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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:) March 17, 1997
Chevy Chase Bank, F.S.B.
_____________________________________________________
(Exact name of registrant as specified in charter)
Maryland 333-15865 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 March 17, 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 1996-2
By: Chevy Chase Bank, F.S.B.
Originator of the Trust and Servicer
Mark A. Holles
Dated: March 17, 1997 By: ___________________________________
Mark A. Holles
Vice President
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SERVICER'S CERTIFICATE
CHEVY CHASE AUTO RECEIVABLES TRUST 1996-2
6.60 % AUTO RECEIVABLES BACKED CERTIFICATES
Distribution Date: March 17, 1997
Collection Period: February , 1997
Record Date: March 16, 1997
Under the pooling and Servicing Agreement, dated as of
June 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 1996-2
(the 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 . . . . . . $9,314,780.86
(b) The amount of the distribution
set forth in paragraph (a)
above allocable to principal,
including any overdue
principal . . . . .$ 7,811,288.33
(c) The amount of the distribution
set forth in paragraph (a) above
allocable to interest, including
any overdue interest . $ 1,503,492.53
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(d) The Insured Payments, if any, with
respect of such Distribution
Date . . . . . . $ 0.00
(e) The Premiun Amount with respect of
such Distribution Date............................$ 18,623.99
(f) The amount of the distribution set forth in
paragraph (a) above, per Certificate in a principal
amount of $1,000.....................................$ 28.9798288
(g) The amount of the distribution set forth in
paragraph (b) above, per Certificate in a
principal amount of $1,000...................$ 24.3022140
(h) The amount of the distribution
set forth in paragraph (c) above,
per Certificate in a principal
amount of $1,000. . . $ 4.6776147
(i) The amount of the distribution
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.....................$297,983,802.40
(k) The balance of the Reserve Account,
after effect to distributions and deposits
and the change in balances on such
Distribution Date......................$ 11,557,604.55
(l) The balance of the Yield Maintenance Account,
(after giving effect to distributions on such
Distribution Date........................$ 55,253.81
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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. . . . . . $ 36,218.10
(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$ 8,920,315.52
(c) The Pool Balance as of the end of the
related Collection Perio$297,983,802.40
(d) The Certificate Factor as of the end
of the related Collection Period$....0.9270771
CHEVY CHASE BANK, F.S.B.
Servicer
Mark A. Holles
___________________________
Mark A. Holles
Vice President
