  The discrete-time multifactor Vasi\v{c}ek model is a tractable Gaussian spot
rate model. Typically, two- or three-factor versions allow one to capture the
dependence structure between yields with different times to maturity in an
appropriate way. In practice, re-calibration of the model to the prevailing
market conditions leads to model parameters that change over time. Therefore,
the model parameters should be understood as being time-dependent or even
stochastic. Following the consistent re-calibration (CRC) approach, we
construct models as concatenations of yield curve increments of Hull-White
extended multifactor Vasi\v{c}ek models with different parameters. The CRC
approach provides attractive tractable models that preserve the no-arbitrage
premise. As a numerical example, we fit Swiss interest rates using CRC
multifactor Vasi\v{c}ek models.
