layawaylay·a·way /ˈleɪəweɪ/ noun [uncountableU] American EnglishAmECOMMERCE a method of buying goods in which the buyer makes a first payment that is a percentage of the price and the goods are kept by the seller until the full price is paidJerry bought some furniture on a layaway plan.
I put a sofa bed on layaway at the K Mart in Santa Clara.