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layaway

[ley-uh-wey]
noun
  1. layaway plan.
  2. an article or item purchased through a layaway plan.
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Origin of layaway

First recorded in 1880–85; noun use of verb phrase lay away
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018

Word Origin and History for layaway

1961, as a system of payments for merchandise, from lay (v.) + away. Earlier in the same sense was Australian lay-by (1930).

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Online Etymology Dictionary, © 2010 Douglas Harper