layaway plan

noun

1. a method of purchasing by which the purchaser reserves an article with a down payment and claims it only after paying the full balance.

Word History and Origins

Origin of layaway plan¹

First recorded in 1970–75

Example Sentences

Traditional layaway plans may charge an upfront fee but are typically interest-free and don’t involve borrowing money as customers are simply making payments on items the store is holding for them.

From Time