Lear Capital
Key Facts
- Min. Investment
- $10,000
- Annual Fees
- ~$235–$285/year (custodian + storage); first year ~$280
- Founded
- 1997
- IRA Types
- Traditional, Roth, SEP, SIMPLE
Overview
Lear Capital was founded in 1997 and is based in Los Angeles, California. With nearly three decades in the precious metals business and over $3 billion in transactions processed, it is one of the longest-operating dealers in this space. The company offers gold, silver, platinum, and palladium for IRA and direct-purchase customers. Lear's flagship product is the Lear Advantage IRA with a 24-hour price-match guarantee. Investors should be aware that Lear Capital filed for Chapter 11 bankruptcy in 2022 and settled regulatory actions with the New York Attorney General and City of Los Angeles for a combined $8.75 million. The company emerged from bankruptcy in 2023 with mandatory fee disclosure requirements now in place.
Pros
- ✓Founded in 1997 — one of the longest operating precious metals dealers in the country
- ✓Over $3 billion in total transactions processed
- ✓Lear Advantage IRA with 24-hour price-match guarantee
- ✓Tiered fee waivers: first year free at $25,000+, two years at $50,000+, three years at $75,000+
- ✓Wide metals selection including gold, silver, platinum, and palladium
Cons
- –Filed for Chapter 11 bankruptcy in March 2022 following regulatory actions
- –Settled with the New York Attorney General for $6 million over undisclosed commissions allegedly as high as 33%, particularly targeting elderly retirement savers
- –Paid an additional $2.75 million to the City of Los Angeles for related deceptive practices
- –No formal buyback guarantee — buyback prices reflect current market bid
- –38 closed BBB complaints, primarily around communication responsiveness
Frequently Asked Questions
What happened with Lear Capital's bankruptcy and legal settlements?
Lear Capital filed for Chapter 11 bankruptcy in March 2022 following lawsuits from the New York Attorney General and City of Los Angeles alleging undisclosed commissions. The company settled for a combined $8.75 million, implemented mandatory fee disclosure requirements, and emerged from bankruptcy in 2023.
What is the minimum investment at Lear Capital?
Lear Capital requires a $10,000 minimum. Fee waivers begin at $25,000 (first year free) and scale to $75,000 (three years free).
What fees does Lear Capital charge?
Estimated first-year costs are approximately $280, covering setup, custodian, storage, and insurance. Ongoing annual fees run approximately $235–$285 depending on storage type. Fees may be waived based on investment size.