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May 17, 2024

Lear Capital Review: Are They Legit? My Honest Take

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Hi there, welcome to my Lear Capital review.

Here, I’ll be sharing how my experience with this company and if they are worth your money or not.

What’s worth highlighting is that Lear Capital is among the most experienced names in the industry. You’d rarely find any other gold IRA company that’s been operating here before 1997.

That experience was clearly visible in their level of support.

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Deciphering the truth behind investment giants is crucial for investors eager to ensure their hard-earned money is placed in trustworthy hands.

The name Lear Capital stands tall in the realm of precious metals, sparking interest and debate among those looking to diversify their portfolios with gold IRAs.

As a subject of numerous Lear Capital reviews, the firm has attracted attention for its offerings, customer service, and how it stands against competitors.

Deciding whether Lear Capital is legit involves sifting through Lear Capital complaints, praises, and objective analysis to provide a comprehensive overview for potential investors.

My article aims to delve deeply into Lear Capital. It’ll be covering various facets from their gold products and service offerings to customer experience and support. Moreover, I’ll give you an in-depth examination of their pricing and fees.

By navigating through this comprehensive Lear Capital review, I’m hoping that you will gain insight into their operations.

Moreover, it will provide you with the information needed to make informed decisions on your investment journey. Through an unbiased lens, I’ll discuss areas where Lear Capital excels and aspects where it may fall short, offering a balanced perspective that addresses the question: Is Lear Capital legit?

The Best Gold IRA Companies In 2024

Before I get started with this review, I want to inform you that I have reviewed dozens of precious metal IRA companies over two decades, and I have curated a list of the top 6 gold IRA companies in 2024. I highly recommend reading this article before proceeding with an IRA transfer.

The #1 Best Gold IRA is Augusta Precious Metals, with its A+ rating from Better Business Bureau, hundreds of 5-star reviews, and lifetime account support. Read my review on Augusta Precious Metals, or visit the official Augusta website to learn more. 

Overview of Lear Capital

History and Background

Lear Capital was founded in 1997 by Kevin DeMeritt, a figure with a profound background in investment and authorship. He is notably recognized for his work, “The Bulls, the Bears and the Bust.”

Over the years, the company has cemented its position as a leading service provider in the precious metals sector.

With a legacy spanning over two decades, Lear Capital has expanded its offerings beyond the initial focus on precious metal-backed IRA investments and the sale of bullion and rare coins.

This growth trajectory has many milestones, including partnerships with esteemed entities like the Royal Canadian and New Zealand Mints. These partnerships have enabled Lear Capital to offer a diverse selection of 99.99% pure limited mintage coins.

Core Mission and Values

At the heart of Lear Capital’s operations lies its “Investor-Friendly Service Guarantee,” a testament to the company’s commitment to ensuring a secure and seamless experience for clients engaging in the buying, selling, and trading of precious metals.

This guarantee is supported by a suite of intelligent investment resources, including real-time pricing, timely email alerts, informative newsletters, and dedicated account representatives.

Lear Capital website

Lear Capital’s ethos is further exemplified by its AAA rating from the Business Consumer Alliance and its accreditation as an authorized dealer by the Precious Metals Association.

Adherence to the standards of integrity set by the Professional Coin Grading Service and the Numismatic Guaranty Corporation coin grading agency reflects Lear Capital’s dedication to upholding the highest ethical standards.

Moreover, its role as a founding member of the Precious Metals Association highlights its commitment to fostering integrity within the industry, advocating for fair practices, and contributing to the establishment of accepted industry standards.

Product and Service Offerings at Lear Capital

Lear Capital’s diverse range of products and services caters to the unique needs of investors interested in precious metals. The company’s offerings can be broadly categorized into three main areas: Gold and Silver Bullion, Premium Rare Coins, and Precious Metal IRAs.

Each category is designed to meet different investment goals, whether for direct purchase, retirement savings diversification, or hedging against economic uncertainty.

Gold and Silver Bullion

Lear Capital specializes in the sale of gold and silver bullion, providing investors with a direct way to own physical precious metals. The bullion comes in various forms, including bars and coins, refined to the highest standards of .9999 fine gold or silver.

Investors can choose from an array of products such as the one-ounce 24-karat gold bar, known for its cost-effectiveness and purity, and the Silver American Eagle and Canadian Gold Maple Leaf coins, prized for their liquidity and recognition across the globe.

The value of these bullion products closely tracks the spot prices of gold and silver, making them an ideal choice for those looking to capitalize on precious metal price movements or hedge against financial uncertainty.

