I've got a custom guitar (not a Taylor) on order. The seller required 50% down payment. No problem.
The lesson here is always, always, always use credit cards for this! If you get stiffed, you have a good chance at recovery from the credit card company.
Sorry to say, but unless the dealer comes through, you are probably hosed. I wouldn't give up on him together. In situations like this, making a stink helps. The more noise you make, the better your chances of getting paid. If he's still doing business, you are in reasonably good shape. If he has closed his doors, things will be tough.
Good luck!
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