Lear Capital Review | Complaints, Fees & More

If you are looking at new ways to invest, precious metals could be a smart choice, as these can protect you from unpredictable events. This review considers whether investing with precious metals through Lear Capital is a good option for you. 

What is Lear Capital?

Established in 1997 with headquarters in Los Angeles, California, Lear Capital has led the precious metals industry in the US. The company works hard to win new business, as well as keep customers by providing excellent service. You can use Lear Capital to buy, sell, and trade physical gold and silver, rare coins, and bullion.

Before we continue...

We have worked very hard to review, research and reveal the most important pieces of information that investors need to know before investing their money. We have been able to narrow a list down to the top 5 gold IRA companies.

I recommend you check the list before proceeding with any IRA transfer.

Quick answer: Goldco is our #1 recommendation for multiple reasons, including their A+ BBB rating and their special offer of up to $10,000 in free silver.

For additional transparency, Lear Capital provides a “Price Advantage Assurance” feature. Whether you're looking to realign your investment strategy, keep up an aggressive safety net against global volatility, or secure concrete retirement protection, the company has a strategy for you.

To date, Lear Capital has closed deals worth more than $3 billion. The company offers IRA precious metal investments at a reasonable flat fee, and protects your IRA investments with Delaware Depository.

Lear Capital Ratings, Complaints, and Customer Reviews

Customer testimonials indicate that Lear Capital provides exceptional customer service. According to these testimonials, the company educates customers before they make a purchase, and the customer service staff is highly competent in handling issues.

Lear Capital has received 4.9 stars from 862 reviews on Trustpilot, a triple A rating from the Business Consumer Alliance, and a 4.7 rating from Consumer Affairs. They also offer customers the advantages of a PCGS (Professional Coin Grading Service) Authorized Dealer. They support the ICTA (Industry Council for Tangible Assets) as well. 

Customers have complained about Lear Capital's deceptive sales tactics, exorbitant commission fees, overpriced bullion coins, and false claims.

Lear Capital has yet to receive Better Business Bureau accreditation.

What services does Lear Capital offer?

Lear Capital offers services for managing investments, financial security, metal investments, retirement accounts in the form of gold and silver, premium coins, and IRA-eligible coins.

  • Lear Capital's IRA eligible coins 

    This information is available on the Lear Capital website. Gold bullion must be at least 99.5% pure, platinum bullion at least 99.95% pure, and silver bullion at least 99.9% pure.

  • Lear Capital's self-directed IRAs

    The company gives an option to invest in a precious metals IRA with the flexibility of transferring money or rolling over a portion of your existing IRA.

    The metals are stored securely in a facility. The precious metals IRA also offers the same tax advantages as a standard IRA.

  • Investment in precious metals 

    The company website also provides rare coins, platinum, silver, and gold bullion (some options are IRA-eligible). 

    On the Lear Capital website, you can also find a vast library of resources, including market graphs, an encyclopedia of precious metals, and user manuals on retirement plans and precious metal investments.

  • Storage

    Storage makes investing in precious metals challenging.

    Every shipment of metals to and from the Delaware Depository is fully insured by Lear Capital. It also stores all of its customers' metals there.

    To keep you informed of spot prices, precious metals news, and economic developments that affect your retirement and the future, Lear Capital offers a personal account representative, a secure environment, and a “real-time” investment partnership.

What does Lear Capital offer that its competitors don't?

Three steps create Lear's Price Advantage Guarantee: 

A written account agreement

No hidden fees and a transparent and fully apprised gold and silver acquisition process are part of Lear's transparency pledge.

A phone confirmation

Every client receives a designated Account Representative to assist with any inquiries. Lear provides market charts for the previous 30 days, 24 hours, and so on. The same charts are available for silver, platinum, and palladium also.

 A written confirmation of your precious metals purchase

Want to sell or get a price? Lear will provide a precise estimate of the value of your gold holdings as well as additional options for obtaining the best rates.

What are the fees at Lear Capital?

Precious metals investing is no different from other investments; they incur costs. Storage is one of the features of precious metals investing and a factor that affects their prices. Coins and bars are tangible assets that must be protected from theft and damage.

You must open an IRA Precious Metals Account through Lear Capital's internal IRA Processing Department to invest with them. The business will cooperate with your prevailing IRA to roll over funds after you open an account.

