Lear Capital is a very well known gold company that offers precious metals IRAs and sells various precious metals, such as gold, silver, palladium and platinum.
Business Consumer Alliance: AAA Rating, but with 47 complaints closed in the last 3 years (see report)
BBB: 15 complaints since March 2013 (see report)
Please note: The Business Consumer Alliance was founded in 1936 and formerly operated as the Better Business Bureau of the Southland (Southern California). Due to some issues between this group and the BBB, the group broke off and became the Business Consumer Alliance. It is rumored that there are issues with high company ratings (like A+, A or A-) from the BBB despite receiving a high number of complaints. So, especially for companies in Southern California, where a lot of gold companies are located, the BCA might be a better reference to use for complaints against companies that reside in this area .
TrustLink: based on 179 Reviews (see report)
As you can see from the ratings above, they have a fairly good reputation. However, compared to the other Gold IRA companies we reviewed, the number of complaints that Lear Capital receives is quite high.
From the 46 complaints filed with the BCA 17% are unresolved cases where Lear Capital refused to make adjustments, citing the terms of the agreement.
Overall, the main reasons for complaints were:
- issues with what was advertised vs what was offered
- issues with delivery, especially criticizing the long delays between order and delivery and high shipping costs for order above $1,000
- issues with quality of the coins and bars
- slightly higher prices than the other coin/bullion dealers
Unlike other Gold IRA companies, Lear Capital does not post information about their IRA fees on their website. However, the custodian they use is one that typically offers scaled fees for storage and administration of precious metals IRA accounts. So if you decide to do business with them, check this closely and consider the amount of fees you will have to pay in subsequent years as you invest more for retirement.