Additionally, they compared the original weighted-average coupon (WAC) on auto loan ABS pools with the cumulative net loss rates generated by offerings that were issued between 2000 and 2010. Analysts said that the weighted average coupon on auto loan pools is a good indicator of credit risk. They added that market participants and regulators can use the WAC as a reliable measure to differentiate the level of credit risk between auto loan pools. According Wells Fargo analysts, the demand for auto loans has risen significantly,citing the bank respondents in the Federal Reserve 's survey, specifically over 1H12. They think this is partly a result of the pent-up demand for autos, which built up in the last few years. "The strength in demand has also helped the auto ABS sector to regain much of its lost vigor," Wells Fargo analysts wrote. "Particularly as lenders have shifted to a greater use of securitization for funding amid strong demand and tighter pricing spreads."