CHEVY CHASE AUTO RECEIVABLES TRUST 1997-3
8-K/A, 1998-04-27
ASSET-BACKED SECURITIES
Previous: CHEVY CHASE AUTO RECEIVABLES TRUST 1997-3, 8-K, 1998-04-27
Next: CHEVY CHASE AUTO RECEIVABLES TRUST 1997-3, 8-K, 1998-04-27





         3/98                                                 Page 1  


                       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:) April 15, 1998
                                                        
                                                                    
                          Chevy Chase Bank, F.S.B.           
            _____________________________________________________ 
             (Exact name of registrant as specified in charter)



         Maryland                333-21707          52-6880078     
___________________________ ________________    _________________
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)




    3/98                                                  Page 2 

  Item 5.  Other Events
           None

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

  Exhibit 99.1  Monthly Servicer's Report dated April 15, 1998.


                                   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 1997-3

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


                                                 Mark A. Holles 
 Dated:   April 15, 1998    By: ___________________________________

                                                Mark A. Holles
                                                Vice President



   SERVICER'S CERTIFICATE
   CHEVY CHASE AUTO RECEIVABLES TRUST 1997-3
   6.20 % AUTO RECEIVABLES BACKED CERTIFICATES, CLASS A
   9.00 % AUTO RECEIVABLES BACKED CERTIFICATES, CLASS B

   Distribution Date:    April 20, 1998
   Collection Period:    March, 1998
   Record Date:          April 19, 1998

        Under the pooling and Servicing Agreement, dated
   as of September 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 1997-3 (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 Class A
                Certificateholders on the
                Distribution Date Set forth above .....$   7,771,747.76

            (b) The amount of the distribution
                set forth in paragraph (a)
                above allocable to principal,
                including any overdue principal .......$   6,924,686.97

            (c) The amount of the distribution
                set forth in paragraph (a) above
                allocable to interest, including
                any overdue interest ..................$     847,060.79

            (d) The Aggregate amount of the 
                distribution to Class B
                Certificateholders on the
                Distribution Date Set forth above .....$     339,762.15

            (e) The amount of the distribution
                set forth in paragraph (d)
                above allocable to principal,
                including any overdue principal .......$     288,528.63

            (f) The amount of the distribution
                set forth in paragraph (d) above
                allocable to interest, including
                any overdue interest ..................$      51,233.52

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

            (h) The Premium Amount with
                respect of such Distribution
                Date ..................................$      11,122.43

            (i) The amount of the distribution
                set forth in paragraph (a) above,
                per Class A Certificate in a principal
                amount of $1,000 ......................$     40.0709510

            (j) The amount of the distribution
                set forth in paragraph (b) above,
                per Class A Certificate in a principal
                amount of $1,000 ......................$     35.7035252

            (k) The amount of the distribution
                set forth in paragraph (c) above,
                per Class A Certificate in a principal
                amount of $1,000 ......................$      4.3674258

            (l) The amount of the distribution
                set forth in paragraph (d) above,
                per Class B Certificate in a principal
                amount of $1,000 ......................$     42.0433381

            (m) The amount of the distribution
                set forth in paragraph (e) above,
                per Class B Certificate in a principal
                amount of $1,000 ......................$     35.7035260

            (n) The amount of the distribution
                set forth in paragraph (f) above,
                per Class B Certificate in a principal
                amount of $1,000 ......................$      6.3398121

            (o) The amount of the distribution
                set forth in paragraph (g) above,
                per Class A Certificate in a principal
                amount of $1,000 ......................$      0.0000000

            (p) The Class A Certificate Principal Balance
                as of such Distribution Date (after
                giving effect to any distribution on
                such Distribution Date) ...............$ 157,022,561.42

            (q) The Class B Certificate Principal Balance
                as of such Distribution Date (after
                giving effect to any distribution on
                such Distribution Date) ...............$   6,542,606.73

            (r) The balance of the Reserve Account,
                after effect to distributions
                and deposits and the change in
                balances from that of the prior
                Distribution Date .....................$   2,201,099.13

            (s) The balance of the Yield
                Maintenance Account , after
                giving effect to distributions
                from the prior Distribution
                Date ..................................$     107,266.33

   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 ................................$   1,580,540.70

            (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 .............$  11,343,934.07

            (c) The Pool Balance as of the end of the
                related Collection Period .............$ 165,802,432.15

            (d) The Class A Certificate Factor as of the end
                related Collection Period .............$      0.8096047

            (e) The Class B Certificate Factor as of the end
                related Collection Period .............$      0.8096047

        Weighted average annual percentage rate (1)               14.37%

        Weighted average remaining term to maturity (1)           50.12







        (1) Weighted by current balance.




                         CHEVY CHASE BANK, F.S.B.
                         Auto Trust 1997-3  Servicer


                         Mark A. Holles
                         Vice President
                          



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