payment by instalments; the buyer takes possession of the merchandise only when the full price has been paid
2.
merchandise reserved for future delivery to a customer who has paid a deposit and will receive the merchandise on payment of the remaining sum
layaway in American English
(ˈleɪəˌweɪ)
noun
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