10-K 1 a10k002.txt AUTO TRUST 2000-2 10-K SECURITIES AND EXCHANGE COMMISSION Washington, DC. 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, 2002 333-21707 Chevy Chase Auto Receivables Trust 2000-2 ____________________________________________________ (Exact name of registrant as specified in charter) Delaware 52-897004 ________________________________ ___________________ (State or other jurisdiction of (IRS. Employer incorporation or organization) Identification No.) c/o Chevy Chase Bank, F.S.B. 7501 Wisconsin Avenue Bethesda, Maryland 20814 ________________________________________ ___________________ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area (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. Introductory Note Chevy Chase Bank, F.S.B. (the "Bank")is the seller and Servicer under the Pooling and Servicing Agreement (" Agreement"), dated as of September 1, 2000, by and between the Bank and U.S. Bank National Association, as the indenture 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 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 (DTC). Accordingly, Cede & Co. is the sole holder of record of the Certificates, which it held on behalf of approximately 31 brokers, dealers, banks and other direct participants in the DTC system at December 31, 2002. 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 A current report on Form 8-K, dated August 13, 2002, was filed with the SEC reporting the dismissal Arthur Andersen LLP as independent auditors of the Originator and the engagement of Ernst & Young LLP to serve as independent auditors for the fiscal year ending September 30, 2002. (Item reported: Item 4) Part III Item 10 Directors and Executive Officers of the Registrant Not Applicable Item 11 Executive Compensation Not Applicable Page 3 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, 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 31 brokers, dealers, banks and other direct participants in the DTC system at December 31, 2002. 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, 2002. $ 318,684,000.00 Auto Receivables Backed Certificates Aggregate Amount of Percent of Name Certificates Held O/S Class Boston Safe Deposit & Trust Co. 6,700,000 11.17% Citibank, N.A. 7,450,000 12.42% JP Morgan Chase Bank 13,000,000 21.67% HSBC Bank USA / Treasury Investment 10,000,000 16.67% State Street Bank and Trust Co. 17,050,000 28.42% Bank of New York 9,949,000 11.82% JP Morgan Chase Bank 52,000,000 61.76% Bank of New York 6,438,000 100.00% Bank of New York 8,047,000 100.00% The address of each of the above participants is: The Depository Trust Company Issuer Services c/o ADP Proxy Services 51 Mercedes Way Edgewood, NY 11717 Item 13 Certain Relationships and Related Transactions None Page 4 Part IV Item 14 Exhibits, Financial Statement Schedules and Reports On Form 10-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, 2002 ii) Annual Accountant's Report dated October 23, 2002 and related Report of Management dated October 23, 2002 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 2000-2 By: Chevy Chase Bank, F.S.B. Originator of the Trust and Servicer Date: 03/31/2003 By: ____________________________________ Joel A. Friedman Senior Vice President and Controller Page 5 CERTIFICATION I, Joel A. Friedman., certify that: 1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Chevy Chase Auto Receivables Trust 2000-2 2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report; 3. Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement, for inclusion in these reports is included in these reports; 4. I am responsible for reviewing the activities performed by the servicer under the pooling and servicing, or similar, agreement and based upon my knowledge and the annual compliance review required under that agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under that agreement; and 5. The reports disclose all significant deficiencies relating to the servicer's compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar, agreement, that is included in these reports. In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: the Depository Trust Company. Chevy Chase Auto Receivables Trust 2000-2 By: Chevy Chase Bank, F.S.B. Originator of the Trust and Servicer Date: 03/31/2003 By: ____________________________________ Joel A. Friedman Senior Vice President and Controller Page 6