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:) May 15, 1996
_________________
Chevy Chase Bank, F.S.B.
__________________________________________________
(Exact name of registrant as specified in charter)
Maryland 33-92066 52-0897004
_________________________ ____________ ________________
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File No.) Identification No)
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 May 15, 1996.
Signatures
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has caused this report to be
signed on its behalf by the undersigned hereunto duly
authorized.
Chevy Chase Auto Receivables Trust 1995-1
By: Chevy Chase Bank, F.S.B.,
as Seller and Servicer
Dated: May 15, 1996 By: Mark A. Holles
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Mark A. Holles
Vice President
SERVICER'S CERTIFICATE
CHEVY CHASE AUTO RECEIVABLES TRUST 1995-1
6.00 % AUTO RECEIVABLES BACKED CERTIFICATES
Distribution Date: May 15, 1996
Collection Period: April, 1996
Record Date: May 14, 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 of the Chevy Chase Auto Receivables Trust
1995-1 (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 . . . . . . $ 8,660,966.98
(b) The amount of the distribution
set forth in paragraph (a)
above allocable to principal,
including any overdue
principal . . . . .$ 7,806,839.65
(c) The amount of the distribution
set forth in paragraph (a) above
allocable to interest, including
any overdue interest . $ 854,127.33
(d) The Draw Amount, if any, with
respect of such Distribution
Date . . . . . . $ 0.00
(e) The Servicing Fee . . $ 142,652.32
(f) The Trustee Fee . . .$ 250.00
Page 2
(g) The amount distributed to the
Cash Collateral Trustee $ 272,846.73
(h) The amount of the distribution
set forth in paragraph (a) above,
per Certificate in a principal
amount of $1,000. . . $ 34.3369396
(i) The amount of the distribution
set forth in paragraph (b) above,
per Certificate in a principal
amount of $1,000. . . $ 30.9506989
(j) The amount of the distribution
set forth in paragraph (c) above,
per Certificate in a principal
amount of $1,000. . . $ 3.3862407
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) . . .
$ 163,018,626.39
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. . . . . . $ 181,391.04
(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$ 3,304,566.71
(c) The Pool Balance as of the end of the
related Collection Period. . .
$ 163,359,055.10
(d) The Certificate Factor as of the end
of the related Collectio$ 0.6462974
Page 3
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 . .
$ 15,406,450.36
(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 Date. . .$ 9.00%
CHEVY CHASE BANK, F.S.B.
Servicer
Mark A. Holles
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Mark A. Holles
Vice President
