June 17

Lear Capital Review: Is Lear Capital Legit?

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One thing Lear Capital has going for them is longevity in the business. They're among the oldest gold IRA companies in the U.S., having operated since 1997. They offer the option to invest in all four precious metals with your IRA, a bonus over a considerable amount of companies that only expose their customers to gold and silver.

They have a fairly transparent company structure and, likely due to their long standing in the sector, boast over $3 billion in transactions, $1 billion of those being within precious metal IRAs. That's a massive figure for a gold IRA company, decades in the business or not.

That said, there are a few things on the review side that leave us wondering. We'll examine why some customers feel less than satisfied with how their rollover process has been handled, although it bears noting that most of the Lear Capital reviews are overwhelmingly positive.

Important note: Continue to our in-depth Lear Capital review below or jump straight to our #1 recommended gold IRA company for 2023 here.

For those continuing on, let's go over Lear Capital's background. 

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Best Gold IRA Companies 2025

Buying gold with your 401(k)? We've compiled a list of the top gold IRA companies for 2025.   

Related: Our 5 Best Gold IRA Companies for 2023 (Ranked and Rated)

Who's behind Lear Capital?

While not always a necessity and certainly not a prerequisite, having a clear top-end company structure can be a plus. In the case of Lear Capital, Kevin DeMeritt is listed as the company's founder and chairman. DeMeritt's definitely been around the block, having issued The Bulls, The Bears and The Bust book which called for the market crash in 2001. That was two decades ago.

DeMeritt has a background in international banking, but has certainly assumed a more analytical role as of late, running a company notwithstanding. As Lear Capital’s website points out, he has participated in over a thousand interviews that have the usual themes of precious metal investments: warning investors about stock market volatility, national debt, inflation and things of that nature. All important points. 

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John Ohanesian is the firm's CEO, and his initial expertise seems to revolve mostly around branding. Curiously enough, he made his name working with a hair restoration company called Bosley. As the site informs us, with Ohanesian's help, Bosley went from a small business to a massive multinational corporation with over 35,000 salons in North America alone. So it would seem that DeMeritt handles the financial side and Ohanesian the branding side, broadly speaking.

Related: Augusta Precious Metals Review - Is the Gold IRA Company Legit?

What does Lear Capital offer in terms of products?

The Lear Capital website shows the firm is a bullion dealer and a manager of gold and silver IRAs. That means you can purchase precious metals regardless of whether you’re investing in a precious metals IRA or not.

Precious metal coins and bars are both available on the website. Their product offering is fairly robust, featuring virtually all of the more popular coins such as American Eagles, Canadian Maple Leafs, Australian Kangaroos and so on.

There are many other products listed online, including collectible coins and bullion bars. Things can get a little confusing when it comes to figuring out what falls under IRA-eligible bullion and what doesn't, which probably shouldn't be the case with a precious metals IRAs dealer. 

The site has a page dedicated to products that are IRA-eligible, allowing you to research the different coins before even contacting a Lear Capital representative if you're buying precious metals for a retirement account.

A strong point is that most products have a price tag as opposed to the "call for pricing" label, though not all. The platinum offering is lesser than that of gold and silver, and there are currently no palladium products. From what we've gathered, it has to do with inventory depletion rather than not featuring them in general. Visit LearCapital.com to learn more.

pricing on website

Coin pricing listed online

IRA Custodian

If your goal is to rollover retirement savings such as a 401(k) or IRA funds into physical gold bullion, Lear Capital works closely with Equity Trust. In our research, Equity Trust is a widely used self-directed IRA custodian that many of the top precious metal IRA companies recommend to their clients.

Lear Capital works directly with their customers to fill out the paperwork and open a new IRA for the purchase of tangible assets and can have your new Lear Capital account set up quickly and efficiently. Your Lear Capital representative will also work with your old custodian to facilitate the penalty and tax-free transfer of funds into your new self-directed gold IRA.

If it sounds complicated, it’s really not. Companies like Lear Capital do this every day and are very familiar with navigating these waters and ensuring everything is done in compliance with U.S. tax code.

Related: Goldco Precious Metals Review - Customer Complaints, Fees, Reputation, and More

IRA Storage

While many precious metal IRA companies have access to multiple gold depositories that in turn have multiple facilities that the customer can choose from based on their preference, Lear Capital only partnered with Delaware Depository.

To be sure, the Delaware Depository is one of the top storage facilities in the nation, working with virtually everyone who needs a good vault for precious metals IRA storage. But they only have two facilities, one in Delaware and one in the recently-opened Nevada location. When some competitors offer upwards of ten vaults to choose from and even arrange visits to the location, some might find this a little underwhelming.  

