Lear Capital Review: Fees, Minimums, Custodians, Complaints

Is Lear Capital legitimate, and what does it charge?

"Legitimate" asks for a verdict, and we do not give verdicts on companies. We show what Lear Capital says about itself, what public records we could open, and what we could not check. The public record includes a 2021 New York Attorney General lawsuit, a 2022 bankruptcy filing and settlements with state regulators. A search that finds nothing is never proof that nothing exists.

On fees, Lear's own pages disagree. Its IRA FAQ says "The fee for the first year is $315 and $235 each subsequent year." A fee page lists a $50 application fee, a $30 wire fee, $125 in annual maintenance and storage of $110 (non-segregated) or $160 (segregated). That adds up to $315 or $365 in year one and $235 or $285 after. The larger cost for most buyers is the metal itself. Lear's terms say its markup, which it calls the "Spread," generally ranges from 2% to 35% of the quoted purchase price. That range is wide.

Who is Lear Capital?

According to Lear's website, the company was founded in 1997 by Kevin DeMeritt and is based in Los Angeles. Its "Is Lear Capital Legitimate?" page says it has "served more than 100,000 satisfied customers," calls it "a PCGS Authorized Dealer" and says it is "a voluntary member of the National Coin & Bullion Association." We could not confirm these claims.

Lear sells gold, silver and platinum for cash purchases and for self-directed Individual Retirement Accounts (IRAs). A self-directed IRA can hold assets such as physical metal, which ordinary IRAs at banks and brokerages usually do not.

The Terms and Conditions name "LEAR CAPITAL, LLC (and/or its affiliates)." The BBB profile and the bankruptcy case say "Lear Capital, Inc." We do not know whether these are related entities, so ask Lear in writing which legal entity you would sign with.

Lear's pages also say "Lear does not provide financial advice and is a for profit retailer." Treat the salesperson as a seller, not an adviser. The Commodity Futures Trading Commission (CFTC) customer advisory on buying physical metals suggests you ask how the people you speak with are paid.

Quick facts at a glance

How does a Gold IRA with Lear work?

A Gold IRA involves a dealer (here, Lear), a custodian (the company that legally holds your IRA) and a depository (the vault). Our guide to the custodian, the dealer and the depository explains why the company selling to you is not the one holding your account.

Lear's "How to Open a Gold IRA" page lists seven steps, from initiating the transfer to ongoing custodian management. It describes Equity Trust as "our preferred IRA custodian" and says it will "store your metals with Delaware Depository Service Company (DDSC)." The FAQ says "On average, funds can be transferred within 5 business days" and that opening the account takes about one business day. Those are the company's estimates.

What does Lear say the fees are?

Lear's pages give different annual account costs. All figures are Lear's statements from pages we opened on October 15, 2026.

The FAQ's $315 and $235 match the lower end of the fee pages' ranges, which assume non-segregated storage at $110. The fee pages add $160 segregated storage. We cannot tell you which page is current. Ask Lear for the fee schedule for your own account, in writing.

Our guides to custodian fees, storage fees and hidden fees explain each type of cost in plain language.

What fee offers does Lear describe?

The FAQ says "Lear Capital will pay for your set-up and storage account fees* based on the invoice purchase amount," with the note "*Limited Mintage coins only." The "Gold IRA fees explained" page says "Purchases of $25,000 or more may qualify for fee reimbursement that covers one to three years." These are Lear's statements, and some are tied to specific products. Ask for the price of an eligible product alongside comparable products without the offer.

What do you pay for the metal itself?

The CFTC says: "A dealer will always sell metal above the spot price and buy it back below the spot price." It also says "If fees are not available in writing before your purchase, that is a red flag."

Lear's Terms and Conditions (last updated December 2025) define the "Spread" as "the difference between the retail price quoted to Customer for the Precious Metals being purchased and LC's cost to acquire those Precious Metals from its supplier." They add that "LC's Spreads generally range between 2% and 35% of the quoted purchase price, but vary by Precious Metal, by customer, by transaction type, and over time." The exact spread "will be specified and confirmed during the transaction voice confirmation process and included in Customer's invoice."

In plain terms, the spread is Lear's gross profit on the sale and is not an account fee. A 2% spread on a $10,000 purchase is $200 and a 35% spread is $3,500 (arithmetic only, not figures Lear quoted).

