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Fitch to Rate Chevy Chase Auto Receivables Certificates 'AAA'

24 September 1997

Chevy Chase Auto Receivables $194 Million Certificates To Be Rated 'AAA' By Fitch - Fitch Financial Wire -

    NEW YORK, Sept. 24 -- Chevy Chase Auto Receivables Trust
1997-3's $193,949,671 6.20% auto receivables-backed certificates are expected
to be rated 'AAA' by Fitch.  In addition, the $8,081,236 9.0% certificates are
expected to be rated 'BB'.  Only the class A certificates are being offered
publicly.
    The expected rating on the class A certificates reflects the quality of
the prime and subprime automobile loan assets, the availability of excess
spread to cover losses and fund the reserve account, the subordination of the
class B certificates and the ability of MBIA Insurance Corp. (MBIA) to make
payments under the certificate insurance policy.  The claims-paying ability of
MBIA Insurance Corp., the principal operating subsidiary of MBIA Inc., is
rated 'AAA'.
    Unlike the 1997-2 transaction which offered only one class of
certificates, 1997-3 will offer two classes, a senior and a subordinate
tranche.  The reserve account will initially be 1.8% of the original balance
of the certificates and will grow to 1.95% of the outstanding balance through
the application of excess spread.  The reserve account will have a floor of
1.0% of the original balance of the certificates.
    Of the aggregate principal balance of the receivables as of the cutoff
date, approximately 56%, representing prime auto loans, were originated or
purchased by Chevy Chase Bank, F.S.B., while the remaining 44%, representing
subprime auto loans, were originated by Consumer Finance Corp. (CFC), a
wholly owned subsidiary of Chevy Chase Bank.  Fitch has reviewed the
operations of Chevy Chase Bank and CFC and believes management has the ability
to manage losses at a level consistent with the ratings on both classes of the
certificates.
    The receivables in the pool have a weighted average original maturity of
58.27 months, a weighted average remaining term of 56.69 months and a weighted
average contract rate of 14.39%.  The receivables originated by Chevy Chase
Bank or purchased through their dealer network represent financing for new
vehicles (49%) and used vehicles (51%).  All the CFC receivables were
purchased through dealers and represent financing for new vehicles (20%) and
used vehicles (80%).  The obligors are located primarily in Virginia (31%),
Georgia (16%), Maryland (18%) and North Carolina (18%).  No other state
represents more than 5% of the receivables pool.
    Principal and interest are payable on the 20th of each month, beginning
Oct. 20, 1997.  Credit enhancement for the class A certificates will consist
of the subordination of the class B certificates, a reserve account, a yield
maintenance account, excess spread and the certificate insurance policy
provided by MBIA.  If the required payments on the class A certificates for a
distribution date are in excess of the funds collected on the contracts, and
any amount available through the subordination of the class B's and the
reserve account, MBIA will cover such shortfall.

SOURCE  Fitch Investors Service