Fitch Rates Chevy Chase Auto Receivables Trust 2001-3

    NEW YORK--Dec. 17, 2001--Fitch has rated the Chevy Chase Auto Receivables Trust 2001-3 as follows:

-- $87,000,000 class A-1 2.0375% asset-backed notes `F1+';

-- $82,000,000 class A-2 2.88% asset-backed notes `AAA';

-- $57,600,000 class A-3 3.95% asset-backed notes `AAA';

-- $9,485,000 class B 4.70% asset-backed notes `A+'.

    The ratings on the class A notes are based upon initial hard credit enhancement of 4.50% consisting of the 4% class B notes, 0.25% overcollateralization and the 0.25% initial deposit into the reserve account. The ratings on the class B notes are based upon the 0.25% overcollateralization and the 25% reserve account. Additional enhancement is provided through the excess spread generated from the differential between the coupon on the notes and the coupon on the receivables. Excess spread is used to increase the reserve account to the target of 0.75% of the initial receivables balance at which level it will remain. The overcollateralization percentage is initially 0.25%, however, through the application of excess spread O/C will grow to the target of 1.75% of the current pool balance less the amount on deposit in the reserve account. The ratings of all classes reflect the high quality of the underlying retail installment sales contracts, the sound legal and cash flow structure, and the underwriting strength and servicing experience of Chevy Chase Bank.
    The pool consists of highly seasoned auto loans, with a weighted average seasoning of over 30 months. The majority of the loans were originated in 1998 (17.34%) and 1999 (80.76%). As in the past two securitizations, the 2001-3 deal includes only prime quality auto loans. The included loans have exhibited excellent performance to date; at closing, none of the loans were delinquent. Based on Chevy Chase's prime retail portfolio performance and the historical performance of the seasoned pool, Fitch expects excellent performance from the 2001-3 securitization.
    Interest and principal are payable monthly, beginning on Jan. 15, 2002. The 2001-3 transaction provides significant structural protection through a shifting payment priority mechanism designed to guard against deteriorating collateral performance. On each monthly payment date, the collateral balance as of the end of the previous calendar month will be compared with outstanding principal balance of the class A notes. The amount by which the class A note balance exceeds the collateral balance will be allocated as a parity principal payment from available collections after payment of the class A interest amount but before payment of class B interest. Similar allocations are made for the class B notes. It should be noted that under each of Fitch's stressed cash flow rating scenarios the corresponding class of notes received full and timely interest and ultimate payment of principal.