Our guide to dealer premiums, markups and spreads shows how to compare quotes. Ask in writing for the price per ounce, the spot price at the quote, and the price at which Lear would buy the item back then.

What are the minimums?

Lear's fee page says: "For Gold IRAs, the company requires a $10,000 minimum contribution to open and fund an account." It also says that for direct purchases of precious metals intended for home delivery, "minimums vary based on product type." Lear's IRA FAQ and its "Gold IRA fees explained" page do not state a minimum.

For some savers, $10,000 is a large share of their retirement money. Our pages on minimum investment and allocation and concentration risk explain why position size matters. A fee-only financial planner or tax professional can help with that.

Who are the custodians, and what do the records show?

Lear's pages do not agree on the custodian either.

• The "How to Open a Gold IRA" page names "our preferred IRA custodian, Equity Trust Company."
• The "Gold IRA fees explained" page says "Lear Capital accounts are administered through Equity Trust at $125 per year."
• The IRA FAQ says "The IRA custodian, Self Directed IRA Services, Inc., offers 24/7 online access to your portfolio's performance."

We do not know whether these describe the same arrangement, an older one or two options. The FAQ page shows no date. Ask Lear in writing which custodian will hold your account and which fee schedule and revision date apply.

We looked for the two custodian names on the IRS list titled "Nonbank Trustees Approved as of April 1, 2026," but the list text we could read did not show them. That does not by itself answer whether a company may act as an IRA custodian, because banks are another kind of custodian and the list covers only nonbanks. As we explain in our guide to custodian requirements, the legal questions are for the custodian and a tax professional, and we offer no legal conclusion. Our profile of Equity Trust Company goes into that custodian.

Equity Trust's fee page lists three fee schedules. It does not say which applies to Lear accounts, and we did not open the schedule PDFs. Charges for selling metal, wiring money out or closing the account are separate from the dealer's, and Lear's fee pages do not list them.

Where is the metal stored, and is it insured?

Lear's FAQ says: "Lear Capital ships (insured) all metals directly to the Delaware Depository IRS-approved depository vault." The Equity Trust precious metals client page lists five depositories its clients can choose from, including Delaware Depository, Brink's, International Depository Services, Texas Bullion Depository and A-Mark Global Logistics (Loomis Intl), and says "you will select one of the following depositories to store your metals."

Delaware Depository's home page lists addresses in Wilmington, Delaware and Boulder City, Nevada and says it "is a SSAE18 - SOC1 Type1 audited organization." We found no statement about insurance there, which does not mean none exists. Ask for details in writing. See our guides on IRA metals insurance and how to verify your metals.

Lear's fee page lists $110 for non-segregated and $160 for segregated storage. Segregated means your items are kept apart from other customers' items; non-segregated means they are pooled with similar items. Our guide on segregated and commingled storage explains the difference. The FAQ's lower fee is "contingent on choosing... non-segregated storage."

What does Lear say about buying back your metals?

Lear's Terms and Conditions say two things about buybacks that should be read together.

First, the terms say "The law prohibits LC from guaranteeing to buyback the Precious Metals LC sells, and LC does not guarantee that it will buyback any Precious Metals that Customer purchases." Second, they say "as of the date of the transmission of this Agreement, LC has never refused the opportunity to buyback." The second is a track-record claim that we cannot verify from the outside. The first says the company makes no promise.

Lear's FAQ says: "Lear is a retail seller of precious metals and its buyback (or bid) prices are lower than its sell (or ask) prices." We saw no page that gives a buyback price formula, a buyback fee or a time limit. Our guide on buyback policies and liquidation costs explains what a buyback promise can and cannot cover, and our page on liquidity risk covers needing cash quickly.

What are the cancellation and refund terms?

Lear's terms and its FAQ both describe a 24-hour window. The terms say Lear delivers "a written invoice ("Invoice") following Customer's verbal confirmation of his/her purchase" and that "Customer then has 24 hours to cancel the transaction without penalty." The FAQ calls this a "24-Hour Risk-Free Purchase Guarantee."

The terms also say: "ALL SALES ARE FINAL (i.e., purchases cannot be returned for a refund)," with exceptions for the 24-hour window and a "State by State Refund Policy (certain state residents only)," which we did not find on the pages we opened.

What do the website terms say about disputes?

These are the website terms, not the purchase agreement, which we did not see. We are not lawyers, and none of this is legal advice.

