just recently received the reminder notice 3 months post buy for the extended service contract. says it'll reduce or eliminate out-of-pocket expenses on any covered repair for up to 7 years or 100,000 miles. is this rubbish? or is it a steal of a deal?

 

What's the dealer asking for this extended warranty? Have you looked for other alternatives?

 

I got the same offer. Call them and ask for the details and for how much.
It is not likely to be a steal. You generally get what you pay for and the best values come from other parties, not your dealer. You have to read all of the fine print about what exactly is covered for extended.
If you do heavy modifications then alot of the warranty doesn't apply. If you keep everything stock then that would make more sense to have the warranty but only if you can put on the miles to make it close.
Always read the fine print. You have a four year warranty as is.