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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event
Reported) March 12, 1997
CHEVY CHASE BANK, F.S.B., (as seller under the Pooliing and Servicing Agreement,
dated as of March 1, 1997, providing for the issuance of Chevy Chase Auto
Receivables Trust 1997-1, ____% Auto Receivables Backed Certificates).
Chevy Chase Bank, F.S.B.
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(Exact name of registrant as specified in its charter)
Delaware 333-21707 52-0897004
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(State or Other (Commission File (I.R.S. Employer
Jurisdiction of Number) Identification No.)
Incorporation)
8401 Connecticut Ave. 20815
Chevy Chase, Maryland ----------
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(Address of Principal Executive
Offices)
Registrant's telephone number, including area code (301) 986-7000
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Item 5. Other Events
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The consolidated financial statements of AMBAC Indemnity Corporation and
its subsidiaries as of December 31, 1996 and 1995 and for the three year period
ended December 31, 1996 included in the Current Report on Form 8-K of AMBAC Inc.
for the year ended December 31, 1996 (which was filed with the Securities and
Exchange Commission on March 12, 1997) are hereby incorporated by reference in
this Current Report on Form 8-K and shall be deemed a part hereof.
Item. 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1. Consent of Independent Certified Accountants
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CHEVY CHASE BANK, F.S.B.
By: /s/ Mark Holles
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Name: Mark Holles
Title: Vice President
Dated: March 11, 1997
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Exhibit Index
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Exhbit Page
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99.1. Consent of Independent Certified Accountants
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Exhibit 99.1
Consent of Independent Certified Accountants
The Board of Directors
AMBAC Indemnity Corporation
We consent to the incorporation by reference in the Form S-3 of Chevy Chase Auto
Receivables Trust 1997-1 dated March 12, 1997 of the consolidated financial
statements of AMBAC Indemnity Corporation as of December 31, 1996 and 1995, and
for each of the years in the three year period ended December 31, 1996, which
appears in the Form 8-K of AMBAC Inc. dated March 12, 1997 and to the reference
to our firm under the heading "Experts" in the Prospectus Supplement of Chevy
Chase Auto Receivables Trust 1997-1.
/s/ KPMG Peat Marwick LLP
New York, New York
March 12, 1997
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