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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:) July 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 (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 June 17, 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: July 15, 1996 By: ___________________________________
Mark A. Holles
Vice President
SERVICER'S CERTIFICATE - SUPPLEMENTARY INFORMATION
EXCESS SPREAD
A Collected interest on Receivables this period $1,184,839.32
B Recoveries this period relating to Defaulted Recvbles $2,585.97
C Repossessions this period relating to Defaulted Receivabl$0.00
D Other Liquidation Proceeds this period relating to
Defaulted Receivables from prior periods $38,599.27
E Interest earnings this period on Certificate Account
balances $31,288.23
F Miscellaneous amounts this period (e.g., late fees,
prepayment fees, ect.) $45,430.96
G Investment Earnings on the cash collateral account depos
deposit $57,678.54
1 TOTAL REVENUES $1,360,422.29
H Certificateholder Interest $776,750.33
I Defaulted Receivables this period $243,025.83
J Recoveries this period relating to Defaulted Receivable$ 0.00
K Repossessions this period relating to Defaulted Receiva$ 0.00
L Other Liquidation Proceeds this period relating to
Defaulted Receivables this period
M Servicing Fee this period $129,801.39
N Trustee Fee this period $250.00
O Interest on Loan this period $36,922.43
P Loan Fee on Loan $5,234.75
2 TOTAL EXPENSES $1,191,984.73
3 EXCESS SPREAD $ 168,437.56
Q Pool Balance on first day of related Collection
Period $155,761,665.55
EXCESS SPREAD PERCENTAGE 1.30%
Three month average Excess Spread Percentage 1.98%
Six month average Excess Spread Percentage 2.13%
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CONTRACTS
R # of contracts on first day of Collection Period 17,481
S # scheduled pay off
T # prepayment in full 509
U Defaulted contracts 40
4 # of contracts on last day of Collection Period 16,932
POOL BALANCE
V Pool Balance on first day of related Collection
Period $155,761,665.55
W Scheduled principal received this period
X Principal repayments received this period $6,966,016.62
Y Defaulted receivables this period $162,374.58
5 Pool Balance on last day of related Collection
Period $148,633,274.35
OTHER DATA
Weighted average original term of remaining contracts 57.36
Weighted average remaining term of remaining contracts 36.85
Weighted average APR of remaining contracts 9.70%
DELINQUENCIES
% of # of
Buckets Balances Balances Contracts
--------- ---------------- ---------- -----------
0-29 days $145,373,646.02 97.81% 16,570
30-59 days $ 1,636,605.73 1.10% 182
60-89 days 469,601.66 0.32% 47
90-119 days 295,083.02 0.20% 37
120-149 days 204,414.32 0.14% 30
150-179 days 216,730.47 0.15% 22
180+days 437,193.13 0.29% 44
TOTAL $148,633,274.35 100.00% 16,932