Premium Rare Coins

For collectors and investors seeking value beyond the intrinsic metal content, Lear Capital offers a selection of premium rare coins.

These coins, including the renowned Saint Gaudens and the Liberty and Indian series, carry historical significance and rarity that often command a value far exceeding their precious metal content.

The condition of these coins, graded by reputable agencies like the Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation (NGC), plays a crucial role in determining their market value.

Lear Capital products including gold coins

Premium rare coins have shown resilience and growth in value over time, making them an attractive option for diversifying investment portfolios and preserving wealth.

Precious Metal IRAs

Recognizing the importance of retirement savings diversification, Lear Capital offers the option to invest in Precious Metal IRAs.

This service allows investors to hold physical gold, silver, platinum, and palladium within a Self-Directed IRA, combining the tax advantages of a traditional IRA with the security and growth potential of precious metals.

Investors can initiate a Gold IRA through a simple process, including direct transfers and rollovers from existing retirement accounts, without incurring taxes or penalties.

With benefits like free IRA setup, storage solutions, and a price match guarantee, Lear Capital’s Precious Metal IRA is a comprehensive solution for those looking to safeguard their retirement savings against economic volatility and inflation.

Lear Capital’s product and service offerings are designed to meet the varied needs of investors in the precious metals market.

Whether looking for direct ownership of gold and silver, the unique value of premium rare coins, or the retirement security provided by Precious Metal IRAs, Lear Capital provides expert guidance and a wide range of options to help achieve investment goals.

Best Gold IRA Companies I’ve Worked With Yet (In 2024)

If you’re seriously looking to invest in precious metals or open a gold IRA, these are the companies I believe you should go with. My experiences with all 3 of them have been excellent.

Augusta Precious Metals (Best for Investments Over $50,000)

Augusta Precious Metals ranks as the #1 gold IRA company in the US. And that’s for good reason.

They have some of the best product catalogs with gold, silver, platinum, and palladium products to offer. But the main highlight is their dedicated web conference and the added focus on client education.

Augusta has an A+ rating on BBB, 1000+ client testimonials, and has been awarded “Most Transparent Company” in 2023 by Investopedia.

No other company puts as much focus on educating their clients about the different aspects of gold IRAs as they do.

My own experience with them was amazing to say the least.

However, their minimum investment requirement is $50,000 which limits the number of people who can open a gold IRA with them. Still, if you have the budget, you shouldn’t look elsewhere.

Goldencrest Metals (Best for Gold Investments)

Run by an actual financial advisor, Goldencrest Metals is another reliable name in the gold IRA industry.

Although they seem new, the team behind the company has been in the finance sector for decades. You would be surprised to see the level of expertise and knowledge these guys have.

My interaction with them was eye-opening. I learned a lot about precious metals through Goldencrest Metals.

That’s why they are my 2nd best suggestion for those interested in gold IRAs.

Preserve Gold (Best Customer Support)

Preserve Gold is a well-established name in the precious metals industry now.

I have talked to several of their clients and all of them praise their excellent support staff. The level of attentiveness and care I noticed there was surprising.

Preserve Gold is one of the few companies that, I can say with confidence, are 100% client-focused.

You’d love to talk to them if you’re new to precious metals investing.

Customer Experience and Support at Lear Capital

A crucial aspect of my Lear Capital review was to analyze their customer support. After all, no precious metals company is worth your time if their staff isn’t attentive.

In that regard, Lear Capital excels by a mile.

The company focuses on being prompt and helping its clients through their investing journey.

This section of my Lear Capital review delves into the key aspects of their customer service. I’ll go through their dedicated account services, educational resources, and security and storage solutions.

Let’s begin:

Dedicated Account Services

Lear Capital places a high priority on personalized service, assigning each investor a dedicated account representative.

This approach ensures that investors receive tailored guidance and support, making the precious metals investment process smoother and more accessible. The company’s commitment to customer care is evidenced by its high ratings on Trustpilot and its status as a Business Consumer Alliance charter member. Investors have access to a dedicated Customer Care line and email support, ensuring that assistance is always within reach.

This personalized service model has garnered praise from thousands of satisfied customers, who commend Lear Capital for its helpful and knowledgeable representatives.

Educational Resources

Understanding the complexities of the precious metals market is crucial for making informed investment decisions. Lear Capital addresses this need by offering a wealth of educational resources. The company’s website features real-time market data, insights, breaking news, and industry trends. Additionally, Lear Capital provides an online encyclopedia and updates on the economy and the precious metals market, empowering investors with the knowledge needed to navigate the market confidently. The Investor Resources section is particularly noteworthy, offering comprehensive information to assist both novice and seasoned investors in understanding the factors that influence gold and silver prices.

