SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 20549

                              FORM 10 - K

             Annual Report Pursuant to Section 13 or 15(d) of
                  the Securities Exchange Act of 1934


For the fiscal year ended:                 Commission file number:
     December 31, 1996                            33-92066




                Chevy Chase Auto Receivables Trust 1995-1
         ____________________________________________________
          (Exact name of registrant as specified in charter)



            Maryland                                      41-6399066
________________________________                      ________________
(State or other jurisdiction of                       (I.R.S. Employer
  incorporation or organization)                     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
                                                    ________________

Securities registered pursuant to Section 12(b) of the Act:

                       None

Securities registered pursuant to Section 12(g) of the Act:

                       None



     Indicate by check mark whether the Registrant has (1) filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the Registrant was required 
to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.


          Yes   X    No
              _____     _____

The Registrant has no voting stock or class of common stock 
outstanding as of the date of this report.



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                     Introductory Note


Chevy Chase Bank, F.S.B. (the "Bank")is the seller and servicer under the
Pooling and Servicing Agreement (the "Agreement"), dated as of 
June 1, 1995, by and between the Bank and Norwest Bank Minnesota,
National Association, as the trustee. The Certificates listed on page 1
hereof will be referred to collectively herein as the "Certificates".
The Certificates do not represent obligations of or interests  in the Bank.

By letter dated August 7, 1995, the Bank has requested an exemption
from certain reporting and information requirements under the
Exchange Act.  Pending resolution of such request, the Bank intends
to provide information in a manner consistent with such application.
Accordingly, certain items of Form 10-K are designated below as
"Not Applicable", and with respect to the remaining items the Bank is
providing the information set forth below.


                        Part I

Item 1    Business

          Not Applicable


Item 2    Properties

          See the Annual Report filed pursuant to Item 14 Below.


Item 3    Legal Proceedings 

          None


Item 4    Submission Of Matters To A Vote Of Security Holders 

          None



                              Page 2

 
 <PAGE>


                       Part II


Item 5    Market For Registrant's Common Equity
          And Related Stockholder Matters

          Each of the Certificates, representing investors' interests
          in the Trust, are represented by a single certificate
          registered in the name of Cede & Co., the nominee of
          The Depository Trust Company. Accordingly, Cede & Co.
          is the sole  holder of record of the Certificates, which it
          held on behalf of  approximately 25 brokers, dealers,
          banks and other direct participants  in the DTC system at
          December 31, 1996.  



          To the best knowledge of the Registrant, there is no 
established public trading market for the Certificates.

Item 6    Selected Financial Data

          Not Applicable

Item 7    Management's Discussion and Analysis of Financial 
          Condition and Results of Operations

          Not Applicable

Item 8    Financial Statements and Supplementary Data

          Not Applicable

Item 9    Changes In And Disagreements With Accountants
          On Accounting and Financial Disclosure

          None



                        Part III

Item 10   Directors and Executive Officers of the Registrant

          Not Applicable

Item 11   Executive Compensation 

          Not Applicable



                              Page 3

 <PAGE>




Item 12   Security Ownership Of Certain Beneficial Owners
          and Management


          Each of the Certificates, representing investor's interests in the
          Trust, are represented by a single certificate registered in the
          name of Cede & Co., the nominee of the Depository Trust
          Company("DTC"), and an investor holding an interest in the Trust
          is not entitled to receive a Certificate representing such interest
          except in  certain limited circumstances.  Accordingly, Cede & Co.
          is the sole  holder of record of the Certificates, which it held on
          behalf of  approximately 25 brokers, dealers, banks and other
          direct participants  in the DTC system at December 31, 1995. 
          Such direct participants  may hold Certificates for their own
          accounts or for the accounts of  their customers.  The following
          table sets forth, with respect to each of the Certificates, the
          identity of each direct DTC participant that holds positions in
          such Certificate in excess of 5% of the  outstanding principal
          amount thereof at December 31, 1996.


$ 252,234,000.00 6.00% Auto Receivables Backed Certificates

                                        Aggregate Amount of     Percent of
Name                                     Certificates Held        Class
Bankers Trust Company                      15,600,000               6.2%
Bear Stearns Securities Corp.              48,015,000              19.0%
Boston Safe Deposit & Trust Co.            20,000,000               7.9%
Chase Manhattan Bank                       37,900,000              15.0%
Bank of New York                           52,435,000              20.8%
First National Bank of Boston              12,884,000               5.1%






The address of each of the above participants is:

                     C/O The Depository Trust Company
                       7 Hanover Square, 22nd Floor
                           New York, NY   10004

Item 13   Certain Relationships and Related Transactions

          None



                              Page 4

 <PAGE>





                   Part IV

Item 14   Exhibits, Financial Statement Schedules and Reports
          On Form 8-K

(a)       The following documents are filed as part of this Report:

          i)  Summary of annual distributions on the Certificates to
              Certificateholders for the year ended December 31, 1996

          ii) Annual Accountant's Report dated December 20, 1996
              and related Report of Management dated December 20, 1996
              relating to sufficiency of accounting controls

          No proxy soliciting material has been distributed by
          the Trust.



                         SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the 
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.


                              Chevy Chase Auto Receivables Trust 1995-1
                              By: Chevy Chase Bank, F.S.B.
                                  As Seller and Servicer


Date:     03/31/97            By:  ___________________________________________
                                                Joel A. Friedman
                                                Senior Vice President
                                                and Controller














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