SERVICER'S CERTIFICATE
CHEVY CHASE AUTO RECEIVABLES TRUST 1997-1
6.50 % AUTO RECEIVABLES BACKED CERTIFICATES
Distribution Date: November 15, 2000
Collection Period: October, 2000
Record Date: November 14, 2000
Under the pooling and Servicing Agreement, dated
as of March 1, 1997, 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 1997-1 (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 $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution.
1. Certificates
(a) The Aggregate amount of the
distribution to
Certificate holders on the
Distribution Date Set forth above .....$ 2,098,983.35
(b) The amount of the distribution
set forth in paragraph (a)
above allocable to principal,
including any overdue principal .......$ 1,977,782.53
(c) The amount of the distribution
set forth in paragraph (a) above
allocable to interest, including
any overdue interest ..................$ 121,200.82
(d) The Insured Payments, if any, with
respect of such Distribution
Date ..................................$ 0.00
(e) The Premium Amount with
respect of such Distribution
Date ..................................$ 1,359.85
(f) The amount of the distribution
set forth in paragraph (a) above,
per Certificate in a principal
amount of $1,000 ......................$ 10.0222086
(g) The amount of the distribution
set forth in paragraph (b) above,
per Certificate in a principal
amount of $1,000 ......................$ 9.4435000
(h) The amount of the distribution
set forth in paragraph (c) above,
per Certificate in a principal
amount of $1,000 ......................$ 0.5787087
(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) ...............$ 20,397,753.79
(k) The balance of the Reserve Account,
after effect to distributions
and deposits and the change in
balances on such
Distribution Date .....................$ 2,094,332.12
(l) The balance of the Yield
Maintenance Account , after
giving effect to distributions
on such Distribution
Date ..................................$ 4,758.06
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 ................................$ 6,397.88
(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 .............$ 1,453,310.07
(c) The Pool Balance as of the end of the
related Collection Period .............$ 21,064,996.46
(d) The Certificate Factor as of the end
related Collection Period .............$ 0.0973950
Weighted average annual percentage rate (1) 13.37%
Weighted average remaining term to maturity (1) 15.91
(1) Weighted by current balance.
CHEVY CHASE BANK, F.S.B.
Auto Trust 1997-1 Servicer
Mark A. Holles
Group Vice President
