Question

with an installment buying plan you take possession of the item and with a layaway plan you take possession of the item

Answer 1

In installment buying, the buyer has the possession of the item immediately and then pays for it in a series of payments or installments. And in a layaway plan, you take possession of the item after you have completely paid for the item, you first give some of your money to the store and then a little more next week and until the item is totally paid for.