Beware of buying gold/silver from Lear Capitol

Lear capitol is the gold/silver online co. that is advertised a lot by by Fox/Rush/ etc.

So I bought 20 silver Eagles for about $20 each and the price was right. I got a message from Lear stating it will take till March 29 at the earliest to clear my check.
My check has already cleared my bank and they have been paid.

I was told that the coins cannot ship until they get enough orders to justify a shipment from the supplier/distributor/warehouse whatever.
This I am told will take at least another two weeks.

IMO this is a very shabby business model for buying coins online. Once my bank reports that my check has been paid - Lear Capitol should count my check as cleared.
Also I should not have to wait until they get enough orders to get their volume discount on a delivery.

I intend to invest at least $50K of my retirement funds into gold and/or silver. I made an initial small purchase from this co. to see how they did business.

Now I know. Just because FOX brings me a conservative viewpoint - doesn't mean their sponsors are ethical.

Lear Capitol will never get another cent from me.

Sounds like a new twist on the old bank scam. Your checks clear either the same day or the day after due to electronic fund transfer yet they make you wait several days longer before you can claim your money.

Ever send out a post dated check to make sure your money is available for payment before they cash it and they wind up cashing it before the check is actually good? I stopped doing this years ago because they will screw you every time if you do. I wonder what happens if you try to cash one of their checks before the date on the check?

How about those services where you send in your gold and they evaluate it and then send you what they think it's worth? Sounds like another scam to me. I'd never send my valuables into a company to have them evaluated and then trust them to send you a check with a fair price. /You are just asking to be taken.

Gooogle turned up only 33 complaints

http://www.la.bbb.org/Business-Report/Lear-Capital-Inc-13059407

Not sayin' you aren't justified in your situation and with all the uncertainty swirling around the market I would like to be in possession either immediately or in very short order after relinquishing funds.

B&B,justified in my little Town,you get shot way before 33 complaints

Black_And_Blue wrote:Gooogle turned up only 33 complaints

http://www.la.bbb.org/Business-Report/Lear-Capital-Inc-13059407

Not sayin' you aren't justified in your situation and with all the uncertainty swirling around the market I would like to be in possession either immediately or in very short order after relinquishing funds.

My name is Jon and I am the VP of Sales at Lear Capital. Our bank tells us to wait 10-12 business days to send metal for security reasons. Legally, I cannot call a clients bank to make sure checks clear. To prove this I challenge the person that wrote this to call me at 310-571-3739 and let me know who you are. I will write you a check for one penny once you verify that you are the person that wrote this. Then once you cash it trying calling our bank(US Bank) and ask them if it has cleared...good luck in getting them to even consider addressing this.

Also...you state that the price was right. I dont think waiting 10-12 business days for the absolute best price is too much to ask for. We have very strong relationships with the mint and wholesalers. These relationships produce uncomparable benefits for our clients. You just might have to wait a bit longer.

Please call me and I will address your concerns.
310-993-9467

Also...to address the 33 complaints from Google....that is extremely small. We have over 25,000 clients...33 complaints is nothing. Ever look at complaints from lets say...oh...Merill Lynch...thousands. Once again...call me at 310-571-3739 if you have legitimate concerns or if you are a real buyer that wants his concerns addressed in order to make a comfortable, hassle free gold or silver investment.. Not just someone who likes to post negative things about companies they know nothing about except what they find on google. BTW...we have an A rating on BBB.

Good response. Give the man a call. I'm afraid gold is near peak now.

cabinas, Why didn't you PM (private message) the individual starting this thread and find out all the details from both sides before making a reply like that.
This whole thing was probably just a simple misunderstanding....almost always is. I for one will/would not use your service now solely based on your reply (attitude) to a customer complaint.

rockwood wrote:cabinas, Why didn't you PM (private message) ...

Because the customer chose to make his complaint public, he's just addressing the issue.

I'm trying to offend anyone at all. It's just we get people who dont bother to get management on the phone here to take care of them and they go straight to posting negative feedback on our company. Thats not fair. The reason I post public is to let everyone know that we are the absolute best and most highly endorsed gold firm out there. Our advertisers adore us due to our ethical and complaint free business.

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Jon

I have dealt with Lear and yes they do wait 10 to 12 days after they receive the check to send the metals but my problem with them came after I referred 4 different people to buy from them. If you refer one person you get a 1/0 oz gold coin. 2 people = 1/4th oz gold. 3 = 1/2 oz gold. 4 = 1oz gold coin.

On the day the the 4th person was confirmed they called me to say they no longer offer this program. Funny how they waited to receive money from the 4 referrals and when I couldn't refer anymore or go to a higher level they say it ended so they don't have to make good on their promise.

cabinas wrote:My name is Jon and I am the VP of Sales at Lear Capital. Our bank tells us to wait 10-12 business days to send metal for security reasons. Legally, I cannot call a clients bank to make sure checks clear. To prove this I challenge the person that wrote this to call me at 310-571-3739 and let me know who you are. I will write you a check for one penny once you verify that you are the person that wrote this. Then once you cash it trying calling our bank(US Bank) and ask them if it has cleared...good luck in getting them to even consider addressing this.

Also...you state that the price was right. I dont think waiting 10-12 business days for the absolute best price is too much to ask for. We have very strong relationships with the mint and wholesalers. These relationships produce uncomparable benefits for our clients. You just might have to wait a bit longer.

Please call me and I will address your concerns.
310-993-9467

This may be all well and good BUT the question is did you inform the potential customer up front of the estimated time frame involved and that you would have to wait for possibly even more time to wait for more orders??
Just dosnt sound like you practice good communication and I would be very hessitant to do buisness with you for that reason alone!

CecilMemory wrote:I have dealt with Lear and yes they do wait 10 to 12 days after they receive the check to send the metals but my problem with them came after I referred 4 different people to buy from them. If you refer one person you get a 1/0 oz gold coin. 2 people = 1/4th oz gold. 3 = 1/2 oz gold. 4 = 1oz gold coin.

On the day the the 4th person was confirmed they called me to say they no longer offer this program. Funny how they waited to receive money from the 4 referrals and when I couldn't refer anymore or go to a higher level they say it ended so they don't have to make good on their promise.

Are you serious? I was going to refer some people to them b/c their prices are among the best (I scoured the internet). I can't believe they would do that to a customer! I would call the number above for the VP and see how he handles it. Once you epxlain you situation, they may make good on it.

Very interesting! I was all ready to defend the guy. But I just went to their website and went through the process to buy a silver eagle. No mention of the delay in shipping even in the 3 pages of VERY fine print. Then I see he joined only to dispute Smokeys claim and hasn't posted since. I smell a rat! If they have valid reasons for not shipping for 10-12 business days, it should be disclosed prior to purchase. I think its called playing the "float." Using your money on the sly for a short period of time.