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Yep, waiting and increasing your current car payments while you wait is really your only chance of getting out from being upside down in your car.
But while you are waiting, it might be useful to figure out how the heck you got $7-8K upside down in the first place! And to do a gut check and decide if you really want to do something different than what you did last time, in order to avoid getting $12-14k upside down in a 128i. Because assuming you could afford the monthly payments, and assuming BMW would actually allow you to do it, that's exactly where you would be in a year or two. It is impossible to "eliminate" negative equity by just shifting the debt to a new car. You just get much further upside down the day you buy a new car, than you are already upside-down in your current car.
I'm going to guess you got into your current car by having a dealer sell you on a zero down deal where they took your upside-down trade-in (an older Honda?) and financed the balance into your VW. The dealer drove the negotiations based upon the cost of your monthly payments. And you ended up paying a price near MSRP (or more) once the true value of the trade-in is calculated in, along with lots of fees and add-ons (extended warranty? Lo-Jack? Paint or interior sealant/protector? Loan Insurance?).
All financed over 84 months.
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