EXHIBIT 5.1
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                               October 16, 2001

Chevy Chase Bank, F.S.B.
7501 Wisconsin Avenue
Bethesda, Maryland 20814


                          Re:  Registration Statement
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Ladies and Gentlemen:

          We have acted as counsel to Chevy Chase Bank, F.S.B., a federally
chartered stock savings bank (the "Registrant") in connection with the
preparation and filing of the registration statement on Form S-3 (such
registration statement, the "Registration Statement") being filed today with the
Securities and Exchange Commission pursuant to the Securities Act of 1933, as
amended (the "Act"), in respect of Auto Loan Asset-Backed Securities
("Securities") which the Registrant plans to offer in series, each series to be
issued under a separate pooling and servicing agreement (a "Pooling and
Servicing Agreement") or indenture (an "Indenture"), in substantially one of the
forms incorporated by reference as Exhibits to the Registration Statement.

          We have made investigations of law and have examined and relied on the
originals or copies certified or otherwise identified to our satisfaction of all
such documents and records of the Registrant and such other instruments and
Registrant and such other persons, as we have deemed appropriate as a basis for
the opinions expressed below.

          The opinions expressed below are subject to bankruptcy, insolvency,
reorganization, moratorium and other laws relating to or affecting creditors'
rights generally and to general equity principles.

          We are admitted to the Bar of the State of New York and we express no
opinion as to the laws of any other jurisdiction except as to matters that are
governed by Federal law or the laws of the State of New York.  All opinions
expressed herein are based on laws, regulations and policy guidelines currently
in force and may be affected by future regulations.

          Based upon the foregoing, we are of the opinion that:

          (1) When, in respect of a series of Securities, a Pooling and
Servicing Agreement or Indenture has been duly authorized by all necessary
action and duly executed and delivered by all necessary parties for such series,
such Pooling and Servicing Agreement or Indenture will be a valid and legally
binding obligation of the Registrant; and


Chevy Chase Bank, F.S.B.
October 16, 2001
Page 2


          (2) When a Pooling and Servicing Agreement or Indenture for a series
of Securities has been duly authorized by all necessary action and duly executed
and delivered by all necessary parties for such series, and when the Securities
of such series have been duly executed and authenticated in accordance with the
provisions o f the Pooling and Servicing Agreement or Indenture, as applicable,
and issued and sold as contemplated in the Registration Statement and
prospectus, as amended or supplemented and delivered pursuant to Section 5 of
the Act in connection therewith, such Securities will be legally and validly
issued, fully paid and nonassessable, and the holders of such Securities will be
entitled to the benefits of such Pooling and Servicing Agreement or Indenture,
as applicable.

          We hereby consent to the filing of this opinion as an Exhibit to the
Registration Statement and to the reference to Dewey Ballantine LLP in the
Registration Statement and the related prospectus under the heading "Legal
Opinions."

                                      Very truly yours,

                                      /s/ DEWEY BALLANTINE LLP



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