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:) October 15, 1999
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)
Item 5. Other Events
None
Item 7. Financial Statements, Pro forma Financial Information
and Exhibits.
Exhibit 99.1 Monthly Servicer's Report dated October 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 1997-3
By: Chevy Chase Bank, F.S.B.
Originator of the Trust and Servicer
Mark A. Holles
Dated: October 15, 1999 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: October 20, 1999
Collection Period: September, 1999
Record Date: October 19, 1999
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 $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution.
1. Certificates
(a) The Aggregate amount of the
distribution to Class A
Certificateholders on the
Distribution Date Set forth above .....$ 3,884,552.86
(b) The amount of the distribution
set forth in paragraph (a)
above allocable to principal,
including any overdue principal .......$ 3,502,485.26
(c) The amount of the distribution
set forth in paragraph (a) above
allocable to interest, including
any overdue interest ..................$ 382,067.60
(d) The Aggregate amount of the
distribution to Class B
Certificateholders on the
Distribution Date Set forth above .....$ 169,045.82
(e) The amount of the distribution
set forth in paragraph (d)
above allocable to principal,
including any overdue principal .......$ 145,936.89
(f) The amount of the distribution
set forth in paragraph (d) above
allocable to interest, including
any overdue interest ..................$ 23,108.93
(g) The Insured Payments, if any, with
respect of such Distribution
Date ..................................$ 0.00
(h) The Premium Amount with
respect of such Distribution
Date ..................................$ 4,989.93
(i) The amount of the distribution
set forth in paragraph (a) above,
per Class A Certificate in a principal
amount of $1,000 ......................$ 20.0286643
(j) The amount of the distribution
set forth in paragraph (b) above,
per Class A Certificate in a principal
amount of $1,000 ......................$ 18.0587327
(k) The amount of the distribution
set forth in paragraph (c) above,
per Class A Certificate in a principal
amount of $1,000 ......................$ 1.9699317
(l) The amount of the distribution
set forth in paragraph (d) above,
per Class B Certificate in a principal
amount of $1,000 ......................$ 20.9183117
(m) The amount of the distribution
set forth in paragraph (e) above,
per Class B Certificate in a principal
amount of $1,000 ......................$ 18.0587332
(n) The amount of the distribution
set forth in paragraph (f) above,
per Class B Certificate in a principal
amount of $1,000 ......................$ 2.8595786
(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) ...............$ 70,446,082.33
(q) The Class B Certificate Principal Balance
as of such Distribution Date (after
giving effect to any distribution on
such Distribution Date) ...............$ 2,935,253.43
(r) Reserve Account
Withdrawal Amount......................$ 0.00
(s) The balance of the Reserve Account,
after effect to distributions
and deposits and the change in
balances from that of the prior
Distribution Date .....................$ 2,728,412.87
(t) Yield Maintenance
Withdrawal Amount......................$ 2,316.11
(u) The balance of the Yield
Maintenance Account , after
giving effect to distributions
from the prior Distribution
Date ..................................$ 32,557.70
(v) Monthly Servicing Fee $ 121,963.78
(w) Monthly Trustee's Fee $ 173.32
(x) Principal Carryover
Shortfalls (and change
from prior distribution date)
Class A................................$ 0.00
Class B................................$ 0.00
(y) Interest Carryover
Shortfalls (and change
from prior distribution date)
Class A................................$ 0.00
Class B................................$ 0.00
(z) Amounts otherwise
Distributable to the Class B
Certificateholders distributed
to the Class A Certificateholders
or deposited into the Reserve
Account................................$ 0.00
(aa)Aggregate of all Purchase
Amounts received on the
Related Determination Date.............$ 0.00
(bb)Aggregate amount received
with respect to Defaulted
Receivables, including Liquidation
Proceeds, during the related
Collection Period......................$ 12,271.99
(cc)The Reimbursement Amount
for such Distribution Period...........$ 0.00
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..............$ 316,550.56
(b) Delinquency Percentage
relating to such Distribution
Date...................................$ 8.42%
(c) The aggregate Principal Balance
of all Receivables which were
delinquent 30 days or more
as of the last day of the related
Collection Period (excluding defaulted
receivables)...........................$ 6,177,951.19
(d) The Pool Balance as of the
end of the related
Collection Period......................$ 73,381,335.76
(e) The Class A Pool Factor
as of the end of the related
Collection Period......................$ 0.3632184
(f) The Class B Pool Factor
as of the end of the related
Collection Period......................$ 0.3632184
Weighted average annual percentage rate (1) 14.12%
Weighted average remaining term to maturity (1) 33.31
(1) Weighted by current balance
CHEVY CHASE BANK, F.S.B.
Auto Trust 1997-3 Servicer
Mark A. Holles
Vice President
