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
internal control structure.  In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and 
related  costs of control procedures.  The objectives of an internal control 
structure are to provide management with 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