an article or item purchased through a layaway plan.

1880–85; noun use of verb phrase lay away Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Word Origin & History

1961, as a system of payments for merchandise, from lay + away. Earlier in the same sense was Australian lay-by (1930).
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
Music festivals offer fans the option of layaway tickets.
For consumers who have credit cards and use them responsibly, paying layaway
  fees makes little sense.
There's historical precedent for such killing on layaway.
Many companies have brought back layaway plans for the holiday season.
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