i had the opposite problem before, in which the oil level sensor trips but when I check the dipstick it was between the lines, and resetting it doesn't work. anyways i replace the oil level sensor, the only chance i was planning to use my extended warranty, but of course it doesn't cover.

why would oil level go so low? i know better than our cars need 8 quarts, i think even the 3 or 5 uses 8 quarts. i think the part is 100 some dollars and the labor is like 200 or something. not sure where it's located, you can try realoem to see if you can find the figure for it.