layaway

Deverbal from lay away.

layaway (countable and uncountable, plural layaways)

1. (tanning) A pit in which hides are stored.
2. (Canada, US) The system of accepting a deposit and holding for a customer to complete purchase.
   • 1987, Joan Didion, Miami, Granta, published 2005, page 24:

     A chain of local gun shops advertised, as a “Father's Day Sale,” the semiautomatic Intratec TEC-9, with extra ammo clip, case, and flash suppressor, reduced from $347.80 to $249.95 and available on layaway.

3. (Canada, US) An item which has been held in this way.

• Firestone layaway

layaway (third-person singular simple present layaways, present participle layawaying, simple past and past participle layawayed)

1. To place items on hold with a deposit at a merchant's.