There should be a minute amount of adjustment that can be made. There is a turnbuckle on the cable at the latch end. Look closely the turnbuckle is probably up under the radiator support and you might have to remove the latch to access the adjustment. The latch is retained by four large phillips head screws.
Remember there is only a little bit of adjustment, if you can't get the slack out just get a new cable. Inexpensive and not too difficult to replace.
'73 280SEL 4.5 (9/72)- RIP
Only 8,173 units built from 5/71 thru 11/72
'02 CLK320 Cabriolet - wifey's mid-life crisis
2012 VW Jetta Sportwagon TDI...at least its a diesel
Non illegitemae carborundum.