If you've watched enough street racing movies, you'll know how they'd sometimes bet on 'pink slips'. These pink slips are essentially slang for your car's Certificate of Title. It's a piece of legal document that practically certifies that you are indeed the owner of a particular vehicle. The term originally came about because early vehicle titles were printed on pink paper, hence the name. Your pink slip (or Certificate of Title) is crucial for your vehicle ownership. It contains your name, lien information, license plate number, and other tax information. You'll also find the make and model of the vehicle, as well as its VIN, mileage at the time of sale, and loads of other details. You'll need the title for buying and selling a vehicle or taking out a loan against it.