• Arbitration. Disputes go to "FINAL, BINDING ARBITRATION IN LOS ANGELES, CALIFORNIA, BEFORE ONE ARBITRATOR."
• No combined claims. "Claims of different persons cannot be combined or aggregated."
• Time limit. Claims "must be brought within 1 year plus 1 day after the purchase or sale or other event giving rise to the claim" (marked as not applying to California purchasers).
• Limit on damages. Liability is "LIMITED TO THE AMOUNT ACTUALLY PAID BY CUSTOMER FOR THE PRECIOUS METALS IN DISPUTE" (also not applying to California purchasers).

What do government records show about Lear Capital?

Lawsuits and complaints are allegations unless a judgment or order says otherwise. Settlements are described as settlements. Our precious metals enforcement database will track these matters as it is published.

New York Attorney General

On June 17, 2021, the New York Attorney General's office announced that it had sued Lear Capital and its founder, Kevin DeMeritt, in Erie County State Supreme Court. According to the press release, the suit alleged that the defendants cheated nearly 1,000 New Yorkers out of approximately $10 million by charging undisclosed commissions of up to 33 percent, and that they operated without being registered in New York. These were the Attorney General's allegations, not findings by a court.

On January 3, 2022, the Attorney General announced a settlement. The press release says the office "secured $6 million" from Lear for eligible New York customers, and that Lear must give "clear and conspicuous disclosures of its fees" and offer "a 24-hour cancellation period for retirement and certain higher fee transactions." We did not open the settlement document itself.

Los Angeles City Attorney

The court filing described below refers to a lawsuit by the Los Angeles City Attorney under California's Unfair Competition Law, which it says was resolved by a settlement involving a $2.75 million payment. According to that filing, Lear denies the allegations. We did not open the City Attorney's own announcement or complaint. Lear's complaints page says only that "in 2019, Lear Capital became part of a trend involving lawsuits filed against precious metals companies" and that Lear chose to resolve the case rather than fight it.

The 2022 Chapter 11 case and the multi-state settlement

According to the plan document we opened, Lear Capital, Inc. filed a Chapter 11 (Subchapter V) petition on March 2, 2022, in the U.S. Bankruptcy Court for the District of Delaware, Case No. 22-10165. The document is "Debtor's First Amended Plan of Reorganization," filed June 5, 2023. It is a proposed plan, and we did not open any order confirming it. The plan describes a $5.5 million "Customer Fund" for customers, partly funded by a contribution from Mr. DeMeritt. It states that Lear neither admits nor denies any violation of law. It also says certain states moved to dismiss the case, alleging it was filed as a litigation tactic, and that Lear disputes this and the motion was settled.

In August 2023, several state agencies issued press releases about the plan. We opened releases from South Carolina's Attorney General (August 4, 2023), the Iowa Insurance Division (August 8), the Texas State Securities Board (August 2), the Alabama Securities Commission (August 1) and California's Department of Financial Protection and Innovation (undated). Their descriptions are consistent:

• State securities regulators had been investigating Lear for "deceptive securities and commodities activities."
• Lear would provide $5.5 million for distribution to investors in its precious metals. Investors who filed a timely bankruptcy claim would receive refunds calculated under the plan. Remaining funds would go pro rata to investors who did not file claims but who bought metals from Lear between January 1, 2016, and March 3, 2022.
• Lear agreed to improve its sales practices and disclosures, including not misrepresenting its fees, not presenting itself as an investment adviser and not giving investment advice.

None of the releases we opened say whether Lear admitted or denied the allegations, and the plan document says it neither admits nor denies. We found no court judgment or finding of liability in the sources we opened.

What Lear says about it

Lear's "Complaints" page says the company "emerged from reorganization in early 2024." Its bankruptcy page calls the case a Chapter 11 restructuring "rather than a business closure," says it was undertaken "to address financial obligations from a 2021 settlement," and says no customer, vendor or business partner incurred a monetary loss. We found no court record that supports or disputes the last claim, so it is the company's statement.

What does the BBB profile show?

The Better Business Bureau (BBB) is a nonprofit that publishes business profiles, customer reviews and complaint records. BBB pages could not be opened by our tools. Everything in this section is what BBB's profile shows, per screenshots viewed by the site owner on October 15, 2026.

