What Is a Pink Slip and Why Are They Wagered at Race Wars?
Not all pink slips are pink.
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The dictionary definition says a “pink slip” is a notification that you’ve been dismissed from your job, but anybody who’s watched The Fast and The Furious knows the term “pink slip” for a different meaning. One related to cars. A meaning that you think you know until somebody directly asks you, “what is a pink slip?” and your brain vaguely answers, “something with racing?”
F&F bing-watching editors are here to clear that up. The pink slip is a nickname for the piece of paper that officializes the owner of an automobile. It’s a crucial document that comes in various forms and colors, and its importance is not limited to its relation to racing. Everybody who owns a car has a pink slip and should know what it is.
Let’s break it down.
What Is a Pink Slip?
“Pink slip” is a slang term used to describe a certificate of title of a vehicle.
What Is a Title?
A title is a document that states and proves ownership of a vehicle. All vehicles must have titles to be legally driven or sold.
What Information Is On a Title?
Automobile titles look different from state to state, but it will always have the owner’s date of birth and background information, the VIN and year/make/model of the vehicle, and possibly lien information.
What Is a Branded Title?
A branded title is for a vehicle that has sustained some type of significant or notable damage. Examples include rebuilt title, salvage title, hail damage title, and water damage title. Read more in The Drive's guide, What Is a Branded Title?
What Is a Salvage Title?
A salvage title states that the repairs needed for a damaged vehicle cost more than the vehicle is valued at a fair market price.
What Is a Rebuilt Title?
A rebuilt title states that the vehicle was totaled and/or had a salvage title in the past, but it has since been certifiably repaired back to good operating condition. Read more in The Drive's guide, What Is a Rebuilt Title?
Lose Your Pink Slip at Race Wars? Find Your Next Car With Carvana
You know how satisfying it is to drop a coin into a vending machine, type in the respective alphanumeric code for a Reese's, hear the whirring of the motor twisting the delicious chocolate-covered peanut butter cup out toward you, and finally falling into the bin for your to enjoy? Yeah, that's how easy it is to now buy your next car thanks to Carvana.
FAQs About Pink Slip
You’ve got questions, The Drive has answers!
Q: What Does It Mean To Race For a Pink Slip?
A: It means you’re putting it all on the line. The winner of the race gets the other person’s pink slip, which means they get the other person’s car. Pro tip: Don’t race for pink slips.
Q: How Long Does a Pink Slip Last?
A: A title is not temporary like a hall pass. Your title is attached to your name for as long as you own the vehicle.
Q: What Happens If I Can’t Find the Pink Slip To My Car?
A: Visit your local department or bureau of motor vehicles to get a replacement. You will likely need an ID, possibly proof of ownership, and you might have to pay a fee.
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