There's just a reasonably convenient abuse of notation in play. When dealing with almost-commutative spectral triples, $C^\infty(M)$ means $C^\infty(M,\mathbb{C})$ except when forming $C^\infty(M) \otimes A_F$ for $A_F$ real, in which case $C^\infty(M) \otimes A_F$ really means $C^\infty(M,\mathbb{R}) \otimes_{\mathbb{R}} A_F$.