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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 16, 1996
Chevy Chase Bank, F.S.B.
_____________________________________________________
(Exact name of registrant as specified in charter)
Maryland 33-92066 52-0897004
___________________________ ________________ _________________
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)
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Item 5. Other Events
None
Item 7. Financial Statements, Pro forma Financial Information
and Exhibits.
Exhibit 99.1 Monthly Servicer's Report dated September 16, 1966.
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 Master Credit Card Trust by the
undersigned thereunto duly authorized.
Chevy Chase Auto Receivables Trust 1995-1
By: Chevy Chase Bank, F.S.B.
Originator of the Trust and Servicer
Mark A. Holles
Dated: September 16, 1996 By: ___________________________________
Mark A. Holles
Vice President
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SERVICER'S CERTIFICATE
CHEVY CHASE AUTO RECEIVABLES TRUST 1995-1
6.00 % AUTO RECEIVABLES BACKED CERTIFICATES
Distribution Date: September 16, 1996
Collection Period: August, 1996
Record Date: September 15, 1996
Under the pooling and Servicing Agreement, dated as of
June 1, 1995 between Chevy Chase Bank, F.S.B. (as "Seller and
"Servicer") and Norwest Bank Minnesota, National Association, as trustee,
the Servicer is required to prepare certain information each month
regarding current distributions to Certificateholders and the
performance ofthe Chevy Chase Auto Receivables Trust 1995-1
the 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 . . . . . . $ 7,402,446.29
(b) The amount of the distribution
set forth in paragraph (a)
above allocable to principal,
including any overdue
principal . . . . .$ 6,698,191.20
(c) The amount of the distribution
set forth in paragraph (a) above
allocable to interest, including
any overdue interest . $ 704,255.09
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(d) The Draw Amount, if any, with
respect of such Distribution
Date . . . . . . $ 0.00
(e) The Servicing Fee . . $ 117,730.31
(f) The Trustee Fee . . .$ 250.00
(g) The amount distributed to the
Cash Collateral Trustee $ 240,736.21
(h) The amount of the distribution
set forth in paragraph (a) above,
per Certificate in a principal
amount of $1,000. . . $ 29.3474564
(i) The amount of the distribution
set forth in paragraph (b) above,
per Certificate in a principal
amount of $1,000. . . $ 26.5553935
(j) The amount of the distribution
set forth in paragraph (c) above,
per Certificate in a principal
amount of $1,000. . . $ 2.7920629
The amount of the distribution
(k) set forth in paragraph (d) above,
per Certificate in a principal
amount of $1,000. . . $ 0.0000000
(l) The Certificate Principal Balance
as of such Distribution Date (after
giving effect to any distribution on
such Distribution Date)$ 134,152,827.02
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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. . . . . . $ 188,568.71
(b) The aggregate principal balance of all
Receivables which were delinquent 30
days or more as of the last day of the
related Collection Perio$ 3,146,195.97
(c) The Pool Balance as of the end of the
related Collection Perio$134,549,400.43
(d) The Certificate Factor as of the end
of the related Collectio$ 0.5318572
2. Available Collection Cash Callateral Amount.
(a) The Available Cash Collateral Amount,
after giving effect to any deposit to or
withdrawal from the Cash Collateral
Account with respect to such
Distribution Date . . $12,714,873.28
(b) The Available Cash Collateral Amount,
expressed as a percentage of the Pool
Balance, after giving effect to any
deposit to or withdrawal from the
Cash Collateral Account with respect
to such Distribution Dat$ 9.00%
CHEVY CHASE BANK, F.S.B.
Servicer
Mark A. Holles
___________________________
Mark A. Holles
Vice President
SERVICER'S CERTIFICATE - SUPPLEMENTARY INFORMATION
EXCESS SPREAD
A Collected interest on Receivables this period $1,128,844.64
B Recoveries this period relating to Defaulted Recvbles $12,854.31
C Repossessions this period relating to Defaulted Receivabl$0.00
D Other Liquidation Proceeds this period relating to
Defaulted Receivables from prior periods $51,249.04
E Interest earnings this period on Certificate Account
balances $28,998.46
F Miscellaneous amounts this period (e.g., late fees,
prepayment fees, ect.) $50,695.38
G Investment Earnings on the cash collateral account depos
deposit $55,627.57
1 TOTAL REVENUES $1,328,269.40
H Certificateholder Interest $704,255.09
I Defaulted Receivables this period $209,670.22
J Recoveries this period relating to Defaulted Receivable$ 0.00
K Repossessions this period relating to Defaulted Receiva$ 0.00
L Other Liquidation Proceeds this period relating to
Defaulted Receivables this period $ 0.00
M Servicing Fee this period $117,730.31
N Trustee Fee this period $250.00
O Interest on Loan this period $33,557.04
P Loan Fee on Loan $5,113.45
2 TOTAL EXPENSES $1,070,576.11
3 EXCESS SPREAD $ 257,693.29
Q Pool Balance on first day of related Collection
Period $141,276,369.83
EXCESS SPREAD PERCENTAGE 2.19%
Three month average Excess Spread Percentage 1.98%
Six month average Excess Spread Percentage 2.17%
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CONTRACTS
R # of contracts on first day of Collection Period 16,407
S # scheduled pay off
T # prepayment in full 447
U Defaulted contracts 44
4 # of contracts on last day of Collection Period 15,916
POOL BALANCE
V Pool Balance on first day of related Collection
Period $141,276,369.83
W Scheduled principal received this period
X Principal repayments received this period $6,538,400.69
Y Defaulted receivables this period $188,568.71
5 Pool Balance on last day of related Collection
Period $134,549,400.43
OTHER DATA
Weighted average original term of remaining contracts 57.44
Weighted average remaining term of remaining contracts 35.15
Weighted average APR of remaining contracts 9.71%
DELINQUENCIES
% of # of
Buckets Balances Balances Contracts
--------- ---------------- ---------- -----------
0-29 days $131,403,204.46 97.66% 15,558
30-59 days $ 1,795,916.46 1.33% 204
60-89 days 428,932.84 0.32% 53
90-119 days 286,170.19 0.21% 35
120-149 days 152,532.35 0.11% 18
150-179 days 162,289.89 0.12% 19
180+days 320,354.24 0.24% 29
TOTAL $134,549,400.43 100.00% 15,916
