That’s the money factor
You need to confirm what numbers this dealer is using.
Also need to confirm if that MF is for one pay or 36/10.
One pay ≠ huge down payment. One pay money is not at risk, it’s basically sitting in a virtual escrow account from which a portion is withdrawn monthly through the term of the lease.
I think the monthly payment is too high. I think you can haggle a bit more or put more down. Good luck!