275/40R17 is 0.31" shorter than 285/40R17, a −1.21% change in diameter, inside the 3% range most shops treat as a safe swap.
Ground clearance changes by 0.16" (half the diameter change), and the tire needs 0.16" less room above it.
285/40R17 is 0.39" wider. On the same wheel offset about half of that, 0.20", moves toward the suspension and half toward the fender.
Both fit a 17" wheel; the sidewall is 0.16" shorter on 275/40R17.
Details: 285/40R17 in inches · 275/40R17 in inches · change sizes in the calculator