Layaway, also referred to as lay-by in Australia, New Zealand, South Africa and Great Britain, is a way to purchase an item without paying the entire cost at once. However, rather than taking the item home and then repaying the debt on a regular schedule, as in most installment plans or hire purchases, the layaway customer does not receive the item until it is completely paid for. There is sometimes a fee associated with a layaway purchase, since the seller must "lay" the item "away" in storage until the payments are completed. In the event the customer did not pay the amount due, the item would be returned to stock and any subsequent payments that were processed or are pending would be returned to the customer. [from Wikipedia