Security and Storage Solutions

The safety and security of precious metal investments are paramount concerns for investors. Lear Capital partners with the Delaware Depository, an IRS-approved facility known for its state-of-the-art security measures and comprehensive insurance policy underwritten by London Underwriters. This collaboration ensures that investors’ precious metals are stored securely and privately, with full insurance coverage against physical loss or damage.

Moreover, Lear Capital facilitates a seamless process for investing in gold IRAs, including tax-free rollovers and covering setup and storage account fees, further enhancing the security and convenience of precious metal investments.

In summary, Lear Capital’s dedication to customer experience and support is evident in its personalized account services, extensive educational resources, and robust security and storage solutions.

These elements collectively contribute to a positive and empowering investment experience for Lear Capital’s clients, reinforcing the company’s reputation as a trusted partner in the precious metals market.

Lear Capital Lawsuit and Bankruptcy: What Happened?

In June 2021, New York Attorney General Letitia James initiated a legal action against Lear Capital and its founder, Kevin DeMeritt.

The lawsuit alleged that they engaged in fraudulent activities that resulted in the loss of almost $10 million for over 1,000 New Yorkers. However, the company has resolved this Lear Capital lawsuit since then.

Some other states had also took part in the proceedings. Lear filed for Chapter 11 Bankruptcy later on and the dispute ended there.

The complaint alleged that Lear deceived investors, particularly elderly individuals aiming to protect their retirement funds. Moreover, it said that the company convinced them into investing tens of millions of dollars in precious metals. The authorities accused Lear of imposing concealed fees of up to 33% on transactions exceeding $43 million.

Lear specifically focused on the individual retirement accounts and other funds of New Yorkers, making a profit of almost $10 million when these transactions began.

In addition, Lear failed to comply with New York law by not registering as a commodities broker-dealer.

The NY AG settled the Lear Capital lawsuit in January 2022.

It resolved accusations that Lear neglected to disclose substantial amounts of commissions imposed on customers.

Apart from that, there’s another Lear Capital lawsuit.

In this case, the company sued Rosland Capital, another prominent precious metals firm.

The case type is “Other Personal Injury” indicating that Lear alleged Rosland Capital harmed their business. However, the case is dismissed.

Considering how the company has been in the market for over 20 years, it’s remarkable how they have faced various hurdles and come out on top. It’s a rare feat indeed.

They have succeeded in resolving different disputes quickly.

Lear Capital Complaints and Reviews: Some Examples

While preparing my Lear Capital review, I realized that I should also share the perspectives of their other customers.

This will give you a better idea of what it’s like to work with this precious metals dealer.

On Trustpilot alone, you’ll find over 2,000 Lear Capital reviews. Also, most of them praise the company for its accessible staff and vast product catalog.

Lear Capital reviews example on Trustpilot

Here, the reviewer shares that they contacted Darius Steele to buy gold.

Also, the reviewer points out that Darius displayed exceptional qualities in every aspect. He provided a detailed explanation of the purchasing process and guided the user through each step.

Furthermore, he was extremely professional and maintained regular communication throughout the purchase process. They consistently provided updates until the reviewer received the products.

Later, they contacted Darius for a second purchase. It yielded the same outstanding results.

The reviewer recommended him and Lear to any of their friends who were interested in precious metals.

You’ll find many similar Lear Capital reviews on rating platforms.

Here’s another example.

Lear Capital reviews on Trustpilot

Mary shares that her salesperson was very helpful and informative. They helped her with the purchase and explained everything.

Furthermore, Mary praises how the staff kept her informed throughout the delivery process. She highlights that she’ll get in touch with them again when she wants to reinvest.

Regarding Lear Capital complaints, I didn’t find anything too serious.

While there were some people criticizing the company, there weren’t that many. Moreover, Lear responded to all of them promptly and tried to resolve the issue as quickly as possible.

Some of the complaints were about the sales staff of the company.

However, I didn’t find anything that’s worth worrying about.

Lear Capital Fees and Pricing Analysis

Lear Capital distinguishes itself in the competitive precious metals market by offering a transparent and advantageous pricing structure.

This approach ensures that investors have a clear understanding of the costs involved, fostering a transparent investment experience from the outset.

Their commitment to competitive pricing helps investors enter the precious metals market. Furthermore, their transparency is something worth commending.

Transparent Pricing Structure

Lear Capital takes pride in its straightforward approach to pricing, which is critical for investors planning their financial strategies.

The company discloses that it charges a “retail” price for precious metals, encompassing both its costs and a profit margin.

