Layaway service

In the context of retailing, with a layaway service, a customer can place a deposit on an item, and in return the retailer will hold the item for the customer. The customer will make periodic payments on the item and, when it is paid for in full, the customer can take it home. In a sense, a layaway transaction is similar to an installment credit transaction, but the retailer retains physical possession of the item until it is completely paid for.