Wondering What is a Pink Slip?
Pink Slip is that certificate of title which establishes a person as the owner of a car legally. Pink Slip holds great importance when you are in the process of selling your car or you wish for a loan against your car’s value. The lender will hold the slip or the Pink Slip will be held under the name of the lender if the owner of the car lends money against his vehicle. Once the lender clears the payment, this slip is also released and is no more under the name of the lender. Apart from this, when you sell your car to another person, the Pink Slip will be under their name again. After the owner gets the complete payment for the car, transfer of this slip is made from the seller to the buyer.
If you are in the process of buying a car, never ignore the importance of Pink Slip. In case the Pink Slip is missing, you must look for another seller. Choose the seller who has all the important documents ready. Since a car is a major investment, ensure that everything is done perfectly.
What is Pink Slip and what is its importance?
This Pink Slip is that legal document which has all the important information about certification of the automobile. Some of the most important information this slip carries are the registration number of the car, the date of manufacturing of the car, the name and the address of buyer who is the current certified owner of this vehicle and the taxation information. It may be that the car was bought under the loan. Under such circumstances, the slip will have the name of the lender and how much of loan amount is left for repaying. In short, this is an important document which provides a brief overview of the car. By going through the information, you may take an informed decision. It has all the important information on the car which you may not have known before.
The purpose it serves
Pink Slip can help to avoid several problems. It keeps at bay several complications. Some of them are stated below:
You can never overlook the slip which holds so much importance for every car buyer. Any car should be backed by Pink Slip. This official document is a matter of record. It establishes the conditions for resale of car or transfer of title. When you buy a car, just look for the Pink Slip. Enter all information correctly in the slip. In case the slip is lost, a duplicate one can be requested.