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Last Updated: July 10, 2024
There are a lot of gold companies that offer outstanding customer service, but there are also those that deceive their customers. On the surface, some companies seem the best, but when you dig a little deeper, you start to uncover dirt.
We've reviewed a ton of companies, and today we are here to offer our review on Lear. We will deliver our judgment on Lear Capital's website, its customer service policy, and even its fees.
You deserve to know all the details before you work with Lear Capital to invest in physical gold. Before you open a Lear Capital account, make sure you read to the end of this review to get our final call on this company and what it offers.
Lear has been in business for over 20 years. This precious metals company opened in 1997 and claims to offer the best customer care team in the industry.
The company offers customers a Lear Capital representative to walk them through purchasing precious metals for their retirement accounts. If you've read our past reviews of companies, you know they do not all live up to their promises. Is Lear all hype, or do they truly deliver a positive experience? Keep reading to learn more!
Before you pick a company, you need to read customer reviews. Many companies appear good on the surface, but customer reviews don't lie. One such company was at the top of the industry for years. Customers were swindled out of millions of dollars. Always do your homework before buying gold coins. Let's talk about what we found.
We found them on the Better Business Bureau website which is typically our first stop when checking out a company. We were shocked at what we found. The news is not good!
Lear is not accredited with the BBB, and they have a B+ rating. The customer star rating for the company is only 2.56 out of 5 stars. Other companies we have reviewed earned an A+.
The company has had 38 complaints in the last three years and 13 in the last twelve months. This does not look good for Lear. Perhaps their great communication was not so great after all.
Our next stop was Business Consumer Alliance. Here, we were shocked to find an AAA rating. The company only has five reviews with a five-star customer rating. These two contrasting ratings are why you must dig deep to find the good stuff about a company.
Lear filed Chapter 11 bankruptcy on 3/2/22. Chapter 11 bankruptcy allows the company to continue to operate normally, while under court supervision. Those with claims against the company were required to file a claim by 8/29/22.
Many companies go bankrupt and bounce back, but the reason for Lear's downfall is concerning. It seems they were deceiving customers and had many lawsuits on the horizon. They filed for bankruptcy to streamline the process of resolving future legal disputes with customers to create an easy process.
Bar Code Score Card ™
Bar Code Score Card ™
Bar Code Score Card ™
If you haven't heard of Lear Capital's lawsuits, pay attention to what we are about to say. In recent years, the company has been sued by the City of Los Angeles and the State of New York. Courts ordered Lear to pay $2.75 million to Los Angeles and $6 million to the State of New York.
The lawsuits brought the following complaints against the company:
Lear is a legit company, but that does not make it a good one. This precious metals company has been around for many years. We do not know how long Lear has been deceiving its customers. We do know the tactics being used by the company were fraudulent and resulted in massive settlement amounts.
The company is still in operation and is allowed to continue providing services for its customers, though it is under intense scrutiny by the courts. They offer gold, silver, palladium, and platinum bullion. The company offers a range of options for investing in precious metals, including the following:
Lots of companies offer an extensive inventory of metals, but that does not mean they are a good company. Do not fall for investments that offer no promise.
Lear charges $180 a year for fees, but there are hidden commissions, as stated above. When purchasing eligible metals from their online store, can you count on them to stay transparent with their fees? Just because a company is featured on Fox News does not make them worthy of your money.
Incredibly, some people lost a third of their investment to commissions alone. Why would you entrust your money to a metal company that lies on a recurring schedule?
Just because Lear is not a good company does not mean you should shy away from investing in precious metals. This metal retains its value in times of economic uncertainty. We urge you to consider diversifying your investment portfolio with self-directed IRAs.
Take the following steps to get started investing in physical metals:
Gold is respected everywhere in the world. This precious metal has a rich history and significant value due to its rarity. Why should you invest in coins?
We encourage you to buy gold bullion for these reasons:
Lear Capital is not a reputable company. They have settled two major lawsuits, one from the state of New York and one from Los Angeles. Because of its legal woes, the company was forced to file Chapter 11 bankruptcy.
Lear Capital is not going out of business right now. They are operating under Chapter 11 bankruptcy and are under intense scrutiny by the courts. Companies are allowed to continue operating while under bankruptcy.
Lear Capital settled two major lawsuits with the state of New York and the city of Los Angeles. The company filed Chapter 11 bankruptcy to handle its legal woes on 3/2/22. Lear owes millions of dollars and is attempting to restructure and make a profit, despite so many legal claims against them.
Kevin DeMerrit is the owner of Lear Capital. The company sells a wide array of rare coins and IRA-eligible coins for customers investing in gold IRAs. Checking out their quarterly statements is quite revealing about this precious metal IRA company.
Lear Capital is incorporated. The company operates out of Los Angeles, California. They help customers invest in a precious metals IRA. Precious metals IRAs allow you to invest in your retirement with tax advantages.
It’s our opinion you should not invest with Lear for your gold IRA. This company is not trustworthy to help you with precious metal IRAs. Some companies seek to prey on worried seniors and those inexperienced with investing in a normal IRA. One such company is Lear. There are better companies out there to help you with IRA investments.
Bar Code Score Card ™
Bar Code Score Card ™
Bar Code Score Card ™
Bar Code Score Card ™
Bar Code Score Card ™