While exact pricing may vary depending on product and market conditions, Lear Capital offsets this with promotional offers, price matching, and exceptional customer service and support.

For IRA accounts, the structure is transparent: a one-time payment of $280 for the first year for setup and maintenance, followed by an annual fee of $200. This fee covers storage, insurance, quarterly financial statements, and 24/7 online account access.

Fee Waivers and Incentives

Here, you can get fee waivers depending on your invested amount.

New clients are welcomed with incentives such as a $100 Precious Metals Certificate for premium purchases of $5,000 or more, and a $50 Precious Metals GIFT CARD for bullion purchases exceeding $5,000.

These incentives are applied as credits against subsequent purchases. Additionally, Lear Capital offers a tiered fee waiver system for large-scale investments, significantly benefiting investors as they allocate more funds into precious metals.

The first year’s fees are often waived for new clients making substantial investments, presenting a compelling incentive.

For IRA accounts, Lear Capital covers the first-year fees with qualifying investment amounts, offering up to three years of waived fees for investments exceeding $75,000. This strategic pricing policy not only underscores Lear Capital’s leadership in the industry but also exemplifies its commitment to fostering long-term investment relationships.

By maintaining a transparent pricing structure and offering fee waivers and incentives, Lear Capital provides a compelling option for investors seeking to diversify their portfolios with precious metals.

The company’s approach to pricing, combined with its extensive product offerings and exceptional customer support, positions Lear Capital as a trusted partner for investors navigating the precious metals market.

Conclusion

Throughout this comprehensive exploration of Lear Capital, we have parsed through the intricacies of its product offerings, customer service ethics, transparent pricing, and fee structure to offer a well-rounded view of its legitimacy in the precious metals market.

Untangling the multifaceted layers of Lear Capital’s services reveals a firm that not only provides diverse investment options in gold and silver but also underpins each transaction with robust customer support and educational resources.

This underscores Lear Capital’s commitment to empowering investors with knowledge and tools for making informed decisions, thereby reinforcing its standing in the precious metals investment realm.

In light of my findings, Lear Capital emerges as a credible and reliable guide for both novice and seasoned investors. Anyone looking to diversify their portfolios with precious metals would find them useful. The significance of choosing a trustworthy partner in the investment journey cannot be overstated, especially in markets as nuanced and volatile as precious metals.

However, before you consider investing with Lear Capital, it’s best to browse other options.

Also, you should always consult a financial advisor before making major investment decisions.

FAQs on Lear Capital Review

Is Lear Capital Considered a Trustworthy Organization?

Lear Capital has established itself as a leading name in America’s gold, silver, and precious metals sector since 1997. They are popular for prioritizing customer service. As a result, they have many positive reviews for their gold IRA services. Also, the company boasts an “Excellent” rating on Trustpilot based on 2,079 reviews and is a charter member of the Business Consumer Alliance with an AAA rating, underscoring its reputation for reliability and trustworthiness.

Has Lear Capital Ever Declared Bankruptcy?

Yes, Lear Capital, Inc. has filed for Chapter 11 (Subchapter V) Bankruptcy relief with the United States Bankruptcy Court for the District of Delaware. Moreover, this legal filing indicates that the company has sought bankruptcy protection at some point.

Does Lear Capital Offer Physical Gold for Sale?

Indeed, Lear Capital specializes in assisting investors with the acquisition of bullions, limited mintage coins, and rare coins. They provide services to help investors incorporate physical gold and silver assets into their existing IRA accounts.

Why Do Older Individuals Opt to Invest in Gold?

Gold is often favored by older investors because it has a historical track record of maintaining its value. This is particularly helpful during periods of high inflation, unlike cash, which can lose purchasing power. Investing in physical gold, such as 1-ounce gold bars, serves as a hedge against inflation. This helps seniors preserve their purchasing power and ensure that their fixed income continues to cover their cost of living.

Kevin Ashton

I am Kevin J. Ashton, a British technology pioneer best known for coining the term "Internet of Things" (IoT). My work focuses on networked sensors and their transformative applications across industries. I introduced the IoT concept in 1999 while at Procter & Gamble, envisioning a world where sensors connect the physical world directly to the internet. I founded the Auto-ID Center at MIT, where I helped develop global standards for RFID and other sensor technologies. I am also the author of "How to Fly a Horse: The Secret History of Creation, Invention, and Discovery," a book that debunks the myths surrounding creative work and emphasizes a practical approach to innovation. As a speaker and consultant, I address topics related to innovation and digital transformation, aiming to inspire practical, impactful problem-solving.

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