Related: Get Your (Free) Gold IRA Rollover Investor Kit Today

Lear Capital Reviews

This is perhaps the most contentious part of the company. Though the overall feedback is mostly positive, we'll outline the good and the bad and let you be the judge.

For starters, the company only has a C rating on the Better Business Bureau (BBB) and is not accredited with them, which is a bit of a letdown compared to some of the competitors that have flawless marks.

Their Business Consumer Alliance (BCA) rating is AAA, or the top grade. They have an excellent 4.9/5 rating based on 836 reviews on TrustPilot, yet the site notes that the company doesn't reply to negative reviews. 

ConsumerAffairs gives them a 4.7/5 rating based on 1,111 reviews and TrustLink shows mostly positive customer feedback with a 4.5/5 average rating based on 325 reviews.

Related: 5 Best Gold IRA Companies (Ranked and Rated for 2023)

AAA Rating

BCA gives Lear Capital AAA Rating

Legal Trouble

As we mentioned, the BBB rating stands out in a negative manner. Having only a 2.67/5 rating at the time of this writing is obviously less than ideal. And a quick overview of the site tells us what's the deal.

For starters, Lear Capital was involved in multiple lawsuits over the same issue: fees that have cost their customers a pretty penny. The BBB cites a $2.75 million settlement where "elderly" or "inexperienced" customers felt their trust was violated by a lack of fee disclosure. As the lawsuit elaborates, Lear Capital charged massive fees amounting to 33% of a purchased item while supposedly only having minor fees on their products.

While this may sound like attorney embellishment, we'll soon learn that this is a recurring theme. The lawsuit even claims that Lear Capital routinely tries to seal the deal over phone so that there wouldn't be a paper record over which they can be called out.

This lawsuit actually caused the company to restructure its business model, which has made some believe that they're going out of business. While this wasn't the case, it says a bit about the severity and perhaps frequency of this practice. The restructuring part is also listed on the website.

There is another lawsuit from a New York attorney which secured $6 million on behalf of the clients last year. The lawsuit says that millions of dollars were obtained from unwary customers due to the aforementioned practices and a lack of fee transparency.

Related: Birch Gold Group Review - Inside Look at Ben Shapiro's Trusted Gold Company

BBB Complaints

On BBB, 40 complaints were closed in the last 3 years and 12 in the last 12 months. That's a fairly large number of complaints compared to other gold IRA companies and dealers we've reviewed. Complaints include...

  • A customer claiming Lear Capital invested his IRA precious metals account into their company, charged large premiums on precious metals and overall cost him $26,000 in "hidden fees"
  • Complaints over representatives' insistence to finalize the deal over the phone and even hanging up when the customer refused to do so
  • Another 33% commission complaint with a customer saying that the company used predatory selling practices on an elderly relative and, after skimming $22,000, refused to answer calls or settle

Though almost all of these complaints have been resolved, similar reviews can be found on other sites. There are even customers warning others to stay away from the company.

The flip side: Many positive Lear Capital reviews

On the other hand, in researching our Lear Capital review, we have what is essentially a complete opposite on ConsumerAffairs, TrustLink, and TrustPilot. Most reviewers say that they have had a very easy time dealing with the company. Based on the tone of the positive Lear Capital reviews, it generally doesn't seem like they're just trying to be nice, but are genuinely satisfied.

Some are even quick to point out that Lear Capital treated them better than some of their competitors, which have considerably better reputation on consumer watchdog sites. The sheer number of customers giving very positive reviews makes it difficult to believe that the company isn't doing good business.

Below is a screenshot from Lear Capital’s TrustLink profile revealing consistently high marks from verified Lear Capital customers recommending the company for bullion or numismatic coins and gold IRAs. Based on TrustLink reviews, this seems like an excellent company to contact and buy precious metals.

Trustlink reviews of Lear Capital

Excellent customer reviews on Trustlink

Scrolling through TrustPilot reviews shows the same. Customers recommend Lear Capital and consistently give the company 5 star ratings for both cash purchases and for buying physical precious metals with your existing IRA.

Lear Capital TrustPilot

Hundreds of 5 star reviews on TrustPilot

Fees and pricing

As the above might have suggested, the fees and pricing involved with Lear Capital might be more complex to figure out than one would imagine. The company itself says that it has a minimum investment of $7,500, which is very competitive and far lower than some who have a minimum of up to $50,000.

