I do not think they will clear very well. That tire is a full 29 1/2" tall. I know 29" slicks barely fit and 30" are to big. Also, the 295/ 40 is probably going to make your wheel well look over stuffed. A 275/35 ZR20 is 27 1/2" tall and is a pretty good height for your wheel well, and you may be able to reuse your rims even though most would recomend a minimum of a 9" rim.
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Frank Serafine
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