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:) September 15, 1998
Chevy Chase Bank, F.S.B.
_____________________________________________________
(Exact name of registrant as specified in charter)
Maryland 333-21707 41-6443675
___________________________ ________________ _________________
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 September 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 1998-1
By: Chevy Chase Bank, F.S.B.
Originator of the Trust and Servicer
Mark A. Holles
Dated: September 15, 1998 By: ___________________________________
Mark A. Holles
Vice President
SERVICER'S CERTIFICATE
CHEVY CHASE AUTO RECEIVABLES TRUST 1998-1
5.97 % AUTO RECEIVABLES BACKED CERTIFICATES
Distribution Date: September 21, 1998
Collection Period: August, 1998
Record Date: September 20, 1998
Under the pooling and Servicing Agreement, dated
as of March 1, 1998, between Chevy Chase Bank,
F.S.B. (as "Seller and "Servicer") and U.S. 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 1998-1 (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 $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution.
1. Certificates
(a) The Aggregate amount of the
distribution to
Certificate holders on the
Distribution Date Set forth above .....$ 5,660,981.58
(b) The amount of the distribution
set forth in paragraph (a)
above allocable to principal,
including any overdue principal .......$ 4,993,044.51
(c) The amount of the distribution
set forth in paragraph (a) above
allocable to interest, including
any overdue interest ..................$ 667,937.07
(d) The Insured Payments, if any, with
respect to such Distribution
Date ..................................$ 0.00
(e) The Premium Amount with
respect to such Distribution
Date ..................................$ 16,158.21
(f) The amount of the distribution
set forth in paragraph (a) above,
per Certificate in a principal
amount of $1,000 ......................$ 37.4897486
(g) The amount of the distribution
set forth in paragraph (b) above,
per Certificate in a principal
amount of $1,000 ......................$ 33.0663474
(h) The amount of the distribution
set forth in paragraph (c) above,
per Certificate in a principal
amount of $1,000 ......................$ 4.4234012
(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) ...............$ 129,265,661.46
(k) Reserve Account Withdrawal Amount......$ 586,682.73
(l) The balance of the Reserve Account,
after effect to distributions
and deposits and the change in the
balances from that of such
Distribution Date .....................$ 15,188,715.22
(m) Yield Maintenance Withdrawal Amount....$ 4,938.27
(n) The balance of the Yield
Maintenance Account , after
giving effect to distributions
on such Distribution
Date ..................................$ 64,553.30
(o) Monthly Servicing Fee..................$ 262,923.30
(p) Monthly Trustee's Fee..................$ 380.40
(q) Aggregate of all Purchase Amounts
received on the related Determination
Date ..................................$ 0.00
(r) Aggregate amount received with respect
to Defaulted Receivables, including
Liquidation Proceeds, during the
related Collection Period..............$ 12,568.25
(s) The Reimbursement Amount for such
Distribution Date......................$ 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 ................................$ 1,245,329.49
(b) The Net Loss Percentage relating to
such Distribution Date.................% 11.56%
(c) The Cumulative Net Loss Percentage
relating to such Distribution Date.....% 1.21%
(d) The aggregate principal balance of all
Receivables which were delinquent 30
days or more as of the last day of the
related Collection Period .............$ 13,706,487.86
(e) Delinquency Percentage relating to such
Distribution Date......................$ 10.27%
(f) The Specified Reserve Balance relating
to such Distribution Date..............$ 15,188,715.22
(g) The Pool Balance as of the end of the
related Collection Period .............$ 129,265,661.46
(h) The Pool Factor as of the end of the
related Collection Period .............$ 0.8560595
Weighted average annual percentage rate (1) 16.66%
Weighted average remaining term to maturity (1) 50.59
(1) Weighted by current balance.
CHEVY CHASE BANK, F.S.B.
Auto Trust 1998-1 Servicer
Mark A. Holles
Vice President
