You mis read the "chain is only good for 500mi" part,,,it's the chain should be lubed at 500 miles. This can be extended miles wise for the lubing with the spray on wax or teflon chain lubes.
My original chain went 28,000 miles. Could be your chain links are no longer straightening out coming off of the sprocket. This is an indication for the need of replacing said chain.
2006 vlx , gone but never will forget it.