CHEVY CHASE AUTO RECEIVABLES TRUST 1997-2
8-K, 1999-12-28
ASSET-BACKED SECURITIES
Previous: ECLIPSE ENTERTAINMENT GROUP INC, 10SB12G/A, 1999-12-28
Next: HELLER FUNDING CORP, 8-K, 1999-12-28






                      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:) December 15, 1999


                          Chevy Chase Bank, F.S.B.
            _____________________________________________________
             (Exact name of registrant as specified in charter)



         Maryland                333-21707           41-6431027
___________________________ ________________    _________________
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)





 Item 5.  Other Events
           None

  Item 7.  Financial Statements, Pro forma Financial Information
           and Exhibits.

  Exhibit 99.1  Monthly Servicer's Report dated December 15, 1999.


                                   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 1997-2

                          By:   Chevy Chase Bank, F.S.B.
                        Originator of the Trust and Servicer


                                           Mark A. Holles
 Dated:   December 15, 1999    By: ___________________________________

                                           Mark A. Holles
                                           Vice President




SERVICER'S CERTIFICATE
CHEVY CHASE AUTO RECEIVABLES TRUST 1997-2
6.35 % AUTO RECEIVABLES BACKED CERTIFICATES

Distribution Date:    December 15, 1999
Collection Period:    November, 1999
Record Date:          December 14, 1999

     Under the pooling and Servicing Agreement, dated
as of June 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 1997-2 (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 .....$   3,860,499.98

         (b) The amount of the distribution
             set forth in paragraph (a)
             above allocable to principal,
             including any overdue principal .......$   3,546,490.01

         (c) The amount of the distribution
             set forth in paragraph (a) above
             allocable to interest, including
             any overdue interest ..................$     314,009.97

         (d) The Insured Payments, if any, with
             respect of such Distribution
             Date ..................................$           0.00

         (e) The Premium Amount with
             respect of such Distribution
             Date ..................................$       3,487.13

         (f) The amount of the distribution
             set forth in paragraph (a) above,
             per Certificate in a principal
             amount of $1,000 ......................$     18.0339374

         (g) The amount of the distribution
             set forth in paragraph (b) above,
             per Certificate in a principal
             amount of $1,000 ......................$     16.5670714

         (h) The amount of the distribution
             set forth in paragraph (c) above,
             per Certificate in a principal
             amount of $1,000 ......................$      1.4668660

         (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) ...............$  55,793,976.19

         (k) The balance of the Reserve Account,
             after effect to distributions
             and deposits and the change in
             balances on such
             Distribution Date .....................$   3,793,014.37

         (l) The balance of the Yield
             Maintenance Account , after
             giving effect to distributions
             on such Distribution
             Date ..................................$      20,996.64

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 ................................$     224,968.17

         (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 .............$   4,467,008.15

         (c) The Pool Balance as of the end of the
             related Collection Period .............$  57,276,997.80

         (d) The Certificate Factor as of the end
             related Collection Period .............$      0.2606359

     Weighted average annual percentage rate (1)               12.89%

     Weighted average remaining term to maturity (1)           28.09

     (1) Weighted by current balance.





                      CHEVY CHASE BANK, F.S.B.
                      Auto Trust 1997-2  Servicer


                      Mark A. Holles
                      Vice President




© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission