Those two amounts aren't always equal
It's called the "gap". It's the difference between the amount owed on your Retail Installment Sales Contract/ Lease Agreement and the actual cash value of your vehicle at the time of the total loss. In the first several years of ownership, your car may actually be worth less than what you owe. If your car was a total loss, this "Gap" could translate into thousands of dollars that you would still owe after the settlement from your auto insurance company.
Gap may assist you if there is a difference between the auto insurance company settlement and the remaining finance contract/ lease agreement balance.
Gap may pay any remaining balance due on your Retail Installment Sales Contract/ Lease Agreement after the payment from your automobile insurance company. In other words, should a balance be left over after your automobile insurance pays the determined value of your vehicle, all you may have to pay is the remainder of your insurance deductible if any
$22000 (Loan/Lease Pay Off)
-$17000 (Auto Insurance Valuation)
+$1000 (Insurance Deductible)
* Subject to contract terms and conditions
*Ask your Sales Person or Finance Manger for the Total Loss Protection Coverage Gap Option
*restrictions, limitations and /or exclusions may apply. See Policy for complete details. Does not include any late fees or past due amounts. Coverage may not be available in all states