Hi,Just bought Lexus Harrier 300 miles oil droped to the minimum!

Every morning get massive amount of smoke out of the exhauster which is white!Engine management indicator is flashing and the dealer just told me today thet timing belt slipped or snapped and the engine was repaired valves,Heads Roe?Dont know what to do with the 98 year lexus!He is going to fix it which I doubt and I was givven 3 months warranty!Im devastated!