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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:) February 18, 1997
Chevy Chase Bank, F.S.B.
_____________________________________________________
(Exact name of registrant as specified in charter)
Maryland 333-4375 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 February 18, 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 1996-1
By: Chevy Chase Bank, F.S.B.
Originator of the Trust and Servicer
Mark A. Holles
Dated: February 18, 1997 By: ___________________________________
Mark A. Holles
Vice President
SERVICER'S CERTIFICATE
CHEVY CHASE AUTO RECEIVABLES TRUST 1996-1
6.60 % AUTO RECEIVABLES BACKED CERTIFICATES
Distribution Date: February 18, 1997
Collection Period: January, 1997
Record Date: February 17, 1997
Under the pooling and Servicing Agreement, dated
as of June 1, 1996, between Chevy Chase Bank,
F.S.B. (as "Seller and "Servicer") and First Bank
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 1996-1 (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 $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution.
1. Certificates
(a) The Aggregate amount of the
distribution to
Certificate holders on the
Distribution Date Set forth above .....$ 7,745,144.29
(b) The amount of the distribution
set forth in paragraph (a)
above allocable to principal,
including any overdue principal .......$ 6,730,576.16
(c) The amount of the distribution
set forth in paragraph (a) above
allocable to interest, including
any overdue interest ..................$ 1,014,568.13
(d) The Insured Payments, if any, with
respect of such Distribution
Date ..................................$
(e) The Premium Amount with
respect of such Distribution
Date ..................................$ 11,108.52
(f) The amount of the distribution
set forth in paragraph (a) above,
per Certificate in a principal
amount of $1,000 ......................$ 34.0150353
(g) The amount of the distribution
set forth in paragraph (b) above,
per Certificate in a principal
amount of $1,000 ......................$ 29.5592667
(h) The amount of the distribution
set forth in paragraph (c) above,
per Certificate in a principal
amount of $1,000 ......................$ 4.4557686
(i) The amount of the distribution
set forth in paragraph (d) above,
per Certificate in a principal
amount of $1,000 ......................$
(j) The Certificate Principal Balance
as of such Distribution Date (after
giving effect to any distribution on
such Distribution Date) ...............$ 177,736,356.31
(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 .....................$ 8,805,565.51
(l) The balance of the Yield
Maintenance Account , after
giving effect to distributions
from the prior Distribution
Date ..................................$ 228,004.40
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 ................................$ 621,524.37
(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 .............$ 9,420,708.70
(c) The Pool Balance as of the end of the
related Collection Period .............$ 178,819,338.46
(d) The Certificate Factor as of the end
related Collection Period .............$ 0.7805805
CHEVY CHASE BANK, F.S.B.
Auto Trust 1996-1 Servicer
Mark A. Holles
___________________
Mark A. Holles
Vice President