The 4.79 figure is an average of BBB customer reviews. The newest reviews visible in the screenshots, dated August 20 to October 10, 2026, were all five stars, and Lear replied to nine of the ten visible reviews. Ten reviews are not a sample of all 150, so we draw no conclusion from them.

What does the BBB complaints page show?

The screenshots of the Complaints tab show a summary of 32 total complaints in the last three years and 11 complaints filed in the last 12 months. BBB's own note on the page says the complaint text displayed might not represent all complaints filed, that some consumers choose not to publish details, that readers should consider a company's size and volume of transactions, and that the nature of complaints and a company's responses is often more important than the number.

The owner provided page one of three: ten complaints dated July 28, 2025 to July 4, 2026. Pages two and three were not provided, so 22 of the 32 are not described. These are consumers' allegations; the responses are the company's statements; the page shows no judgment or order. Two complaints were marked Resolved and eight Answered.

We leave out dollar figures and personal details. The ten complaints on page one allege:

Three subjects recur on page one: how the spread was explained, delays in payments, and coins shipped back for sale. In the spread complaints, Lear's stated position includes a recorded verbal confirmation, a signed Transaction Agreement that lists a possible spread range, and a recommended holding period of three to five years. In four disputes the consumers rejected Lear's response; for three of them the page showed no resolution. We did not see 22 of the 32 complaints, and one page cannot tell you how often these things happen across all of Lear's customers.

Lear's own pages report ratings from other platforms, such as Google at 4.7 out of 5 (700 reviews as of 09/28/2026) and Trustpilot at 4.7 (3,281 reviews), which we did not open. Lear's reviews page shows roughly 80 testimonials without saying how they were chosen. We do not score companies (see our company research methodology). Our guides on how review sites make money and fake and incentivized reviews explain how to read this material.

What public records did we check?

Here is what we did, with the date, and what we could not do.

A zero in the CFPB database means no complaint matched that search term on that day. A web search is not a search of a court docket or regulator's records. Our guide on how to verify a dealer walks through BrokerCheck, NFA BASIC, state regulators and court records.

What should you ask Lear before you sign anything?

These questions come from regulators' advice and from the gaps we found. Ask for answers in writing.

1. What are the sale price, the spot price and the buyback price for each product I am quoted? Ask for all three at the same time.
2. What is the Spread, in dollars and in percent, for each item?
3. Which custodian will hold my account, and which fee schedule and revision date apply?
4. Which fee total applies to me: $315 or $365 in year one?
5. What conditions apply to any fee reimbursement or credit offer?
6. Is my storage segregated, and what insurance covers it?
7. How does a sale back to Lear work, and who pays for shipping and insurance?
8. Will my calls be recorded, and will I get the written invoice before the 24-hour window starts?
9. How are your sales staff paid?
10. Which legal entity am I contracting with?
11. May I read the purchase agreement, including any arbitration terms, before I send money?

Our full checklist is in the guide on how to evaluate a Gold IRA company.

What are the risks that apply no matter which company you pick?

Gold and silver prices go up and down (price volatility), you can sell only at a buyback price or to another buyer, and you depend on several companies (counterparty risk). We do not predict prices.

How does this compare with other companies?

We publish every company review on the same fields and do not rank them. Related reviews: Advantage Gold and Patriot Gold Group. Planned comparisons include Goldco vs Lear Capital and Augusta Precious Metals vs Lear Capital. Start at Gold IRA Companies Compared.

How was this page researched, and when will it be updated?

On October 15, 2026 we opened these Lear Capital pages: IRA FAQ, "Minimum Investment and Fee Transparency," "Gold IRA fees explained," "How to Open a Gold IRA," Terms and Conditions, "Is Lear Capital Legitimate?", the complaints, reviews and bankruptcy pages. We also opened the sources listed in the citations, including the New York Attorney General releases, the Delaware bankruptcy plan, five state releases, Equity Trust and Delaware Depository pages, the IRS nonbank trustee list, the CFTC advisory and the CFPB complaint database. The BBB figures come from screenshots viewed by the site owner.

Anything that came only from Lear is written as Lear's statement. Fees, terms and company information are reviewed every three months under our update policy, and sooner if a regulator announces an action or a reader reports an error. If you see something out of date, please tell us through our corrections page.

This page is general information, not personalized advice. Decisions about your retirement savings depend on your own situation, so talk with a qualified financial planner, tax professional or attorney before you act.