,058.02
(l) The balance of the Yield
Maintenance Account , after
giving effect to distributions
on such Distribution
Date ...................$ 70,346.57
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. . . . . . $ 223,257.61
(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$ 4,573,593.69
(c) The Pool Balance as of the end of the
related Collection Perio$ 127,361,031.51
(d) The Certificate Factor as of the end
of the related Collectio$ 0.5116625
Weighted average annual percentage 10.65%
Weighted average remaining term to 35.89
(1) Weighted by current balance.
CHEVY CHASE BANK, F.S.B.
Servicer
Mark A. Holles
Vice President
