What is Lear Capital? What does it deal with? Does it have any competitive edge over its rivals in the market? To give you an even better and comprehensive understanding of what Lear Capital is out to achieve in today’s world, I shall present details about it in the following format:
Table of Contents
- What is Lear Capital?
- What can be said about Lear Capital’s Gold IRAs?
- How to open a Lear Capital IRA
- The Fees you can expect to be charged
- IRA distributions
- Does this company buy back the gold coins?
- Is Lear Capital genuine or is it a Scam?
- The red flags
- Pros and cons
- Final words & verdict
Name: Lear Capital
Official Website URL: https://www.learcapital.com/
Overall Rating: (2.5 / 5)
Recommended: Not recommended (see further down in this review)
Always make sure to do your own research online in this industry, we get reports all the time of ripp-offs and scams from our readers. Make sure to ALWAYS compare different alternatives against each other, in order for you to get the best deal, and more importantly not getting scammed. What you want is complete transparency from a company, knowing exactly what fees will be accociated is very important, because the last thing you want is being surprised with so-called hidden-fees you had no idea of when you signed the deal.
What is Lear Capital?
Lear Capital is a well-established precious metal IRA company. It has been in this industry helping clients to achieve their investment objectives for more than 20 years now. The company has managed to attract a significant number of clients and has done more than $3 billion worth of transactions. This is something that has made them a top pick by new customers for the creation and oversight of precious metal investments.
Some of the other things that make this company a go-to choice include:
- Smooth transactions
- No-fee buyback program that makes it convenient for those who want to sell their precious metals without incurring extra costs.
- Professional staff members who are well-equipped to handle customers’ issues.
What can be said about Lear Capital’s Gold IRAs?
Like other firms in this space, Lear Capital sees to it that it educates its customers so that they can have a clear understanding of what they are getting themselves into by investing their money through Gold IRAs. This is achieved through the provision of an investment kit, as a website that has a lot of information that pertains to the underlying investments. Those who still have extra questions to ask about the nature of the Gold IRAs offered by Lear Capital can consult the customer representatives. Generally, the Gold IRAs this company offers are up to the industrial standards of what can be termed as excellent.
Lear Capital generally encourages investors to invest their money in precious metals such as gold and silver, which are compliant with all guidelines put across by the IRS. Lear Capital takes pride in its capability to offer exceptional customer service.
In the period I have been reviewing companies in the Gold IRA sector, I have discovered that companies that only companies with exceptional service stand out. In most cases, it is only recommended that you work with or settle on a company that has exemplary customer service. If a company does not deliver in as far as customer service standards are concerned, then there is a high likelihood that you will end up being disappointed for taking your chances with them.
How to open a Lear Capital IRA
As a new customer who wants to invest with Lear Capital, you will have to open a precious metal IRA. The Lear Capital Individual Retirement Account (IRA) Processing Department can help you go about this as safely as possible. Upon opening the new IRA, Lear Capital will coordinate with your current IRA to kick start the fund rollover process.
Lear Capital is then going to assign a personal representative, who is supposed to help you choose the best gold coins for your investment needs. The official website presents these options along with their images.
The prices of these coins change consistently throughout the day. Upon getting started with the checkout process, a customer should complete their order within 10 minutes, after which the coin prices begin to fluctuate.
Upon purchasing the gold coins, the customer should make the payment for their order within 48 hours. They can do this through:
- Wiring the money to Lear Capital (over the phone)
- Mailing Lear Capital a check
A check takes roughly two weeks to be processed, whereas wiring funds over the phone takes about a week. Lear Capital, therefore, recommends that you wire them the money over the phone for faster processing.
Upon the successful purchase of your gold coins, you are required to sign the Shipping and Transaction Agreement that stipulates whether the coins will be shipped to you or stored in the Brinks Coin Depository.
The Fees you can expect to be charged
Generally, the fees you can expect to be charged when using Lear Capital are:
- Annual insurance, shipping, and financial statements ( provided on a quarterly basis) – $180 annually
- Application fees -$0
- Storage and purchase of gold – variable
Note that the minimum investment you can make when using a Lear Capital IRA as a first-time visitor is $7500.
Precious metal IRAs are preferred by investors because they can withstand the fluctuations in the market. Even when the economy is unstable, Gold Investments can maintain their value (or increase, as has been the case over the years). Other IRAs can lose their value if the economy crashes.
It is for this reason that gold IRAs are perceived as a suitable hedge against a host of market risks. If you invest with Lear Capital until you are ready to withdraw your funds, you are usually presented with two options:
- To possess the metals stored in the IRA instead of cashing them out.
- To liquidate the gold IRA.
With the second option, there are Required Minimum Distributions (RMDs) as shown below:
|Funds in IRA||Age||Annual RMD (estimated)|
See the top-5 list of recommended and top-rated Gold & Silver IRA companies on this page
Does this company buy back the gold coins?
If a customer wants to sell back their coins to Lear Capital, their offer can be considered, but it is not guaranteed that Lear Capital will purchase them. If at the time Lear Capital is accepting such coins, the customer can have their coins purchased at the current market prices.
Is Lear Capital genuine or is it a Scam?
In my opinion, Lear Capital is a genuine company that is out to achieve what it has listed out on its official website. For starters, this company is a member of:
- Industrial Council for Tangible Assets
- Numismatic Guaranty Corporation
- Professional Coin Grading Service
Besides, there is strong evidence from third party consumer trust sites that Lear Capital is existent and is helping its customers achieve their investment objectives. It has the following ratings on the consumer trust sites below:
- Consumer Affairs – (4.7 / 5)
- Trustpilot – (4.9 / 5)
Any red flags?
Short answer YES,
while researching Lear online I quickly found that the company had had not one but two lawsuits filled in the past. One in 2019 read more here (opens in new window), and another in 2017 read more here (opens in new window)
There are some serious complaints being filled,
one woman seems to have lost 1/3 of her entire investment and the other one was charged with 33% extra in hidden fees… Not something you want to experience, and that is the exact reason why ALWAYS point out to our readers to make sure that you know exactly what fees will be accociated before you make any decisions.
Also, make sure to compare different alternatives against eachother to make sure you get the best deal possible, and also to suit your needs best way possible in different ways.
Pros and cons
It is always a good thing to compare the positives against the negatives to get a better overall view of something, right? As always in our reviews we provide you with some clear points on both sides of the spectrum:
- Excellent customer service
- No penalties for IRA rollover
- Timely transactions
- Multiple lawsuits filled against the company
Final Words and Verdict
Verdict: Not recommended!
Overall Rating: (2.5 / 5)
Lear Capital exists as a genuine company, however, I simply cannot recommend it for the reasons shown above. Beyond offering investors a chance to invest their money in assets that can withstand the harsh economic conditions, this company offers services that are customer-centered. I generally have no problem with this company, except from the complaints and lawsuits…
However, it was in the past and who knows, they might not be involved in such behaviour anymore… but why risk it, right? It is of course up to you, I can only speak for myself and I would absolutely look on other alternatives instead if I was you.
That’s all for our review of what Lear Capital is about. I hope that you now have the answers to some of the questions that you had in mind about this company. If you still have more questions about it, feel free to ask them via the comments section. As always, you can share this article with your colleagues just to help them gain the knowledge you’re now in possession of.
I wish you well,
Eric, Investor and Team Member at Gold Retired!