  We report the results of a twenty-eight-month photometric campaign studying
V1432 Aql, the only known eclipsing, asynchronous polar. Our data show that
both the residual eclipse flux and eclipse O-C timings vary strongly as a
function of the spin-orbit beat period. Relying upon a new model of the system,
we show that cyclical changes in the location of the threading region along the
ballistic trajectory of the accretion stream could produce both effects. This
model predicts that the threading radius is variable, in contrast to previous
studies which have assumed a constant threading radius. Additionally, we
identify a very strong photometric maximum which is only visible for half of
the beat cycle. The exact cause of this maximum is unclear, but we consider the
possibility that it is the optical counterpart of the third accreting polecap
proposed by Rana et al. (2005). Finally, the rate of change of the white
dwarf's spin period is consistent with it being proportional to the difference
between the spin and orbital periods, implying that the spin period is
approaching the orbital period asymptotically.
