MANAGEMENT'S REPORT ON THE EFFECTIVENESS OF THE INTERNAL
            CONTROL STRUCTURE RELATIVE TO THE SERVICING OF
                     AUTOMOBILE LOAN RECEIVABLES
  
  
The management of the Bank is responsible for establishing and maintaining the
nternal control structure.  In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
related costs of control procedures.  The objectives of an internal control 
structure are to provide management with reasonable, but not absolute,  
assurance that assets are safeguarded against loss from unauthorized use or  
disposition, and that transactions are executed in accordance with 
management's authorization and recorded properly to permit the preparation of 
financial statements in accordance with generally accepted accounting 
principles.  

We have performed an evaluation of the effectiveness of the Bank's internal
control structure based on the criteria established in Internal Control -
Integrated Framework issued by the Committee of Sponsoring Organizations  
of the Treadway Commission ("COSO") relative to the servicing of automobile 
loan receivables owned by Chevy Chase Auto Receivables Trusts 1995-1 and 
1995-2 (collectively referred to as the "Trusts" herein) as of September 30, 
1996, and we have determined that the Bank maintained an effective internal 
control structure over financial reporting relative to the servicing of 
automobile loan receivables owned by the Chevy Chase Auto Receivables Trusts 
as of September 30, 1996.
  
However, there are inherent limitations in the effectiveness of any internal
control structure, including the possibility of human error and the circum-
vention or overriding of controls.  Accordingly, even an effective internal 
control structure can provide only reasonable assurance with respect to 
reliability of financial statements and safeguarding and management of assets.  
Furthermore, the effectiveness of any internal control structure can change 
with changes in circumstances.
  
  John C. Harley                               George P. Clancy              
  ____________________                     ____________________
  John C. Harley                               George P. Clancy
  Senior Vice President                       Executive Vice President
  
  Stephen R. Halpin, Jr.      
  _____________________
  Stephen R. Halpin, Jr.
  Executive Vice President and
  Chief Financial Officer
  
  December 20, 1996
  
  
  
  
               REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
  
  
  
  To the Board of Directors of
  Chevy Chase Bank, F.S.B.:
  
  We have examined management's assertion, included in the accompanying
  Management's Report on the Effectiveness of the Internal Control Structure
  Relative to the Servicing of Automobile Loan Receivables, that Chevy
  Chase Bank, F.S.B. (the "Bank") maintained an effective internal control
  structure over financial reporting relative to the servicing of
  automobile loan receivables owned by the Bank's automobile trusts (1995-1
  and 1995-2, collectively referred to as the "Trusts" herein) as of
  September 30, 1996.
  
  Our examination was made in accordance with standards established by the
  American Institute of Certified Public Accountants and, accordingly,
  included obtaining an understanding of the internal control structure
  over financial reporting, testing, and evaluating the design and
  operating effectiveness of the internal control structure, and such other
  procedures as we considered necessary in the circumstances.  We believe
  that our examination provides a reasonable basis for our opinion.
  
  Because of inherent limitations in any internal control structure, errors
  or irregularities may occur and not be detected.  Also, projections of
  any evaluation of the internal control structure over financial reporting
  to future periods are subject to the risk that the internal control
  structure may become inadequate because of changes in conditions, or that
  the degree of compliance with the policies or procedures may deteriorate.
  
  In our opinion, management's assertion that the Bank maintained an
  effective internal control structure over financial reporting relative
  to the servicing of automobile receivables owned by the Bank's automobile
  loan Trusts as of September 30, 1996, is fairly stated, in all material
  respects, based upon criteria established in Internal Control -
  Integrated Framework issued by the Committee of Sponsoring Organizations
  of the Treadway Commission (COSO).
  
  This report is intended solely for the information and use of the board
  of directors and management of the Norwest Bank Minnesota, N.A., Credit
  Suisse, and Financial Guaranty Insurance Company, and should not to be
  used for any other purpose.
  
  
  Arthur Andersen LLP
  
  
  
  Washington, D.C.
  December 20, 1996