Location and changing of transmission speed sensor on 2000 bmw 528i

The P0500 code indicates a problems with the ABS system. If you have recently replaced wheel sensors, it sounds like one or more may be disconnected or flaky.

From datsc.com:
What does this mean? OBD Code P0500refers to
Basically this means that the vehicle's speed as read by the Vehicle Speed Sensor (VSS) is not working properly.
Symptoms Possible sumptoms of OBD code P0500
loss of anti-lock brakes the "anti-lock" or "brake" warning lamps on the dash may be lit the speedometer or odometer may not work properly (or at all) your vehicle's RPM limiter may be decreased the shifting of an automatic transmission may become erratic other symptoms may also be present
Causes Possible causes of OBD code P0500
A code P0500 may mean that one or more of the following has happened: The Vehicle Speed Sensor (VSS) is not reading (functioning) properly There is a broken/frayed wire leading to the vehicle speed sensor The vehicle's PCM is not correctly configured for the actual tire size on the vehicle
Possible Solutions The simplest thing to do is to reset the code and see if it comes back. Next, check all wiring and connectors that lead to the speed sensor. The location of the sensor depends on your vehicle. The sensor could be on the rear axle, transmission, or perhaps the wheel hub (brake) assembly. If the wiring and connectors are OK, then check the voltage at the speed sensor. Again, the exact procedure will depend on your make and model of vehicle. If everything looks OK, replace the sensor.

See RealOEM.com http://www.realoem.com Enter your VIN
Pick List:Front Axle, Front Axle Suspension P7
It goes into the back of the brake carrier P2. Link below
/bmw/showparts.do?model=DD63&mospid=47585&btnr=31_0255&hg=31&fg=10

this code refers to the Vehicle Speed Sensor,VSS,first thing to do is have the code cleared and road test, if code returns the VSS will need investigating , very common for the wiring to be damaged, so check the wiring and connectors if all look fine change the VSS ,a workshop manual will show exact location on your particular vehicle

On the ouside of the transmission case.

fluid to what

its sealed gearbox but there is i think a level plug on the side of the gearbox but it has to be checked in specific way ie oil temp etc you need a workshop manual to find out the correct procedure

You can find the procedure here
https://resetoillight.com/bmw/oil-change-light-reset-bmw-528i-1998-1999-2000/

hi the speed sensor is located on either the drivers wheel hub with the abs sensor, or the passenger wheel hub, but they normally are on the drivers side....hope this helps..ps you can get them off ebay lol..

There be one on each of your rear drive wheels.
If the speedometer and odometer do not work, the driver's side rear sensor is probably bad. If the speedometer works but the cruise control does not, then the passenger side rear sensor is probably bad.

I had the same issue with my 2000 528i. You more than likely need to have the Vanos seals replaced. BMW will tell you that the Vanos unit needs to be replaced but the problem is more than likely isolated to the OEM seals that shipped with the Vanos. This issue has been reported by several BMW owners. This issue has been thoroughly documented and reported to BMW in an effort to seek a corrective fix. Since BMW failed to address the problem, the guys that investigated the issue started their own company providing superior Vanos seals to the deficient OEM Vanos seals.

The company is Beisan Systems, LLC. I ordered their Vanos seal kit and had them installed at a local BMW performance shop for less than half of what BMW wanted to charge me for a Vanos replacement with the same faulty seals. Besian also provides step-by-step DIY instructions; if you have the time.

http://www.beisansystems.com/index.html

Good Luck.