Definitions for layaway
lay·away

WiktionaryRate this definition:0.0 / 0 votes

1. layawaynoun

   Things which have had a deposit placed on them and which the owner (generally a store) has agreed to hold for the customer and accept full payment at a later time.

2. layawaynoun

   The system of accepting a deposit and holding for a customer to complete purchase.

3. layawayverb

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

WikipediaRate this definition:0.0 / 0 votes

1. Layaway

   Layaway (lay-by in Australia, New Zealand, and South Africa) is a purchase agreement in which the seller reserves an item for a consumer until the consumer completes all the payments necessary to pay for that item, and only then hands over the item.

WikidataRate this definition:0.0 / 0 votes

1. Layaway

   Layaway is an agreement in which the seller reserves an item for a consumer until the consumer completes all the payments necessary to pay for that item. 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, since the seller must "lay" the item "away" in storage until the payments are completed. Because there is little risk involved for the seller, layaway can be readily offered to those with bad credit. If the transaction is not completed, the item is returned to stock and the customer's money is returned minus a fee. The main advantage of layaway is that no interest is charged. In addition, the price is fixed, availability is guaranteed by reserving the item in stock, and an item being purchased as a gift can be kept secret. Consumers may also gain a sense of living within their means. Layaway became common during the Great Depression of the 1930s. It was widely withdrawn during the 1980s, as the ubiquity of credit cards decreased its utility. Layaway also got tagged as "ghetto financing". Wal-Mart announced in September 2006 that it would discontinue layaway service in all its stores, citing the decrease in demand and a rise in cost of implementation. However, in September 2011, Wal-Mart resumed the service due to the new financial difficulties imposed by the economy and the increased constraints on consumer credit. For the 2012 season, many retailers are heavily advertising their layaway service and offering it for free if all conditions are met. In contrast, Kmart has provided layaway in the United States for forty years, and was at one time the only major national discount retailer offering the service. Other large retailers offering layaway programs include Toys "R" Us, Burlington Coat Factory, Marshalls and T.J. Maxx. In Canada it is available from many businesses including bicycle shops, jewellers and adventure holidays.

How to pronounce layaway?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say layaway in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of layaway in Chaldean Numerology is: 5

2. Pythagorean Numerology

   The numerical value of layaway in Pythagorean Numerology is: 7

Examples of layaway in a Sentence

1. Jai Holtz:

   We see a great layaway business in our Beverly Hills Kmart store. This is a program that goes across all demographics.

2. Anne Marie Kehoe:

   In the five years we've been offering this holiday layaway program we've discovered that customers use it for a whole host of reasons, from being able to better budget their money and avoiding credit card fees.

Popularity rank by frequency of use

References

1. ^ Wiktionary
   https://en.wiktionary.org/wiki/Layaway
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Layaway
3. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=layaway