Lear Capital Reviews & Complaints: Good Gold IRA Custodian?
Lear Capital is a Precious Metals IRA Custodian located in Los Angeles, California. The company specializes in providing clients with investment options in precious metals, mainly through Individual Retirement Accounts (IRAs). Lear Capital has an average rating of 3.4/5 by Focus on the User.
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Featured Reviews
Top Review
Featured
"Mike is great to work with. Gives us options and always makes sure we have answers to questions, whether from him or applicable articles to review. Thank you Lear Capital..."
Read ReviewsTop Complaint
Featured
"In 2020, Daniel Boston from LEAR CAPITAL somehow convinced me to buy 7200 1.5oz Canadian Silver Coins at the cost of $56.13 each totaling $404,000. These coins today dealers are seliing for approx $45. I have no way to break even. Not sure what Im going to do. DONT be STUPID inept like I was..."
Read ComplaintsWhat is Lear Capital?
Founded in 1997 by Kevin DeMeritt, Lear Capital has been a significant player in the gold, silver, and precious metals industry for over two decades. The company offers a wide range of services, including IRAs, bullion, and rare coins. Lear Capital is unique for its real-time pricing and a transparent buying process, which includes a 24-hour risk-free purchase guarantee. However, it's important to note that Lear Capital filed for Chapter 11 bankruptcy in March 2022, following lawsuits related to state consumer protection laws.
Lear Capital Reputation
Top Lear Capital Reviews
Featured"Mike is great to work with. Gives us options and always makes sure we have answers to questions, whether from him or applicable articles to review. Thank you Lear Capital and Mike for always going above and beyond."
Featured"Brendan made this transaction very easy and explained everything. I asked he was extremely helpful I would recommend him to anyone."
Featured"Daniel was extremely helpful in helping this first time buyer understand the advantages of coins in the diversification of my investments. He answered all my questions, some before I even asked, and communication with him was very easy."
Featured"I've never owned precious metals or even thought about acquiring some. But due to what I have been seeing on the news lately, I decided to look into them. I'm a bit old-fashioned, so I called several companies and spoke with a person. I asked questions until my heart was content. The representative at LC was patient and respectful. He wasn't pushy and even said to take my time and think about it if I needed to. I bought 100 1 oz silver coins and I'm planning to buy more from this company. The representative was constantly updating me by email and calling regarding our transaction. A+ Customer Service."
Worst Lear Capital Complaints
Featured"In 2020, Daniel Boston from LEAR CAPITAL somehow convinced me to buy 7200 1.5oz Canadian Silver Coins at the cost of $56.13 each totaling $404,000. These coins today dealers are seliing for approx $45. I have no way to break even. Not sure what Im going to do. DONT be STUPID inept like I was."
Featured"Things not explained clearly on price, then told to only answer yes or we have to start over. Condescending attitude when I asked questions, I do very well with numbers and the fuzzy math that was explained didn't make sense. Will not add more funds to this account, really wished I decided that before I transferred money"
Featured"I was given numismatic coins which I never asked for. I called Alex numerous times and was convinced I would get the best return on them. I emailed him several weeks ago and requested all my money be in one ounce gold American eagles. He never answered my request or fulfilled my request. This company has a bad review when you google them. I am going to talk to the attorney listed on their review where they have been sued in the past."
Featured"First, it was hard to get satisfactory answers to my questions; it seems everyone followed a script and didn't really know the answers. Second, I was given oral agreements which were not honored. Third, approximately 1/2 of my deposit is showing up in my account. Where's my money?"
Is Lear Capital a Scam?
Lear Capital is not a scam. Despite the Chapter 11 bankruptcy filing in 2022, the company continues to operate fully, with high ratings on TrustPilot and the Business Consumer Alliance. This filing was a response to lawsuits, not an indication of illegitimacy.
Lear Capital Pros and Cons
Pros
- Pro: Experience in Precious Metals Market - Lear Capital has extensive experience in the industry, dating back to 1997.
- Pro: Range of Investment Options - Offers a variety of products, including IRAs, bullion, and rare coins.
Cons
- Con: Bankruptcy Filing - Filed for Chapter 11 bankruptcy in 2022, which may cause concern for potential investors.
- Con: Limited Metal Options - Focuses mainly on gold and silver, with less emphasis on other precious metals like palladium.
Lear Capital Services and Products
Lear Capital's offerings include:
- Precious Metals IRAs - Specializing in gold and silver self-directed IRAs.
- Bullion and Rare Coins - Provides a selection of bullion and rare coins for investment.
- 24-Hour Risk-Free Purchase Guarantee - Allows cancellation of purchase orders within 24 hours for a full refund.
- Educational Resources - Offers free educational materials for investors.
Lear Capital Fees and Costs
Lear Capital charges a modest annual fee for self-directed IRAs and a one-time setup fee for new accounts. The firm covers the first year’s IRA setup and storage fees for investments between $25,000 and $50,000, with varying coverage for higher investment amounts. After the initial period, an IRA fee of $280 for the first year and $200 for each successive year is charged.
Lear Capital FAQ
Is Lear Capital a reputable company
Yes, Lear Capital is recognized as a reputable company in the precious metals market.
How long has Lear Capital been in business?
Lear Capital was established in 1997 by Kevin DeMeritt.
Who is the owner of Lear Capital?
Kevin DeMeritt is the founder and owner of Lear Capital.
What types of precious metals does Lear Capital offer?
Lear Capital specializes in gold and silver investments.
What is the minimum investment for Lear Capital?
The minimum investment amount for Lear Capital is not publicly disclosed.
How do I roll over my IRA or 401(k) to Lear Capital?
To roll over an IRA or 401(k) to Lear Capital, contacting their customer service is recommended.
How does Lear Capital work?
Lear Capital works by facilitating investments in precious metals through various products and services, including IRAs, bullion, and rare coins.
Before Investing With Lear Capital
Before investing with Lear Capital, it is advisable to obtain . This guide provides valuable information for making informed precious metals investments.
Contact Lear Capital
Lear Capital’s customer service can be found below fortheir website or phone. Their social media accounts also listed offer additional platforms for information and support.
- Phone: 1-800-885-5327
- Email: CustomerCare@learcapital.com
- Address: 1990 S Bundy Dr, Los Angeles, California 90025, US
- Founded: 1997
- Category: Precious Metal IRA Company
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