Layaway

Layaway

Layaway, also referred to as lay-by in Australia and New Zealand, 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 typically 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 payments would be forfeited.

Layaway was once more common than it is now, since the ubiquity of credit cards has decreased its utility. Wal-Mart announced on September 14, 2006 that it would discontinue layaway service in all its stores by the end of the year, citing the decrease in demand and a rise in cost of implementation. [Sharia Davis, [http://www.msnbc.msn.com/id/15584773/ "Wal-Mart Stores to Cease Layaway Service"] . WHAG-TV, 5 November 2006.]

Electronic layaway is layaway through the internet. It allows consumers to purchase items through scheduled deductions from a checking account. [ [http://www.timesfreepress.com/absolutenm/templates/life.aspx?articleid=26237&zoneid=10 Chattanooga Times Free Press | Digital Layaway ] ] [ [http://cbs2chicago.com/consumer/layaway.elayaway.shoplocal.2.594315.html cbs2chicago.com - E-Layaways Add Convenience For Online Shoppers ] ]

References


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  • layaway — lay‧a‧way [ˈleɪəweɪ] noun [uncountable] COMMERCE 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 paid: • Jerry bought some furniture… …   Financial and business terms

  • layaway — An agreement between a retail seller and a consumer that provides that the seller will retain designated consumer goods for sale to the consumer at a specified price on a future date, if the consumer deposits with the seller an agreed upon sum of …   Law dictionary

  • layaway — [lā′ə wā΄] n. 1. a method of buying in which a deposit is made on something that is then set aside for delivery only after it is paid for in full, as by monthly payments 2. the state of an item thus set aside: chiefly in in layaway …   English World dictionary

  • layaway — 1961, as a system of payments for merchandise, from LAY (Cf. lay) (v.) + AWAY (Cf. away). Earlier in the same sense was Australian lay by (1930) …   Etymology dictionary

  • Layaway — A purchasing method that allows a consumer to put a product on hold by placing a deposit on the item. Layaway allows the customer to make smaller payments on the product until the purchase price is paid in full, rather than paying for the item… …   Investment dictionary

  • layaway — noun (U) AmE a method of buying goods in which the goods are kept by the seller for a small amount of money until the full price is paid: I ve put the dress on layaway. layaway adjective: a layaway plan …   Longman dictionary of contemporary English

  • layaway — /lay euh way /, n. 1. See layaway plan. 2. an article or item purchased through a layaway plan. [1880 85; n. use of v. phrase lay away] * * * …   Universalium

  • layaway — lay|a|way [ˈleıəweı] n [U] AmE a method of buying goods in which you give the seller of the goods a small amount of money to keep the goods until you can pay the full price ▪ I put the dress on layaway. >layaway adj …   Dictionary of contemporary English

  • layaway — lay|a|way [ leıə,weı ] noun uncount AMERICAN a method of buying goods from a store by which a customer pays a small amount of money so that the store will keep the goods for them until they pay the rest: put something on layaway: Will you put… …   Usage of the words and phrases in modern English

  • layaway — n. making a purchase with payments by installments; item bought using a layaway plan …   English contemporary dictionary

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