Question about undated security cheques. Buying tuscon on installments

[yasserzubair68]

Hi! Today I went to local hyundai dealership, submitted 25k processing charges and submitted my application to buy a new tucson on 40% DP.
Hi have couple of reservations

1. The insurance and tracker company I have never heard about, SGI, are they legit?
2. Apart from advance cheques for the payment, they are asking 1 undated cheque of the full remaining amount, i.e 54 lacs. Is this normal?

I get the 18 cheques for installments thing but what is this undated cheque for? That too in favor of SGI. Should I go ahead or should I back off?

[pwuser167536480499]

Back off please. Buy a new on cash from the company or get a very slightly used under 5 k mileage from those put on sale on Pakwheels. You will save big on used vehicle on account of witholding tax and registeration charges as well as depreciation. Pakwheels inspection is however a must for used one.

[abid110]

The insurance and tracker company I have never heard about, SGI, are they legit?

Security General Insurance Company.

[fastian04]

They are asking absolutely within legal terms. SGI is a old reputable name approved under SECP and JAMA PUNJI. May be u didnt hear because mostly they operate with corporate.

1 security check is for them to pursue legal action if ur 2 consecutive checks bounce. Even if i give something via checks, it makes total sense. They are bound to return this check once, car clears. it's an excellent deal, new is new., best thing is ur maximum amount is with you... earn on that too... invest somewhere else and enjoy car on installment....