When opening a Lear Capital IRA, your initial purchase determines your fees. $25,000-$50,000 will waive the first year or fees, $50,000-$75,000 will waive the first and second, and $75,000 will waive all fees for the first three years. 

However, there is a clause for "limited mintage coins only". Does this apply to the fees of setting up the account, or only storage? The website doesn't make it clear, but generally, it seems that opening a gold IRA is free. If you choose to work with Lear Capital, make sure to ask your representative for more details on how to qualify to have your annual custodial and storage fees waived. 

Outside of any incentives or promotions you can expect to pay $200 annually for the storage, maintenance, and insurance on your gold IRA holdings. This is a low and simple fee structure that is very competitive with what others in the industry are charging.

Make sure to get all prices and markup on your coins in writing. It’s important to restate, the company has done $3 Billion in transactions in their 25+ years in business and it’s fair to accumulate some poor reviews with such a long history…

But many of their negative reviews seem to focus on confusion over the markup on coins and bars purchased. It's hard to figure out what's going on here since some customers are making a huge deal out of this, but many have no issue. Any communication issues can be avoided if you insist to everything in writing before making a purchase.

Related: Convert Your 401(k) or IRA to Physical Gold

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Buyback and price match

One of the strong points is that the company has a price match feature. After making a purchase, Lear Capital urges you to go ahead and find a vendor that sells the precious metals for a lower price. If you manage to do that within 24 hours, the company purports that they will either match the competitors' price or lower it.

If this is as-portrayed, it's definitely a big bonus when dealing with the company. They also have a 24-hour period where you can cancel your transaction with no cost that ties into the price match program.

When it comes to buybacks, the company has a simple buyback program. If taking a Required Minimum Distribution (RMD) or just need to liquidate precious metals from your account, customers can sell bars or coins back to Lear Capital for a competitive price. The company will either wire the cash directly to your bank account or mail a check to your home. It’s your decision - and a fast and efficient process. 

Related: Physical Gold vs Paper Gold - Which is a Better Investment?

What we like about Lear Capital

Lear Capital isn’t some fly-by-night company as they’ve been doing business in all 50 states for more than two decades. With a strong presence on tv, radio, and internet ads, Lear Capital is one of the more visible and widely known gold IRA companies doing business in the U.S. The company:

  • Has been in business for 25+ years 
  • Has completed $3 Billion+ in customer transactions
  • Displays pricing information on their website (many IRA dealers do not)
  • Has overwhelmingly positive reviews on TrustLink and TrustPilot
  • Covers up to 3 years of storage and custodial fees
  • Offers a 24-hour risk-free price-match guarantee
  • Works with highly reputable custodial and storage partners
  • Has modest annual storage and custodial fees 

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What we don’t like about Lear Capital

The company is not currently accredited with the Better Business Bureau. As discussed in detail above, their BBB rating is not as high as some of their competitors.

Some potential customers may consider these BBB complaints as red flags The company is currently restructuring - hopefully to improve their processes and communication issues that may have resulted in customer complaints.

Related: How to Move a Portion of Your Retirement into Gold and Silver (Tax-Free)

Lear Capital Review: What's the Verdict?

Overall, Lear Capital has a long history as an established gold IRA provider with more than $3 billion in client sales in over two decades of business operating in all 50 states. You’re likely in good hands if you choose to do business with Lear Capital. 

The company has hundreds of 5 star reviews from verified customers on watchdog sites like the Business Consumer Alliance, TrustLink, and TrustPilot, but unfortunately we were able to dig up some less-than stellar reviews posted with the Better Business Bureau.

Perhaps any company with $3 billion in sales will rack up their share of negative reviews in two decades of business. Unfortunately for businesses, customers often do not bother to go online and leave a review unless they’re unhappy and looking to vent about a problem. 

It’s difficult to write them off when they firm also has hundreds of reviewers recommending them and reporting a positive experience. We believe we've covered the company neutrally, and can only suggest that you do your due diligence and research before deciding whether this is the right company for you. This applies to either opening a Lear Capital gold IRA account or simply choosing to invest in precious metals through them.

Click here to check out our top rated gold IRA companies for 2022. We update this list often and base our recommendations on pricing, reputation, fees, and verified customer reviews on consumer watchdog websites such as the BBB, BCA, Trustlink, and TrustPilot.


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About the author 

Steve Walton

Steve Walton is a personal finance writer, editor, and ghostwriter, with work featured on NBC, Benzinga, CBS, Fox, and other prominent media outlets. When not writing, he enjoys spending time outdoors with his family.

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