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Chevy Chase - Wikipedia

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The name, which he subsequently adopted for the entire new subdivision, can be traced to the larger tract of land called Cheivy Chace that was patented to Colonel Joseph Belt from Lord Baltimore on July 10, 1725. It has historic associations to a 1388 battle between Lord Percy of England and Earl Douglas of Scotland.
Chase was named for his adoptive grandfather Cornelius. The name Chevy was a nickname bestowed by his grandmother, derived from the medieval English Ballad of Chevy Chase.
No, it's not named after comic actor Chevy Chase (born Cornelius Crane Chase). Chevy Chase was a large Glendale housing tract opened by Bert C. Farrar (1873-1960) in 1925.
For those of you outside of the DC area, no the town was not named after the actor though some say he got his nickname after the community.
Rumor has it, though, that Chase's nickname—given to him as a child by his grandmother—is actually derived from our Chevy Chase. Another theory, entertained by Chase himself, is that the man and the town actually get their names from the same place: an English ballad that's at least 500 years old.