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Anyone who has ever done the rear brakes on a c3 has probably learned too late, that the rear rotor and hub assembly was trued at the factory as a assembled piece, and after removing our rotors and having them turned or buying new rotors, finding that they generally don't spin true, as the hub to rotor surface was not always 90 deg to the bearing races. The best answer I've been able to find, if the hub wasn't removed and the rotor machined together, was to shim between the rotor and hub. Beer can shims seemed to work fairly well.
I just discovered some factory made shims that just slip over all 5 studs and can be clocked or stacked to correct this problem. http://www.nucap.com/products/solutions/brake-align/
I haven't tried these yet, but they look like they should work.
Per the manufacturer, they are sold through Napa. They relabel them and call it the HUB CORRECTION PLATE and it is listed under their UP line code.
This should reduce the rotor run out.
It will be awhile before I get around trying this, so if anyone else tries, or has tried this, post up you results
I used these on my rear rotors after pulling them to rebuild the TA's. They are very slick and worked well. I got them from my neighbor who snagged them from his shop because they gave up on them when it got less costly to just use an 'on-car' lathe.
Make sure you get the correct set of shims, ie. lug pattern. The freebies I got from my neighbor were not corvette specific so they did not fit the lug pattern and I had to trim them to fit. It worked out fine but was a hassle. Using these shims I got to about .002 runout on each wheel. If they are the same ones you can get at NAPA I'd say give them a shot. If your runout is really bad I would recommend an on car lathe because stacking the shims too thick may cause brake pad clearance issues, but that would be a pretty extreme case I think.
Raybestos also make these. I got mine through carpartsdiscount.com. They were $12.95 each. I only needed one for drivers side, rear. Worked well for me. Not sure why the Vette suppliers don't carry them.
The best answer I've been able to find, if the hub wasn't removed and the rotor machined together, was to shim between the rotor and hub. ...I just discovered some factory made shims that just slip over all 5 studs and can be clocked or stacked to correct this problem. http://www.nucap.com/products/solutions/brake-align/
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I use brake-align to shim rotors. My local NAPA dealer stocks them. They come packaged as Brake Align parts or NAPA parts but they are all made by Nucap Brake Align. On the rear, one needs to make an additional hole for the E-brake adjustment. At least for those that still have an E-brake. I understand that they are available from GM dealers as well.