I just went through the importing process on my westy up from california and it was pretty painless.
Send a copy of the title and bill of sale to the US customs crossing you will be bring the vehicle across at at least 3 business days in advance.
They will review and inspect vehicle and VIN to allow export out of the US, stamp the title and off you go to the canadian customs to import it into Canada. There you will need to fill out the FORM 1 and pay taxes and duty's if applicable.
Just make sure they don't charge you PST. They screwed mine up and entered it as "auto parts" instead of automobile which resulted in PST. I stupidly paid (my 1st import) and then said hey I thought there was only GST. We looked at the receipt and realized the mistake, but they can't process the refund there.
I had to go to Richmond to the CBSA and request a refund (another couple of forms) which goes to Ottawa for processing.
While the guy said it could take 4-6 weeks, I had the refund cheque in 2 weeks.
In terms of payment, I agree with Alp and thats exactly what I did. I went across the line to a wells fargo and wored the money directly into the guys account.
Where is the vehicle and do ou have a hauler lined up?
Good luck.
Todd