The first year's fee for customers who have open accounts with Lear Capital is $260. After that, you'll have to pay an annual fee of $180. The delivery, insurance, round-the-clock online user login, and quarterly income reports are all included in this fee.

There are no application charges. Tax deductions for fees associated with maintaining a precious metal IRA may lower the account's actual cost.

Meanwhile, the business may charge commission and storage service charges on gold purchases. A $7,500 minimum investment is needed. 

Can you trust Lear Capital?

Lear Capital is a member of the Business Consumer Alliance, Industrial Council for Tangible Assets, Professional Coin Grading Service, Numismatic Guaranty Corporation, and Trust Link.

Lear Capital is a top candidate for a Gold IRA because they value educating their clients before they make a purchase.

Consumer Affairs awarded Lear Capital 4.7 stars, Trustpilot gave them 4.9 stars, and the Business Consumer Alliance rated them AAA. To help you protect and grow your investments, Lear Capital also offers market data, insights, and price notifications. If you want to be an active investor, this information is crucial.

They follow the NGC (Premium Guaranty Corporation) and the ICTA (Industry Council for Tangible Assets) on taxation, IRS rules, and legislation that affects tangible assets.

PROs and CONs of Lear Capital

Pros

  • Fixed fee arrangement.
  • Online ordering is simple.
  • Account opening is quick and easy.
  • Transactions are completed promptly without rushing the customer.
  • Proficient customer care.
  • Transferring from an IRA to a Precious Metals IRA is not subject to a tax penalty.

Cons

  • Despite being reasonable, the business charges storage fees.
  • Fees may be high if you have only a small amount to invest.
  • Until a representative contact you, you cannot open an account.
  • Having few options for investment, they focus on gold and silver.

FAQs

Does Lear Capital repurchase coins?

Lear Capital cannot guarantee that it will buy back the coins from the customer if they decide someday that they would like to sell them back. If Lear Capital attempts to buy back, they could do so at the going market rate.

At the depository, are your metals from Lear Capital secure?

Every client account at the Delaware Depository secures the metal's worth. Each package delivered from the Delaware Depository depository is also fully insured. One of the oldest insurance companies in the world, Lloyds of London, underwrites The Delaware Depository's remarkable and thorough insurance policy. You are covered by The Delaware Depository's insurance policy against physical loss or damage, including acts of nature like fire, flood, etc.

How can I transfer funds to a Precious Metals IRA with Lear from another retirement account?

The direct trustee-to-trustee transfer and the 60-day rollover option are two secure, tax-free, and penalty-free ways to transfer money between retirement accounts.

IRA funds are transferred from your existing IRA provider to the new Precious Metals provider through the trustee-to-trustee process.

Your existing IRA account provider will send a check to your contact details if the 60-day rollover option is used; you can then send that check straight to your new Precious Metals IRA provider. There are no taxes or penalties if this check is given to the new IRA custodian and stored in your new IRA account within 60 days.

Clients can let the companies handle the heavy lifting because they know that the rollover process can seem complex. With your permission, your IRA team member will determine the approach that would be most beneficial for your portfolio and will manage the whole procedure. You can be confident that your IRA team member will guide you through the process step-by-step because Lear's IRA Department has effectively handled over $1 billion worth of these transactions.

How does Lear help you evaluate metal prices for free from other dealers?

Lear will perform a free price evaluation if you have a list of metals that you acquired or procured from other precious metals dealers. Each distinctive metal you own is priced separately and is included in the price evaluation. The company also provides tracking of your portfolio as a free offering on a quarterly or monthly basis (even if you didn't buy it from Lear).

Are there any taxes or penalties if I transfer money from my IRA into a Precious Metals IRA with Lear?

No, there are no taxes or penalties if you follow the instructions. Your committed IRA team member will work closely with you to ensure the proper steps are taken. Safeguards are put in place so that money is transferred between retirement accounts safely and effectively without incurring any taxes or penalties.

About the author Greg Lorenzo

Greg is a financial expert who has been advising his audience on loans for over 10 years. He has a wealth of knowledge and experience in the area, and he is passionate about helping people get the best possible deal on their loans. Greg is an expert in negotiating loans, and he has a proven track record of getting his clients the best possible terms. He is also a strong advocate for financial literacy, and he regularly gives workshops and seminars on the topic.

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