SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10 - K
Annual Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the fiscal year ended: Commission file number:
December 31, 1996 333-4375
Chevy Chase Auto Receivables Trust 1996-1
____________________________________________________
(Exact name of registrant as specified in charter)
Maryland 52-6808179
________________________________ ________________
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) 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
________________
Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark whether the Registrant has (1) filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the Registrant was required
to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
_____ _____
The Registrant has no voting stock or class of common stock
outstanding as of the date of this report.
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Introductory Note
Chevy Chase Bank, F.S.B. (the "Bank")is the seller and servicer under the
Pooling and Servicing Agreement (the "Agreement"), dated as of
June 1, 1996, by and between the Bank and First Bank
National Association, as the trustee. The Certificates listed on page 1
hereof will be referred to collectively herein as the "Certificates".
The Certificates do not represent obligations of or interests in the Bank.
By letter dated August 7, 1995, the Bank has requested an exemption
from certain reporting and information requirements under the
Exchange Act. Pending resolution of such request, the Bank intends
to provide information in a manner consistent with such application.
Accordingly, certain items of Form 10-K are designated below as
"Not Applicable", and with respect to the remaining items the Bank is
providing the information set forth below.
Part I
Item 1 Business
Not Applicable
Item 2 Properties
See the Annual Report filed pursuant to Item 14 Below.
Item 3 Legal Proceedings
None
Item 4 Submission Of Matters To A Vote Of Security Holders
None
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Part II
Item 5 Market For Registrant's Common Equity
And Related Stockholder Matters
Each of the Certificates, representing investors' interests
in the Trust, are represented by a single certificate
registered in the name of Cede & Co., the nominee of
The Depository Trust Company. Accordingly, Cede & Co.
is the sole holder of record of the Certificates, which it
held on behalf of approximately 25 brokers, dealers,
banks and other direct participants in the DTC system at
December 31, 1996.
To the best knowledge of the Registrant, there is no
established public trading market for the Certificates.
Item 6 Selected Financial Data
Not Applicable
Item 7 Management's Discussion and Analysis of Financial
Condition and Results of Operations
Not Applicable
Item 8 Financial Statements and Supplementary Data
Not Applicable
Item 9 Changes In And Disagreements With Accountants
On Accounting and Financial Disclosure
None
Part III
Item 10 Directors and Executive Officers of the Registrant
Not Applicable
Item 11 Executive Compensation
Not Applicable
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Item 12 Security Ownership Of Certain Beneficial Owners
and Management
Each of the Certificates, representing investor's interests in the
Trust, are represented by a single certificate registered in the
name of Cede & Co., the nominee of the Depository Trust
Company("DTC"), and an investor holding an interest in the Trust
is not entitled to receive a Certificate representing such interest
except in certain limited circumstances. Accordingly, Cede & Co.
is the sole holder of record of the Certificates, which it held on
behalf of approximately 25 brokers, dealers, banks and other
direct participants in the DTC system at December 31, 1996.
Such direct participants may hold Certificates for their own
accounts or for the accounts of their customers. The following
table sets forth, with respect to each of the Certificates, the
identity of each direct DTC participant that holds positions in
such Certificate in excess of 5% of the outstanding principal
amount thereof at December 31, 1996.
$ 227,697,000 6.60% Auto Receivables Backed Certificates:
Aggregate Amount of Percent of
Name Certificates Held Class
Boston Safe Deposit & Trust Co. 42,986,875 18.9%
Chase Manhattan Bank 48,300,000 21.2%
PNC National Association 16,700,000 7.3%
SSB-Custodian 32,948,000 14.5%
The address of each of the above participants is:
C/O The Depository Trust Company
7 Hanover Square, 22nd Floor
New York, NY 10004
Item 13 Certain Relationships and Related Transactions
None
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Part IV
Item 14 Exhibits, Financial Statement Schedules and Reports
On Form 8-K
(a) The following documents are filed as part of this Report:
i) Summary of annual distributions on the Certificates to
Certificateholders for the year ended December 31, 1996.
No proxy soliciting material has been distributed by
the Trust.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Chevy Chase Auto Receivables Trust 1996-1
By: Chevy Chase Bank, F.S.B.
As Seller and Servicer
Joel A. Friedman
Date: 03/31/97 By: ___________________________________________
Joel A. Friedman
Senior Vice President
and Controller
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ANNUAL REPORT
Chevy Chase Auto Receivables Trust 1996-1
$ 227,697,669.92 6.60% Auto Receivables Backed Certificates
For the Year Ended December 31, 1996
<TABLE>
Annual Report - Chevy Chase Auto Receivables Trust 1996-1
<CAPTION>
Jun-96 Jul-96 Aug-96 Sep-96 Oct-96 Nov-96 Dec-96
<S> <C> <C> <C> <C> <C> <C> <C>
Dist of Pr 0 6,524,659 6,054,384 5,843,100 5,796,581 6,837,393 5,959,611
Dist of In 0 1,252,337 1,216,452 1,183,152 1,151,015 1,119,134 1,081,529
Serv Fee 0 265,647 258,035 250,972 244,155 237,392 229,613
Trustee Fe 0 569 553 538 523 509 492
Net Losses 0 0 26,431 116,441 205,259 416,335 619,078
Net Loss % 0.00% 0.00% 0.15% 0.67% 1.21% 2.54% 3.89%
Delinquencies:
30+ Delq. 4,320,662 6,595,783 7,127,655 8,137,176 8,039,044 8,761,292 9,885,345
Delq. % 1.95% 3.07% 3.41% 4.00% 4.08% 4.58% 5.34%
</TABLE>
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